Car Deposit For New Car When Ordering ?

We bought a new car last year (special order) and did not put down a deposit of any type. I offered, but the dealership said it wasnt necessary. (I wouldnt doubt that they ran a credit check, although we paid cash for the car)

In light of the bank failures, dealership failures, and more to come, I might try to be a bit creative if the dealership tries to demand a deposit. Maybe it could be held in trust by an attorney, or banking institution, much as a letter of credit is handled.

Personally, I wouldn't take a chance. I would get the car off the lot or maybe leave a hundred bucks for the dealer to bring one in from another dealership. But that's just me.

--Vic

The one car I've bought new didn't require any deposit to bring it. I guess it helped that it was a small town and my in-laws had bought their last 5? cars from them. At the time I didn't even realize that you'd need a deposit - I just assumed you paid for the car when it showed up.

Ray

Every dealer has their own policy on deposits. If it is a hot seller, they may not even want a deposit. On the other hand, they may require a deposit on a hot seller just to encourage you to take a stock unit. It can be negotiable. I traded for a spec car years ago with no deposit. My old trade-in car was dead in their shop and would take several weeks for them to get parts. They took it and wholesaled it through the auction before the new one arrived. I just used a beater I had for a few weeks. At one point the salesman callerd to offer his demo if I needed it. Sometimes it depends on your relationship with a dealer as to how they treat you.

Lugnut

I've left small deposits for the couple new vehicles I've ordered, only a percent or two of the vehicle cost. In both cases the vehicles I ordered were not the hot sellers in the area, if they were I probably wouldn't give a deposit. If you were to leave it by credit card I expect you would have a relatively easy time getting it back if the dealer folded before you got the vehicle.

Use a credit card for the deposit and you are protected if they fail to deliver.

mg

As MG said use a credit card, or sign a promissory note with it noted in the purchase agrement if you feel that you have to leave a deposit. Dealers are hurting for sales now, so just tell them no upfront money.