Multiple Security Deposits (MSD) in New York?

Wow. I don’t know what else to say than that sucks! I got my car from a Mercedes Benz dealership in Connecticut which was being registered in NY (where I live). They agreed to the terms but during processing, they told me that Mercedes doesn’t accept MSDs because the car would be registered in NY. I argued that it didn’t matter as long as the dealership at point of sale was not in NY. The finance manager and I called Mercedes Benz Financial Service together in the office and I spoke to the representative there and he too told us that Mercedes didn’t accepts MSDs from NY owners. I told him that is not the case and that it didn’t matter as long as the point of sale dealership wasn’t in NY. He went to go check with his manager and he said that I was right.

It took a while and some fighting but I was told I was right all along. The finance manager commended me on knowing my stuff, and said that this was valid and if there were any issues, the call was recorded so that the fault would not be mine or the dealerships and that Mercedes Benz financial would absorb the cost of the mistake. At the end of the day, I was able to put down 10 MSDs and able to save a lot of money!

My advice - FIGHT FIGHT FIGHT! At the end of the day, they are just people who may be misinformed!

:clap::clap::clap:

A long long time ago, I bought a CPO car a few months over 4 yrs old and at the time the CPO brochure available on their website clearly said that, if the car was 4+ yrs old, the warranty would be 2 yrs from the date of this sale rather than the 6th anniversary of the car’s original sale (“in-service”) date which is the most common CPO expiry methodology (or 100K whichever came first, but that did not matter as the car only had 45k).

Long story short I bypassed discussing this w/ the dealership, called the national HQ and after a little back & forth got them to agree and change the VIN’s CPO expiry to the 2nd anniversary of my purchase date. Trust me, I was glad to have those few extra months of warranty coverage.

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Good for you! We have to stand up for what we need. Sometimes, all it takes is a few phone calls to benefit us a whole lot :slight_smile: !

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Been a while since anyone posted on this thread, but recently spoke with a dealership in Long Island, New York that said they would be willing to do MSD. How leery should I be of that offer?

They initially didn’t know what a MSD was, then came back after a day and said their manager checked with their Financing/Lease company and said they would be able to.

Very. They can’t offer them as a dealer in NY

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So tempting. They’re walking distance from me, but point noted. I thought it seemed a bit off.

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That “security” deposit is going to magically transform into a down payment

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What dealership is it?

You can always circumvent the NY dealer MSDs issue by one-paying your lease.

Saves you even more by further lowering MF over max MSDs.

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Depending on the brand, it isnt always an either/or question.

Won’t say which one specifically, but will say it was Volvo.

Depends. How much is the payment?

AFAIK, the law doesn’t ban NY dealers from accepting MSD. It just says the security deposit cannot exceed $750 or something like that.

In the good ol’ days people did 5 MSD on sub $150 payments IIRC.

My understanding is that it legally prevents them from taking more than one deposit.

Glen cove avoid. Karp they don’t have the best prices.

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This deal had 2 MSD, third one would have exceeded $750.

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If I buy the car from a dealer outside of New York, can I apply MSDs? I’d be registering in New York.

Depends on the lessor and their interpretation of the relevant statute. Last I checked, BMWFS and MBFS ok, Infiniti no.

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That’s helpful. Thank you!