Putting a Deposit to lock in lease deal

Ask the Hackrs
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1

I’m new to leasing/buying, so pardon my ignorance, but is there any way I can put some sort of deposit down to hold a car for me before I can look at it, once shelter in place orders are up on May 4th? I would like for the deposit to be refundable in the event that I find something like a large scratch, or a dent, or even a tear in the upholstery as it is a demo car. Does this sound like something a dealer would be willing to do?

2

You can, but you’re at their mercy as to whether or not they’d refund it. Often times once you agree to the numbers, dealers will ask for a non-refundable deposit to hold the car for you. You can always talk to the salesperson about it being refundable if something changes in the numbers or if you discover something wrong with the car. They may even be more flexible given the current situation with COVID.

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3

This is somewhat state dependent. Some states don’t allow for non-refundable deposits.

4

dukez, I’m seeing you everywhere on these forums! I guess thats true, do you know what a deposit normally looks like? e.g. Acquisition fee +1st month, or something like that. For reference this is in Massachusetts.

5

I don’t think there’s a reason to put a deposit these days. Cars are not flying off the shelves and it does not seem like you’re shopping for a collectible.

6

I have awoken :wink:.

I’ve seen $500 deposits and I’ve also seen them ask for a deposit equal to the drive offs. I think it’s just dealer/salesperson dependent. I will say that I have very seldom seen a car get picked up from beneath me, so not sure how crucial a deposit would really be, especially right now.

I wasn’t aware so this is good info!

7

I doubt they want to hold a car for a month. This is really a smoking deal that is worth the effort of messing with a deposit?

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8

It’s more of an issue of a number of things lining up:

  1. It’s a decent deal
  2. It’s not too far away from me
  3. I don’t think I’ll be comfortable traveling much farther than I can drive round-trip in a day, with Covid-19 going on
  4. I’d like to be able to enjoy the car in rural areas once the stay at home orders are over, as I live in a suburb, near some great farmland backroads. hopefully I wont be putting anyone in danger by cruising around those farm roads.

And so I’d prefer it if someone else didn’t grab it from beneath me, this actually happened at Jaguar Palm Beach in Feb. 2020

9

Give this $500 to @Bostoncarconcierge and he will get the car you need when you need it.

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10

well geez Mike can you please get off your alt account when you solicit business?

/s

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11

LOL, if not that, at least he’s getting a finder’s fee…

JK big bear.

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12

Too lazy to re-login, obviously :grin:

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13

Usually, it’s non-refundable deposit and they can actually hold the car, but if you don’t like it, they are not obligated to return it

14

I’d make sure it’s refundable (in writing) and then use a credit card to place the deposit. That way if there are any shenanigans should you not like the vehicle, you can simply dispute it with your credit card company.

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15

Sounds like a very reasonable approach, thank you for this advice. I will most likely be going this route.

16

This is true (IIRC Colorado and California statute prohibits them). I’d recommend using a credit card if you decide to put one down to add another layer of security.

17

These are all easily repairable and happen even to brand new cars all the time, not just demos.