Should I Reserve a car?

[JerryXu]

The car I am interested is in-transit and will arrive in 1-2 weeks, dealer asked me to reserve it. They need $1k refundable deposit and credit application (which has the lease term including monthly payment). They even asked me just do it with email and no need to go the the dealer for now. I directly contacted the dealer, so it’s not spam. My questions are:

1. Is this standard? Any catch here?
2. Is the price decided with the credit application? Or we need to negotiate again when the car actually delivered.
3. Since deposit is refundable, so I should not lose anything in worst case?

[BYGFEET]

What is the actual “deal” is what you NEED to ask here… All deposits are pretty much Refundable in CA

1-Yes, if you want to make sure you get the car
2-What is the price you negotiated? I Assume it’s either a BMW or Toyota???
3- CA all deposits are refundable

[JerryXu]

Thanks! Yep, you are right, it’s BMW. I am first-time leaser, the price they quote at first place is actually good, but we have not started to talk about other incentives, so wanna confirm it’s not finalized. On one hand, I can negotiate more later. On the other hand, I assume it’s same for them, they can lie about the price and markup later?

Overall, the only risk will be they will have my info, such as SSN, when I submit credit application.

[j_e_f_f]

@JerryXu

I am first-time leaser, the price they quote at first place is actually good, but we have not started to talk about other incentives, so wanna confirm it’s not finalized. On one hand, I can negotiate more later. On the other hand, I assume it’s same for them, they can lie about the price and markup later?

I would really suggest you negotiate everything out now before you put a deposit down.

[JerryXu]

So it’s still better to go there and discuss all details first? I previously thought most dealers would push you to go the dealership, so kind of surprising when this dealer suggested me to do it via email first.

[Jeff_BeachCitiesAuto]

Asking for a credit application and/or deposit to reserve a vehicle is very standard practice.

They want some type of commitment if they are going to remove it for sale because unfortunately peoples word doesn’t mean anything these days

[j_e_f_f]

@JerryXu

So it’s still better to go there and discuss all details first? I previously thought most dealers would push you to go the dealership, so kind of surprising when this dealer suggested me to do it via email first

You don’t need to go to the dealer to negotiate.

If you’ve been communicating with them via email then just reply back to your sales rep that you are interested in the car and don’t mind putting a deposit down, however you first want to hash out the important bits like sales price, discount, incentives, MF. etc.

[max_g]

@JerryXu

Thanks! Yep, you are right, it’s BMW. I am first-time leaser, the price they quote at first place is actually good, but we have not started to talk about other incentives, so wanna confirm it’s not finalized. On one hand, I can negotiate more later. On the other hand, I assume it’s same for them, they can lie about the price and markup later?

Overall, the only risk will be they will have my info, such as SSN, when I submit credit application.

I suggest taking a big step back and understanding what a good lease deal is

Your strategy unfortunately has “gonna end up overpaying” written all over it.

[JerryXu]

Can you elaborate what kind of “pitfall” there might be? I have quoted sale price, MF, DAS, monthly payment.

If they want to do anything fishy like bait&switch, I can just get my deposit back and walk away?

[JerryXu]

Just update here, it’s true, we got the car, here is the deal CALCULATOR | LEASEHACKR

[sharksfan15]

Looks like you got all the numbers. If you put down a deposit now you will get July’s program. If your car comes in August and august program is better you are eligible for it.

[cahrens]

Nice! Congrats! Post some pics