2007-10-19 02:29:03 · 6 answers · asked by ? 1 in Cars & Transportation ➔ Buying & Selling
Good answers thanks... I still need to get a loan from my credit union today... so I might not be able to buy the car today. Should I ask him the deposit price, or should I ask for, say $500 deposit? I'll also ask that I get the money back as soon as I get the Bill of Sale purchase receipt, or whatever it's called.
2007-10-19 02:47:24 · update #1
Everyone is so helpful here, thank you. It looks like I talked him down fro ma deposit to just getting my name number and address...my credit union opens in 2 hours, so after talking to them, I'll be able to move forward with a loan.
2007-10-19 03:22:21 · update #2
The dealer is asking you to put money down to show good faith. Most likely he will not write up the deal (which you could take to another dealer and use to negotiate a lower price there) unless you commit to buying the car. He also is not going to hold the car unless you commit to buying it! If you do not leave a deposit, he will sell the car to the first person who comes in with money!!
You can make the deal subject to approval of the credit union. If they turn down your loan, you can get the deposit back! If the loan is approved, the deposit is applied to the purchase of the car! It is a normal business practice.
2007-10-19 02:53:45 · answer #1 · answered by fire4511 7 · 4⤊ 1⤋
He is asking for a deposit so no other sales person on the lot can even touch the car or show it to anyone else. I wouldnt give him $500.00. Most just ask for $25-100.00. I've always had them make a photocopy of my credit card and they do not charge it. Its just for "look she does have a deposit on it." if you do give $500.00 make sure its in the form of a cashiers check or money order or personal check and be sure you either get it back or its taken off the sales price of the car kind of like a "down payment". Make a photocopy of anything you give him/her. If you dont it may come back to haunt you.
2007-10-19 03:15:07 · answer #2 · answered by ♥Kempa♥ 4 · 0⤊ 2⤋
The deposit is money that the dealer wants you to pay for him to hold the car for you and not offer it to anyone else. It is how the dealer ensures that you come back to actually buy the car. It is not in your interests to put down a deposit unless this is an unusual or very in demand car that you couldn't easily get somewhere else. If you choose to put a deposit down, make sure it is for as little as possible and that there is a clear agreement in writing about what happens next, including if you do not end up buying the car.
2007-10-19 02:38:38 · answer #3 · answered by jonmm 4 · 4⤊ 4⤋
They do not need any deposit.
That is just a way for them to lock you down to their lot - and that car.
So now your stuck with it.
It is a non-refundable deposit and is a very bad idea to do.
You can still get a car loan - and pay them for the car, but if you put the deposit on it - you cant look around anymore.
2007-10-19 02:53:28 · answer #4 · answered by cgriffin1972 6 · 2⤊ 5⤋
IT IS TRUE THAT THE DEPOSIT IS LOCKING YOU IN ON A VEHICLE THAT YOU ARE INTERESTED IN.
BUT AT THE SAME TIME IF FOR SOME REASON YOU DECIDE THAT YOU DON'T WANT THE VEHICLE YOU CAN KISS THE DEPOSIT GOOD-BY.
THE DEALER DOES NOT NEED A DEPOSIT, IT IS JUST THEIR WAY OF PUTTING MORE PRESSURE ON YOU.
2007-10-19 05:58:23 · answer #5 · answered by Anonymous · 0⤊ 3⤋
a deposit is need to bind you to the sales contract
2007-10-19 02:37:38 · answer #6 · answered by Anonymous · 3⤊ 3⤋