$3,000 Deposit?

[dconn]

I'm about to sign on my car and the dealer tells me it is going to be a $3,000 upfront deposit because my car is a fully optioned manual. Here are the dealer's words:

"The average deposit is $1,000 however, a manual transmission, fully optioned BMW, requires a $3,000 deposit. (Please understand this is not my policy but the Owner's policy.)"

Has anyone seen or heard of this before?

[adrean8j]

Never heard that before....are you a younger guy and maybe this is some type of age-discrimination?

[dconn]

I am but the dealer isn't aware of that. Seems strange to me from everything I've seen on these forums with cars just as loaded as mine depositing $1,000.

[InsaneSkippy]

I've heard of dealer's wanting more before, but it's VERY rare. The norm is always around $1,000 sometimes $1,500.

What dealership is this?

[Dave]

i put 500 down.. that is pretty steep

[GMT II]

I put down $1,000. See the specs below for the car. I am also real young and was not exactly dressed in a suit and tie when I signed the papers. No one minded.

Make sure the deal he is giving you is correct as well and that you walk away with a production number. Sounds like it could be a shady dealer

[KathyFG]

I had to put $3000 down too on 6MT special order. Not age-related, or I doubt it. I didn't care too much, as that's $3000 less that I'll have to finance.

[dconn]

It's not a shady dealer, it's actually one that has had a lot of good things said about it on these boards. I don't want to give a name just for the sake of it but this is why I was so surprised when he said $3,000.

[adrean8j]

That is curious...
I did mine with a stateside dealer over the internet from here in Iraq and before we ever did any type of real paperwork or credit check....I only paid $1000 for him to hold it....and I got a production number and everything.

[pit1]

$1k down for me, 6MT is very rare and difficult to sell in DC Metro. I went to multiple dealers, combined the best offers from each and proposed that to my preferred location, they accepted...we danced!!!

$3,000 is way to steep, I'd walk away, unless you have the cash to spare and leave as down payment. It's an awful car market right now, someone else can do better. Make sure it's refundable also. They say it's "non-refundable" but that's often not the case. Most will hold the deposit until your car sells.

[dconn]

Yeah, I felt that $3,000 was to steep. Wanted to get a few other opinions. Thanks everyone.

[Chewyjr15]

i put 1k down and got a great deal because i am paying cash. Dont let them take you for a ride, im young to and when i ordered myuc ar i was coming home from work and had a slacks and a shirt on so maybe that helped my case.

[dconn]

Now that I've questioned the deposit he said he has to follow the deposit guidelines set by his boss. This will probably be a deal breaker.

[adrean8j]

Just go to a different dealer. I am pretty sure Florida has a bunch of them...LOL...since you are ordering the car it will not matter which dealer does it right?

[dconn]

Yeah, this dealer isn't even local to me.

[MOCKBA]

Some dealers try to secure a deal. I do not know how it is in Fl, but in Ca the deposit is fully refundable by law regardless you taking or not ordered car.

[InsaneSkippy]

Originally Posted by MOCKBA

Some dealers try to secure a deal. I do not know how it is in Fl, but in Ca the deposit is fully refundable by law regardless you taking or not ordered car.

Deposits are refundable in FL as well.

As for the deposit being the deal-breaker, I don't really see it as THAT big of a deal. Unless you were planning on putting less than $3,000 down payment on the car. It's not like they're making any more money out of it this way, it's just a deposit that goes towards the final price..

[Face]

I thought they were giving you a great deal on the car (from your other thread). It's less than 10% of the purchase price, I don't think it's that big of a deal. It is steep, but I think it could be the fact that this is a slow economy, you are young, they don't want to be stuck with a car they can't sell easily if you back out.

If you are happy with the salesperson, happy with the deal, I don't know why you'd walk.

You might be able to use this as a negotiating gambit. Ask them for some BMW gear, or a set of floormats, or a tint job in exchange for tying up your money for the 3 months or so it'll take to get it delivered.

[BlackjackMulligan]

It is WAYYYYY too steep. Don't do it. You have no idea what could happen between now and the time your car arrives (God forbid, you lose your job, can't work anymore, etc). Everyone SAYS it's refundable, but guess what, I'd rather have to worry about collecting $1K than chase $3k. Not to mention the principal of it. You could be making interest on your money for the next three months, instead BMW is going to be making that interest!

[singular]

Originally Posted by BlackjackMulligan

It is WAYYYYY too steep. Don't do it. You have no idea what could happen between now and the time your car arrives (God forbid, you lose your job, can't work anymore, etc). Everyone SAYS it's refundable, but guess what, I'd rather have to worry about collecting $1K than chase $3k. Not to mention the principal of it. You could be making interest on your money for the next three months, instead BMW is going to be making that interest!

At 1% for 3 months that about $7.50.

But I agree, $3K is too much. I'm negotiating with three dealers right now none of which has pushed back on my $1K down offer.

[Citizen Z]

I paid a 2k deposit...

[ARES45]

Originally Posted by N2 TRBL

I thought they were giving you a great deal on the car (from your other thread). It's less than 10% of the purchase price, I don't think it's that big of a deal. It is steep, but I think it could be the fact that this is a slow economy, you are young, they don't want to be stuck with a car they can't sell easily if you back out.

If you are happy with the salesperson, happy with the deal, I don't know why you'd walk.

You might be able to use this as a negotiating gambit. Ask them for some BMW gear, or a set of floormats, or a tint job in exchange for tying up your money for the 3 months or so it'll take to get it delivered.

Good advice, definitely get floor mats.