Answers

• karjunkie 03/10/10 10:52 am PST

  Edit Answer (for another 5 minutes) Edmunds has a good article here at: http://www.edmunds.com/advice/buying/ar ticles/120208/article.html Any dealer is going to require a deposit, but in most states the deposit is returnable if you make it clear and add that to the purchase order. (0)(1) Report It

• bruce2010 03/10/10 11:01 am PST

  Edit Answer (for another 14 minutes) Thanks for the prompt reply. I did read the Edmunds article, although with an approximate wait time of 2 months on the vehicle I want to order ( likely longer ) means I'd be making CC payments on the down payment. I was hoping for a "banking" type solution which would exempt me from using personal funds. I must admit I could simply ask the Creidt Union, but that would be too easy :) (0)(1) Report It

• karjunkie 03/10/10 11:26 am PST

  Edit Answer (for another -21 minute) Well, what kind of down payment are we talking about here? I assumed you meant about $500 or so as a good faith deposit. That is what you should put down. Also, why a 2 month wait? Is this some sort of exotic? In my case, I was able to find a dealer for my BMW that searched inventory around the US and located exactly what I wanted and had the car trailered down for no additional cost. (0)(0) Report It

• bruce2010 03/10/10 12:24 pm PST

  Edit Answer (for another -24 minute) Thanks again Karjunkie, On topic, it seems that personal funds must be used as the "good faith" deposit when ordering. Financial institutions I've consulted have not offered any other remedy..... (0)(0) Report It

• steve_ 03/10/10 5:20 pm PST

  Edit Answer (for another -27 minute) I wouldn't give anything other than a refundable deposit - that's enough to show my good faith but I want to be able to get my money back in case the dealer is sold, the car isn't exactly what I ordered, etc. A credit card deposit would be my preference. Now, if you are ordering something really special, like orange paint, stick shift and a vinyl floor, then I could understand the dealer wanting a non-refundable deposit. If it's otherwise a normal car, the dealer should be able to move in along with the other inventory in case the deal falls apart. If your dealer isn't cooperative, just extend your search until you find a dealer that's a bit hungrier. Dealers want to sell you a car today, from their existing inventory, but ordering one takes you out of the market so you won't shop the competition and the dealer will get their holdback without any carrying costs. So you are doing them a bit of a favor too. (0)(0) Report It

• boomchek 03/10/10 5:59 pm PST

  Edit Answer (for another 12 minutes) Also before you actually do pre order something, check with your lender as to how long your approval is good for. Some lenders will give an approval that may only be valid for 15-30 days. Afterwards you'll have to reapply and get approved again. If for whatever reason you get declined, you might lose out on your deposit as you won't be able to buy the car you wanted. And it is normal for a dealer to ask for a $500-$2000 deposit on a factory order. If you don't want to use any of your own funds then you'll have to take something that's in stock in which case you won't have to leave a deposit as your lender will give you the full amount right away. (0)(0) Report It