11-28-2021, 11:38 AM | #1 |
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Canceling / backing out of deal
Never had to back out of a car deal before ..does anyone know the rules ...I'm sure I won't get my deposit back I'm not worried about that ... the car is still on the boat at this point I assume I could back out and just lose the deposit is that correct.
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11-28-2021, 11:53 AM | #2 |
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Drives: 30Jahre M5 plus a few more M's
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Garage List 2022 BMW M5 CS [0.00]
2020 BMW M340i Xdrive [0.00] 2019 BMW M2 Competi ... [0.00] 2003 BMW DINAN S3 M5 [0.00] 2017 BMW 30 Jahre M3 [0.00] 2016 BMW M4 GTS [0.00] 2015 BMW 30 Jahre M5 [0.00] 1995 BMW M3 [0.00] |
You should be able to get your deposit back. As far as I know, most-if not all deposits are refundable unless stated or you ordered a unicorn….?
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11-28-2021, 12:58 PM | #4 |
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In this market you should get your deposit back, unless you've built a really awful car. Haha
Share your build here and perhaps someone will want to buy your car. Referring someone to your salesperson will assure that you get your deposit back too. |
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11-28-2021, 03:27 PM | #5 |
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Deposit should be refundable. My dealer emailed me a form that said it was refundable. It shouldn’t be a big deal either way, though. It’s not like you’re buying a Dodge. 🤣
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11-28-2021, 07:35 PM | #6 |
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Deposit is refundable. These cars sell like hotcakes. I doubt the dealer will mind much.
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11-29-2021, 10:37 AM | #8 |
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To OP,
What are the specs on the car?
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11-29-2021, 02:37 PM | #9 |
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I believe if you cannot be approved for a loan for that car, the dealer must/should refund your deposit.
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11-30-2021, 10:28 AM | #10 |
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It depends, my dealer specified it was refundable until the car locked into production, after it was no longer refundable. But you don't have to buy the car if you don't want to, at most just loose deposit.
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12-01-2021, 04:22 PM | #11 |
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Snapper Rocks.. extended Silverstone... Dark carbon structure trim.. regular brakes.. wheels are the bispoke.. Competition Pack. However after looking at the paperwork where I agreed to the price ,I did sign where it said non-refundable deposit... Looks like I better go ahead and enjoy the car. 😂. being that they required a 10% deposit.
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12-01-2021, 05:03 PM | #12 |
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Drives: 30Jahre M5 plus a few more M's
Join Date: May 2012
Location: Palo Alto CA
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Garage List 2022 BMW M5 CS [0.00]
2020 BMW M340i Xdrive [0.00] 2019 BMW M2 Competi ... [0.00] 2003 BMW DINAN S3 M5 [0.00] 2017 BMW 30 Jahre M3 [0.00] 2016 BMW M4 GTS [0.00] 2015 BMW 30 Jahre M5 [0.00] 1995 BMW M3 [0.00] |
well there you go....and enjoy that awesome build...
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12-01-2021, 07:31 PM | #13 |
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12-01-2021, 07:35 PM | #14 | |
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Quote:
My dealership has always done $1,000 refundable deposit on ordered cars. |
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12-01-2021, 08:38 PM | #16 | ||
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Quote:
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12-02-2021, 11:22 AM | #17 |
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I purchased my M5 from a dealership in a small town that indicated they may sale one M5 per year. I was required to pay a $5k non-refundable deposit prior to the car being ordered. I had to sign a document acknowledging the deposit is non refundable.
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12-02-2021, 04:19 PM | #18 |
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Yeah I thought the 10% was kind of excessive... Leaving that much money at the dealership and walking away with no vehicle for several months was really hard to do.. 😳
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12-03-2021, 07:53 PM | #19 | |
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What an awesome build. I think it is desirable, and M5's are hard to get now. I would ask the dealer if they will let you out. They may have people lined up to get it. Also, you may be able to sell it for a profit...
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12-09-2021, 07:20 AM | #20 |
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Ask the dealership to keep that deposit for the next car. If they are looking to build a long term relationship with their customers they may comply with your request.
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12-09-2021, 07:49 AM | #21 |
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This whole situation is really odd… first of all a 10% deposit period is almost unheard of, let alone a non-refundable one. I don't know how else to read that other than the dealer, for whatever reason, didn't view you as a serious customer (and I guess they were correct?). Do you have any kind of relationship/prior purchases with this dealership? I mean, do they require non-refundable 10% down for everybody? Hard to imagine they'd sell very many cars that way.
Then, you seem resigned that you'd just lose that deposit and pass on the car, but also mention it was hard to walk away from the dealer leaving the deposit after placing the order? No offense intended, but there's either a lot of missing info in this story or you are just really bad with money! |
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12-12-2021, 11:03 AM | #22 | |
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