Dealer wants a deposit- should I agree or no?

[chetJ]

The dealer that I have been working with was able to identify a T4R that I want within 100 miles of where I live. He said that he could certainly look into getting it for me, but that he would need a $500 refundable deposit in order to do so. That is, if that particular vehicle is no longer available, he would give me my money back. I have of course said that I would need all of this in writing, including the fact that the deposit applies only to that one particular vehicle, before I give him the deposit.
Do you guys think that this is a reasonable request on the dealers part?
Any input would be great- thank you all!
Dr.J

 

[Thai]

Go on toyota website and find all the dealers in your 100 miles range. Then go to their individual website and look up the inventory yourself. This will:

1. save you from a deposit with a rat (aka dealer)
2. allow you to deal directly with the dealer that has your 4runner...thus, allowing you to haggle more effectively. If you had your local dealer get the car, then he will likely not bargain with you since he has to spend money in getting a car to his dealership (or via trading with the other dealer). Either way, his effort in getting your 4runner will come out of YOUR pocket.
3. 100 miles isn't that far away...so, it is worth it to do the legwork yourself instead of having a rat do it.

Good luck.

 

[chetJ]

I was actually able to bargain with this dealer and reach a very good price for the vehicle that I want.

Basically, True car shows that the factory invoice for the car that I want is 40611 and the dealer that I am working with agreed to sell the car to me for 39500+ tax, tags and title (I was able to achieve this by playing one dealer against the other).

I also have a good relationship with this dealer which helped tremendously in negotiating the price down to what I wanted.

I am not sure if I will be able to do the same with the other dealer who actually has the car.
So given this- what would you recommend then?

 

[philsey]

I was actually able to bargain with this dealer and reach a very good price for the vehicle that I want.

Basically, True car shows that the factory invoice for the car that I want is 40611 and the dealer that I am working with agreed to sell the car to me for 39500+ tax, tags and title (I was able to achieve this by playing one dealer against the other).

I also have a good relationship with this dealer which helped tremendously in negotiating the price down to what I wanted.

I am not sure if I will be able to do the same with the other dealer who actually has the car.
So given this- what would you recommend then?

Given this update; that you are satisfied with the dealer, and the price, my question is why wouldn't you give him a deposit? You're asking him to comitt to getting the truck for you - he's asking for a comittment in return - seems fair to me. Get on it before your truck gets sold.

But yes, absolutely get everything in writing. This also the time to negotiate wheel/tire swaps, roof racks, running boards, ext wtys, etc etc -- NOT after the fact.

EDIT: This "including the fact that the deposit applies only to that one particular vehicle, before I give him the deposit" for sure - so he can't keep you on the hook for another truck.

 

[MaylonTRD]

The only time I put down a deposit with the dealership was for our t4r also. They took a credit card number from us but never charged the card. They have fees they have to pay to trade vehicles with another dealer and they just want a small deposit for good faith that you are really going to buy it. I don't think it's a big deal at all. Just my $.02

 

[4RBob]

Have they shown you the invoice for the truck? Have them write the VIN into the deal to be sure the deposit is for that particular vehicle.

 

[philsey]

^^^ Perfect!

 

[TrailHawk]

Just have them give you a receipt that states it's fully refundable. That's what I did. In my case they didn't even deposit it.

 

[chetJ]

Alright- looks like the consensus is that it is ok for me to put the deposit down as long as I have everything in writing! Thank you for the quick feedback all- this was very helpful.

 

[alc9020]

Personally I don't like to buy anything without seeing it first, especially large ticket items. Do you know exactly what you're getting? I few things to look out for. Is it a demo vehicle? How many miles does it have? You don't want to find out the vehicle has a 500+ miles on it after you place a deposit and agree to a price when the dealership is only 100 miles away.

 

[Thai]

I am not sure if I will be able to do the same with the other dealer who actually has the car.
So given this- what would you recommend then?

Easy...just call the other dealer with the price of the local dealer and ask them to beat it!! If they cannot, then go with local dealer. What do you have to lose? Remember, you can still make your local dealer happy by having your service with them...and this is where they make the most money btw...so, you're not really screwing them in any way! Remember, in today's society, loyalty does not exist...certainly not at any car dealership!

 

[westwind77]

I put a $100 deposit down on mine to hold it, but it was physically at the dealership and I wanted to 'sleep on it' to make sure it was what I really wanted. It was fully refundable, so there was no worries about not being able to get it back.

$500 is higher, but make sure it is fully refundable, no matter what (just to be on the safe side). If they get the 4R in and it has 200+ miles like that other thread you might want to back out. If for some reason you don't end up liking the specific color or options you can back out. Putting a non-refundable deposit down on it is something I would not do.

Now, if you are 100% sure this IS the 4R you want and you have a great price then I see nothing wrong with putting the money down.

It comes down to 'pay me now or pay me later'. It will just be $500 less when you do all the paperwork. Don't sweat it, toss the deposit down, get the 4R you want and have fun!

 

[atomicbob]

"I" offered a deposit to the dealer when it didn't have the truck I wanted. I did this to show them I was a serious buyer. Terms of my deposit.

1. Refundable if vehicle not obtained in 30 days.
2. 2011 SR5 in Gray or Black w/3rd row seats cloth or leather.
3. Minimum options of CP and DJ (and a few others).
4. No dealer installed options.
5. Pricing of $1,000 below invoice.

Within two weeks I had two trucks from which to choose (one black with cloth and one gray with leather).

I would say that the deposit helped my negotiation.

 

[sandcrawler]

Hello, It depends. As it was mentioned before, go on official toyota website and user dealer locator. But sometimes it doesn't work. For example, my local dealership wasn't shown on toyota's website Toyota Fremont service center in California - Toyota dealer and service CA (California)
Use google+brains and official toyota website

this thread is five years old. offering the OP purchase advice now is like digging up a corpse and giving it tips on diet and exercise.

 

[philsey]

this thread is five years old. offering the OP purchase advice now is like digging up a corpse and giving it tips on diet and exercise.

C'mon, at least he searched, eh?

 

[ST1FLER]

this thread is five years old. offering the OP purchase advice now is like digging up a corpse and giving it tips on diet and exercise.

Necrophilia is strong in this thread!

 

[spawn]

I put a deposit. It is just a deposit to make sure you will buy the car so that they can hold it for you. Did this for 3 or 4 times already. If you will not put a deposit, they can sell the vehicle without your knowledge. Simple as that.

 

[jrandom]

Holy sh!t, LOL that's one way to get your post count up

 

[jrandom]

You do get props to searching and giving everyone a chuckle :thumb:

Happy holidays

 

[Inferno1]

500 ain't bad...I had to put down a grand for them to hold mine for me for a month while I was still deployed