Deposits for ordering?

[Bruce Criscuolo]

when you ordered did the dealer require a deposit of any other money to submit the order? Should they? One dealership I spoke with said that they require 2k.

 

[blwnsmoke]

If they require a deposit. Run away!!

 

[Bruce Criscuolo]

I thought so. Thank you.

 

[TexasBill]

I can also confirm no deposit was necessary from my local dealer.

 

[GeoTracker]

Not even discussed.

 

[Blue Lamp]

There are 3 Ford dealers in my metropolitan area and all require the exact deposit of $500.

 

[peterk9]

I don't think there is a standard policy on 'deposits' after reading several posts. It seems to be up to the individual dealer.

Peter

 

[Deleted member 348855]

As others have said, run, however it vary. When I ordered an 05 mustang all dealers in my area wanted a $5,000 deposit. For the ST one dealer wanted a $2,000 deposit but nobody else wanted a deposit.

 

[Matthew Striz]

Had my choice to put 500 or 1000 down. Just because they require a deposit doesn’t mean run away like some are saying. But anything over $1000 for a regular production vehicle is not something I would do. But in all cases make sure you sign and get a copy of paperwork that you are guaranteed your money back. I put 1000 down and the paper I signed guarantees my deposit back if any issues with delivery, vehicle, delays or if I change my mind but on their end it says when the vehicle is delivered it is to be parked and me called. No test drives or un wrapping or anything until I arrive to inspect.
The only dealerships I would stay away from are the ones that say nonrefundable deposit.

 

[blwnsmoke]

Had my choice to put 500 or 1000 down. Just because they require a deposit doesn’t mean run away like some are saying. But anything over $1000 for a regular production vehicle is not something I would do. But in all cases make sure you sign and get a copy of paperwork that you are guaranteed your money back. I put 1000 down and the paper I signed guarantees my deposit back if any issues with delivery, vehicle, delays or if I change my mind but on their end it says when the vehicle is delivered it is to be parked and me called. No test drives or un wrapping or anything until I arrive to inspect.
The only dealerships I would stay away from are the ones that say nonrefundable deposit.

If you are signing a deposit that is refundable, than what is the point of putting one down? There is zero point.. you can cancel any time and get your money back so it doesnt even show you are serious.

There is zero reason to out money down and I would never let a dealer hold my money for 3+ months.

The only exception to this is if you are ordering such an oddball combination and color of a particular vehicle that you and the dealer both know is rare or unique. In that case, I'd expect a non refundable deposit because the dealer knows if you walk, it is going to be very difficult to sell.

 

[themishmosh]

I put a deposit down because the Explorer I was interested in was a dealer stock order and didn't want them to give it to someone else. Also, the deposit signified intent to buy and the salesperson told me they would not allow test drives on it. Lastly, I was able to use my credit card, so get 2% cash back. The balance could only be paid by check. I don't look at a deposit as a negative and am certainly not offended by it.

 

[blwnsmoke]

I put a deposit down because the Explorer I was interested in was a dealer stock order and didn't want them to give it to someone else. Also, the deposit signified intent to buy and the salesperson told me they would not allow test drives on it. Lastly, I was able to use my credit card, so get 2% cash back. The balance could only be paid by check. I don't look at a deposit as a negative and am certainly not offended by it.

Dealer stock order or retail order makes no difference. It isnt yours till you buy it and a dealer could sell the retail order to someone else even though it was ordered for you (so that doesnt matter).

And again, a deposit doesnt signify anything if it is refundable so there is zero point to giving them your money early. A reputable dealer would hold the vehicle for you and call you a few days prior to delivery saying they expect it any day now.. to give you time to get everything in order.

 

[BobT2k]

I put a $500 deposit down because I ordered so far in advance I wanted to lock the pricing in... which they were willing to do + any discounts (ordered in February and delivered in August.) I had no idea how in demand they would be and didn't want to end up in a Raptor situation (where they are marking them up $10k over MSRP... and getting it...) In the end, didn't do as well as some on here have done, but was happy enough with where I ended up that I can sleep at night... helped that I had good outside financing.

That said, to me the (refundable) deposit is good faith money that you are a serious buyer... and that they are locking in the deal for you and giving you first right to the vehicle... and won't sell it out from under you (had that happen... test drove a 2013 sport... they said would hold without deposit... talked to wife, went back and it was sold. haven't been back to that dealer since....

In the end.. $2k seems excessive for something they are producing so many of... but look at the risk / reward otherwise....

 

[blwnsmoke]

I put a $500 deposit down because I ordered so far in advance I wanted to lock the pricing in... which they were willing to do + any discounts (ordered in February and delivered in August.) I had no idea how in demand they would be and didn't want to end up in a Raptor situation (where they are marking them up $10k over MSRP... and getting it...) In the end, didn't do as well as some on here have done, but was happy enough with where I ended up that I can sleep at night... helped that I had good outside financing.

That said, to me the (refundable) deposit is good faith money that you are a serious buyer... and that they are locking in the deal for you and giving you first right to the vehicle... and won't sell it out from under you (had that happen... test drove a 2013 sport... they said would hold without deposit... talked to wife, went back and it was sold. haven't been back to that dealer since....

In the end.. $2k seems excessive for something they are producing so many of... but look at the risk / reward otherwise....

You do not need a deposit for price protection. I've had numerous price protected including rebates without a deposit.

 

[Wilkinda65]

I didn't put down any deposit. but i actually knew nothing about these ST models. my sister was deciding between a base Raptor and a 2019 Explorer Sport and asked me for my opinion. I told her i would go drive them for her to give an opinion. I went and drove them and my salesman who sells me all my cars asked if I had seen the new 2020 Explorer ST. I hadn't and didn't even know an ST was made. He had a Star White delivered that morning and had it brought up from cleanup for me to drive. I like it when i saw it, I liked it when I saw the interior and I loved it when i drove so I bought it right then and there.

I got rid of a 2019 Alfa Romeo Giulia Sport which was a gorgeous car inside and out. Very nice handling and performance but had intermittent electrical issues that drove me up the wall. The ST has been fantastic so far and I'm now at exactly 3 weeks ownership today

 

[Zeeb]

Many moons ago when I sold cars for a living, orders required a $500.00 deposit that was non-refundable but could be applied to a different vehicle purchase. I've order quite a few vehicles over my lifetime and always had to put down a deposit only these days it's usually $1000.00. In looking for an Aviator Grand Touring Hybrid, the local guys wanted a $5000.00 deposit and then I find out that they cannot even order the Hybrid as they are not an "EV" dealer. So I ordered one from a dealer in Colorado as there are no EV dealers in Utah; they wanted a $1000.00 deposit and I gave it to them because that signals serious intent.

 

[peterk9]

Many moons ago when I sold cars for a living, orders required a $500.00 deposit that was non-refundable but could be applied to a different vehicle purchase. I've order quite a few vehicles over my lifetime and always had to put down a deposit only these days it's usually $1000.00. In looking for an Aviator Grand Touring Hybrid, the local guys wanted a $5000.00 deposit and then I find out that they cannot even order the Hybrid as they are not an "EV" dealer. So I ordered one from a dealer in Colorado as there are no EV dealers in Utah; they wanted a $1000.00 deposit and I gave it to them because that signals serious intent.

Welcome to the Forum.

Peter

 

[NEWPORTNJ]

I have leased over 8 vehicles and now the 2020 ST and never ever i have had to put any money down, not even when i leased a 2008 CTS Limited Edition in HOT LAVA color.