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-   -   Leaving a deposit - advice needed (https://www.ferrarilife.com/forums/ferrari-pre-purchase-help/20073-leaving-deposit-advice-needed.html)

Stevro 02-05-2013 03:54 PM

Leaving a deposit - advice needed
 
Hi all,

I test-drove a 2005 F430 today and have ordered a PPI :steeringwheel:

I won't have the funds for two to three weeks as my property sale will complete then.

If I put down a 4k deposit, how long is it reasonable to ask for the car to be held and would that entire amount be non-refundable?

I'm not too worried, but the buyer of my property can still pull out :yikes:

Thanks

Jrodrig688 02-05-2013 03:57 PM

Is it a dealership or private owner?

Deposit should always be refundable at a F dealer.

Stevro 02-05-2013 03:59 PM

Quote:

Originally Posted by Jrodrig688 (Post 234112)
Is it a dealership or private owner?

Deposit should always be refundable at a F dealer.

It's a car dealer, but not Ferrari. Selling on behalf of a private individual. They sell all kinds of exotics.

cribbj 02-05-2013 04:11 PM

If the owner has truly taken the car off the market based on your deposit, then 2-3 weeks is at the outer limits of how long he should hold it, IMO. If your property sale doesn't go through he could (rightfully) whinge to you that he's lost potential sales in the time it was off the market, and could ask for your deposit as compensation.

If he's continuing to advertise it, even with a qualification that a deposit has been placed, then he still has the ability to collect potential sales for it if your deal falls through, and you should be entitled to your full deposit back.

At the end of the day, however, it's whatever you can negotiate with him and more importantly, get in writing.

Stevro 02-05-2013 04:19 PM

Quote:

Originally Posted by cribbj (Post 234115)
If the owner has truly taken the car off the market based on your deposit, then 2-3 weeks is at the outer limits of how long he should hold it, IMO. If your property sale doesn't go through he could (rightfully) whinge to you that he's lost potential sales in the time it was off the market, and could ask for your deposit as compensation.

If he's continuing to advertise it, even with a qualification that a deposit has been placed, then he still has the ability to collect potential sales for it if your deal falls through, and you should be entitled to your full deposit back.

At the end of the day, however, it's whatever you can negotiate with him and more importantly, get in writing.

Thanks for your comments. Whatever we settle on, I'll get it in writing.

Jrodrig688 02-05-2013 04:24 PM

Agree with cribbj. Sounds right. All in writing is key.

champagne612 02-05-2013 04:35 PM

Stevro!

Congrats man ... get to that closing asap and post some pictures!

MC355 02-05-2013 04:36 PM

Every dealer is different, so my suggestion is ask the dealer these specific questions:

1. How long will my deposit hold my car?

2. If I back out for whatever reason, do I get all of the deposit back or only a portion? And if portion, how much?

These need to be answered before you put any security deposit down

For example, my Maserati transaction required "only" $500 security deposit which held it for only one week, and if I backed out, they kept $125 of that deposit. I asked before putting deposit down. Remember ask all the details before moving forward.

Good luck!

markjayw 02-05-2013 05:13 PM

185 Attachment(s)
Didn't you just use a Credit Card for deposit. Most I ever give them is 5 grand. But they get their money in 1 to 2 days. I would say how long, depends on what you and seller agree to, but no more than 2 weeks IMO.

chenglo1 02-05-2013 06:30 PM

the dealers
 
The F car dealers i have spoken to have all been the same:

Down payment is X$ or x% of sales price. Sale is contingent upon PPI and personal test drive and inspection to be competed within 72 hours of this agreement. If for any reason, both parties can not agree after PPI or if buyer's personal inspection reveals that car was mis-represented, buyer will be entitled to 100% refund of down payment. If both parties are in agreement, full payment will be due within 24 hours of inspection.

Good luck.

dave rocks 02-05-2013 07:43 PM

Deposit and refundable Don't go hand and hand. The only time a deposit should be refunded is if the seller took it on false pretenses. The purpose of a deposit is to seal a deal, sure maybe with terms. But so many people think change of heart is grounds for a refund and that 's really up to the seller.

Stevro 02-06-2013 04:07 AM

Quote:

Originally Posted by champagne612 (Post 234121)
Stevro!

Congrats man ... get to that closing asap and post some pictures!

Thanks! I feel this is the one :steeringwheel:

Stevro 02-06-2013 04:11 AM

Quote:

Originally Posted by Gransport Guy (Post 234122)
Every dealer is different, so my suggestion is ask the dealer these specific questions:

1. How long will my deposit hold my car?

2. If I back out for whatever reason, do I get all of the deposit back or only a portion? And if portion, how much?

These need to be answered before you put any security deposit down

For example, my Maserati transaction required "only" $500 security deposit which held it for only one week, and if I backed out, they kept $125 of that deposit. I asked before putting deposit down. Remember ask all the details before moving forward.

Good luck!

Thanks. This seems very very fair and what I was hoping for. I don't want to put down 4k and get no of it back. If I put 4k down and had to withdraw, losing 1k wouldn't hurt too much.

My intention isn't to mess anyone around but I'm waiting for a property sale. The property offer was accepted months ago and the deal is almost done, so hopefully it's a moot point. No-one wants to throw away 4k!

Stevro 02-06-2013 04:12 AM

Quote:

Originally Posted by dave rocks (Post 234156)
Deposit and refundable Don't go hand and hand. The only time a deposit should be refunded is if the seller took it on false pretenses. The purpose of a deposit is to seal a deal, sure maybe with terms. But so many people think change of heart is grounds for a refund and that 's really up to the seller.

I hear what you're saying. If I had the funds in the bank, I'd happily pay a non-refundable deposit.

Thanks

Stevro 02-06-2013 04:15 AM

Quote:

Originally Posted by markjayw (Post 234136)
Didn't you just use a Credit Card for deposit. Most I ever give them is 5 grand. But they get their money in 1 to 2 days. I would say how long, depends on what you and seller agree to, but no more than 2 weeks IMO.

I haven't put the deposit down. I saw the car yesterday; PPI happens Thurs and deposit on Fri subject to PPI findings.

Good to hear all comments as there appear to be many ways to do this.

360 Modena 02-06-2013 04:38 AM

1358 Attachment(s)
Personally, I'd go with the credit card deposit and get T&Cs in writing.

But most of all, stay positive and hope the PPI goes well.

Congrats on taking the first steps and please post pics after delivery.

All the best!

Stevro 02-06-2013 05:02 AM

Quote:

Originally Posted by 360 Modena (Post 234204)
Personally, I'd go with the credit card deposit and get T&Cs in writing.

But most of all, stay positive and hope the PPI goes well.

Congrats on taking the first steps and please post pics after delivery.

All the best!

Thanks! I'll get pics up as soon as I take ownership :crowngrin:

champagne612 02-06-2013 05:54 AM

Quote:

Originally Posted by Stevro (Post 234212)
Thanks! I'll get pics up as soon as I take ownership :crowngrin:

Looking forward to seeing the Scud - one thing I learned the hard way is loose lips sinks ships.

MC355 02-06-2013 06:53 AM

Quote:

Originally Posted by Stevro (Post 234197)
Thanks. This seems very very fair and what I was hoping for. I don't want to put down 4k and get no of it back. If I put 4k down and had to withdraw, losing 1k wouldn't hurt too much.

My intention isn't to mess anyone around but I'm waiting for a property sale. The property offer was accepted months ago and the deal is almost done, so hopefully it's a moot point. No-one wants to throw away 4k!

Good luck, and hoping the PPI goes well. WHEN you have the F430, post pics please. :thumbsup: (staying optimistic for you!)

Stevro 02-06-2013 05:36 PM

Quote:

Originally Posted by Gransport Guy (Post 234225)
Good luck, and hoping the PPI goes well. WHEN you have the F430, post pics please. :thumbsup: (staying optimistic for you!)

Thanks :thumbsup:


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