Leaving a deposit - advice needed - Ferrari Life
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post #1 of 21 Old 02-05-2013, 04:54 PM Thread Starter
 
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Leaving a deposit - advice needed

Hi all,

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

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

Thanks
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post #2 of 21 Old 02-05-2013, 04:57 PM
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Is it a dealership or private owner?

Deposit should always be refundable at a F dealer.
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post #3 of 21 Old 02-05-2013, 04:59 PM Thread Starter
 
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Originally Posted by Jrodrig688 View Post
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.
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post #4 of 21 Old 02-05-2013, 05:11 PM
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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.

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post #5 of 21 Old 02-05-2013, 05:19 PM Thread Starter
 
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Originally Posted by cribbj View Post
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.
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post #6 of 21 Old 02-05-2013, 05:24 PM
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Agree with cribbj. Sounds right. All in writing is key.
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post #7 of 21 Old 02-05-2013, 05:35 PM
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Stevro!

Congrats man ... get to that closing asap and post some pictures!
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post #8 of 21 Old 02-05-2013, 05:36 PM
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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!

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post #9 of 21 Old 02-05-2013, 06:13 PM
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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.

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post #10 of 21 Old 02-05-2013, 07:30 PM
 
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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.
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post #11 of 21 Old 02-05-2013, 08:43 PM
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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.
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post #12 of 21 Old 02-06-2013, 05:07 AM Thread Starter
 
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Stevro!

Congrats man ... get to that closing asap and post some pictures!
Thanks! I feel this is the one
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post #13 of 21 Old 02-06-2013, 05:11 AM Thread Starter
 
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Originally Posted by Gransport Guy View Post
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!
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post #14 of 21 Old 02-06-2013, 05:12 AM Thread Starter
 
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Originally Posted by dave rocks View Post
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
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post #15 of 21 Old 02-06-2013, 05:15 AM Thread Starter
 
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Originally Posted by markjayw View Post
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.
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post #16 of 21 Old 02-06-2013, 05:38 AM
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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!
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post #17 of 21 Old 02-06-2013, 06:02 AM Thread Starter
 
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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
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post #18 of 21 Old 02-06-2013, 06:54 AM
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Originally Posted by Stevro View Post
Thanks! I'll get pics up as soon as I take ownership
Looking forward to seeing the Scud - one thing I learned the hard way is loose lips sinks ships.
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post #19 of 21 Old 02-06-2013, 07:53 AM
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Quote:
Originally Posted by Stevro View Post
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. (staying optimistic for you!)

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post #20 of 21 Old 02-06-2013, 06:36 PM Thread Starter
 
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Originally Posted by Gransport Guy View Post
Good luck, and hoping the PPI goes well. WHEN you have the F430, post pics please. (staying optimistic for you!)
Thanks
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