Question Is it normal if your dealer ask 5000.$ without any GM allocation?
- Thread starter Concours
- Start date
They are all different, I wouldn't give 5k as a deposit unless I received an allocation. I gave my dealer 1k refundable deposit to be on their list. Paid the balance when I picked up my C8.
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I paid a refundable 2500 deposit. I cared only to get a C8 and not what the deposit was, but my dealer came highly recommended by several friends.
Paid 2500$ refundable deposit
One asked me for $10k.
Nope, not after Dean Myers took the plunge last year.
Nope, not after Dean Myers took the plunge last year.
gone
Power User
I don't know where you are however in Alberta, all the dealers I contacted last year were asking for a $5,000 refundable deposit and most were getting it due to the demand for the C8. Once the dealer gets an allocation, assigns it to you and you submit your order, it then becomes non-refundable. After I mentioned to my dealer that I was referred to them by a member of a Corvette Club, they agreed to accept a $2,500 deposit. On any other new vehicle I've purchased, I only had to give a $1,000 refundable deposit (or no deposit). See what you can work out with the dealer.
Jeffer2013
Power User
They went bankrupt.
People lost their deposit. I never heard if GM helped out with those customers or not.
Jeffer2013
Power User
since it was money in trust the bankruptcy courts should have given the money back as it was not the banks or the creditors
and yes bankruptcy legislation is federal so us in alberta may know some stuff
the bankruptcy official must have been crooked or the bank’s lawyer
this is simple stuff just file a claim and go to the hearing. 15 minutes plus the hearing
wish I would have know could have helped
and yes bankruptcy legislation is federal so us in alberta may know some stuff
the bankruptcy official must have been crooked or the bank’s lawyer
this is simple stuff just file a claim and go to the hearing. 15 minutes plus the hearing
wish I would have know could have helped
They may have. I've never been in that position and have no clue on such things.
I paid a $5K deposit on my C7 order at Wilson Niblett, but there were no supply issues in 2019 so no question that I wouldn't get it 8 weeks later as promised.
I remember a Meyers customer posting on this forum that if you continued with the purchase, GM honoured the deposits
and put the sale through another dealer.
Depends on the dealer, I certainly wouldn't put down that for a waitlist, if its fully refundable why do they need $5000, its not like they need a commitment on a waitlist, there will sell every C8 they get.
My local dealer asked for $1000 and then to move that up to $5000 once I got allocation. I used them for my Z06 and it was the same as well, except no waitlist back then so just a $5000 deposit and ordered the car.
A Porsche dealer I looked at for a GT4 also did this, $1000 refundable, $5000 when allocation arrives.
I'd avoid anyone asking for $5000 for a simple waitlist deposit but thats just how I feel for my own money.
My local dealer asked for $1000 and then to move that up to $5000 once I got allocation. I used them for my Z06 and it was the same as well, except no waitlist back then so just a $5000 deposit and ordered the car.
A Porsche dealer I looked at for a GT4 also did this, $1000 refundable, $5000 when allocation arrives.
I'd avoid anyone asking for $5000 for a simple waitlist deposit but thats just how I feel for my own money.
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Power User
Many dealers try for a large deposit so they can earn interest off someone else's money, especially with a C8 and the length of time before it materializes. And yes these days, each dealer will readily sell every C8 they get so it's a risk-free proposition for them. But on the other hand, deposits do filter out the true "tire-kickers" so dealers will waste less time with someone willing to make a deposit and "put their money where their mouth is". Until C8's become more plentiful, I suspect many will be stuck paying a $5,000 deposit if that's what it takes to get on a list.
I gave Bill Spencer Chev a $5,000 deposit.
I put $5k down at Wilson-Nibblett as well. Why wouldn't someone put a deposit down? I do the same for by short term rental condos. They pay in full at the time of booking. Few complain as once it's booked, I am holding the condo for them. If not, then I would have the option to give it to someone else should they choose to pay.......
Simple economics!
Simple economics!
I sort of get both sides of the deposit debate. At the end of the day if you're not happy with the deposit requirement try another dealer or see if your dealer is flexible on this. There's nothing inherently new or wrong with deposits, sought after/sold out cars of all types get this treatment often. Given the current climate and if you really want the car sooner rather than later it sometimes may be best to park the deposit question and land on a dealer that's likely to get allocation.
Nik put it pretty fair, I had no problem putting a refundable $5k deposit with W/N. They were upfront with a expected delivery, admin fees and policies. Got a March allocation for a (fingers crossed) June delivery. From the dealers perspective $5k may help separate the tire kickers from the actual buyers or potential buyers on multiple lists from multiple dealers. Is 4-5% down for a $90k car is fair? To compare a home renovation, I had to put down 30%. I think 5% is reasonable. Lots of dealers with lots of different deposit policies find a dealer that fits your needs and requirements.