I'm having trouble understanding how a dealership can retain a deposit on a vehicle, which was paid when everyone (including the dealer) expected a modest price increase for 2024 (especially based on the US 2024 C8 price increase and ALL prior US/Canadian price increases following 2021), after a buyer is hit with an historically astronomic/bizarre/unheard of Corvette price increase. Is there a written contract which specifically states that the deposit is paid and forfeited if the buyer backs out, regardless of whatever price the vehicle has for 2024? Think about it. To go to an extreme, if GM decided to increase the price of a Canadian C8 by $1 million, does that mean all buyers would automatically lose their deposit when backing out of the deal??
Dealerships may view this as their right, however that doesn't mean they are right. A reputable dealership would return the deposit in full. Those potential buyers who don't want to roll over and lose their deposit, should consider consulting a lawyer or (if it's not seen as worthwhile to involve a lawyer) look to the lower Court system that's available in most provinces, which is set up for self-represented litigants, to easily/cheaply sue the dealership for a return of the deposit. If you're not savvy about how to prepare, file and serve a claim started in the lower Court, most clerks will assist with information and they usually have written hand-outs available that clearly explain the process, or there may be directions/commentary on-line. I suspect most dealerships will back down when served with such a lawsuit, or told that lawsuit will be forthcoming.
This is a problem created by GM for Canadians (only). All Canadian GM dealerships are "ambassadors" of GM. Those dealerships should help their Canadian customer base through this unexpected/bizarre time. If not, I suspect the law will favour the buyer's deposit return.
I invite others with a legal background to comment.