For the money.... a BMW would have been a better purchase.
Getting back a downpayment on a vehicle
- Thread starter dparm
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Originally Posted By: Pop_Rivit
You'd be better off keeping your nose out of it.
+1 best advice in this matter.
You'd be better off keeping your nose out of it.
+1 best advice in this matter.
Your pal is looking at this all wrong.
He has a built corvette ready for factory scheduled delivery? Isn't that worth something? If the dealer he contracted with doesn't want that ticket, why isn't he trying to sell it to another dealer? Even if he can't turn that for a buck, maybe he can at least do better with it than losing half his deposit.
That said, a deal is a deal, and if he can't sell the contract, he should man up and honor the deal he made, or take the new deal he is being offered. A man shouldn't try to stick the consequences of his mistake on someone else, imo.
But, I have to ask, how does a snafu like this happen? Was the car a gift for the wife who found out and doesn't want it? Doesn't he know the rules of his own household? If he has to have permission to buy a car (poor fellow), why didn't he just get it?
He has a built corvette ready for factory scheduled delivery? Isn't that worth something? If the dealer he contracted with doesn't want that ticket, why isn't he trying to sell it to another dealer? Even if he can't turn that for a buck, maybe he can at least do better with it than losing half his deposit.
That said, a deal is a deal, and if he can't sell the contract, he should man up and honor the deal he made, or take the new deal he is being offered. A man shouldn't try to stick the consequences of his mistake on someone else, imo.
But, I have to ask, how does a snafu like this happen? Was the car a gift for the wife who found out and doesn't want it? Doesn't he know the rules of his own household? If he has to have permission to buy a car (poor fellow), why didn't he just get it?
I think the dealer offered him a fair way out. He ordered a car than backed out.
If someone signs a contract with me for them to build a custom house the deposit is not refundable, because right away I have to spend money ordering stuff I normally wouldn't. If they backed out I'd keep it and by law I can.
If someone signs a contract with me for them to build a custom house the deposit is not refundable, because right away I have to spend money ordering stuff I normally wouldn't. If they backed out I'd keep it and by law I can.
Originally Posted By: fdcg27
Originally Posted By: LT4 Vette
For the money.... a BMW would have been a better purchase.
Yeah, if the guy wanted something something slower and uglier with less residual value.
My boss loves the 2014 he bought. He says that when he drives it, people are always stopping and looking at his car or taking pictures. He actually has an Audi 8L and while it's a more expensive car, no one gives it a second look.
He should probably try and sell the car so he doesn't take the hit on the deposit and if it doesn't sell, just take half the deposit back. How long does he have to decide?
Originally Posted By: LT4 Vette
For the money.... a BMW would have been a better purchase.
Yeah, if the guy wanted something something slower and uglier with less residual value.
My boss loves the 2014 he bought. He says that when he drives it, people are always stopping and looking at his car or taking pictures. He actually has an Audi 8L and while it's a more expensive car, no one gives it a second look.
He should probably try and sell the car so he doesn't take the hit on the deposit and if it doesn't sell, just take half the deposit back. How long does he have to decide?
Originally Posted By: GMBoy
The Corvette Museum pick up is an extra cost option and a lot goes into it as far as coordinating the build of YOUR car when you are there for the plant tour and your car awaits you across the street at the museum all prepped and roped off for all to see. i did this and enjoyed it a lot.
This car was a special order for that purpose.
Even without the museum delivery, I'd vote it's still a special order; as it was specially ordered for him.
Not come on by and we got 3 blue ones, pick one of them.
The Corvette Museum pick up is an extra cost option and a lot goes into it as far as coordinating the build of YOUR car when you are there for the plant tour and your car awaits you across the street at the museum all prepped and roped off for all to see. i did this and enjoyed it a lot.
This car was a special order for that purpose.
Even without the museum delivery, I'd vote it's still a special order; as it was specially ordered for him.
Not come on by and we got 3 blue ones, pick one of them.
I have a feeling that your friend paid for this deposit from a before-tax retirement account and wife found out. If so, he has 60 days to return the same amount to the plan or pay taxes on it. That'll be one expensive lesson on responsibility and personal finance.
Originally Posted By: dparm
Originally Posted By: leeharvey418
If the factory pick-up is a standard part of Corvette sales (and I'm pretty sure that it is) then I'm failing to see how this really qualifies as a 'special order' under the Illinois law.
As long as the car has a standard combination of options or packages, I'd say that it's an off-the-rack item.
Correct, there was nothing like a "paint-to-order" or custom interior. He said he just picked the colors, options, etc. And yes, factory pickup is a line item on the order form.
If this helps, my wife special ordered a 2012 Equinox from the local Chevy dealer (Heritage Chevrolet in Chester, VA) and they told her that if she backed out, they wouldn't have an issue selling it anyway, and didn't take a deposit. If the Vette is just a standard color and options, I wouldn't think it would qualify as a custom order either.
Originally Posted By: leeharvey418
If the factory pick-up is a standard part of Corvette sales (and I'm pretty sure that it is) then I'm failing to see how this really qualifies as a 'special order' under the Illinois law.
As long as the car has a standard combination of options or packages, I'd say that it's an off-the-rack item.
Correct, there was nothing like a "paint-to-order" or custom interior. He said he just picked the colors, options, etc. And yes, factory pickup is a line item on the order form.
If this helps, my wife special ordered a 2012 Equinox from the local Chevy dealer (Heritage Chevrolet in Chester, VA) and they told her that if she backed out, they wouldn't have an issue selling it anyway, and didn't take a deposit. If the Vette is just a standard color and options, I wouldn't think it would qualify as a custom order either.
I'd say he should take the 50% and be happy with it.
While he's down at the Dept. picking up his stupid card, he can turn in his man card at the next window.
While he's down at the Dept. picking up his stupid card, he can turn in his man card at the next window.
I finally read this whole saga! What is striking is that the down-payment amount is still not being disclosed. OP also used the term "down-payment". When I bought my first couple of vehicles, I had to put "deposit" as those were both high demand vehicles and dealer had an allocation quota. I believe I made sure that the "deposit" was refundable. Also the amount of deposit was in the order of $500 or so and certainly not like a "down-payment" (20% to avoid PMI)
How many people do put non-refundable "down-payment" to build or order their new car? I could see that on Bugati Veyron or something but on a Corvette?
Heck, even when I purchased my new townhouse and house, I don't think I gave "down-payment" to the builder(s)! We had a purchase and sale agreement with all the usual caveats and substantial "deposit" but still no where near the "down-payment" money! My first P&S on a townhouse had a out and I used it and bought a different townhouse later.
Of course, my outlook is extremely skewed because all my new purchases were Honda vehicles where you get a choice of color and trim level and that's it! There is no way to "option out" a Honda/Acura to your liking (or horrors to somebody's disliking)
How many people do put non-refundable "down-payment" to build or order their new car? I could see that on Bugati Veyron or something but on a Corvette?
Heck, even when I purchased my new townhouse and house, I don't think I gave "down-payment" to the builder(s)! We had a purchase and sale agreement with all the usual caveats and substantial "deposit" but still no where near the "down-payment" money! My first P&S on a townhouse had a out and I used it and bought a different townhouse later.
Of course, my outlook is extremely skewed because all my new purchases were Honda vehicles where you get a choice of color and trim level and that's it! There is no way to "option out" a Honda/Acura to your liking (or horrors to somebody's disliking)
Yeah, I'm surprised a Corvette would need cash down to purchase. It's not like its a Porsche 911 Turbo or Benz with custom interior, options, special edition paint, .....etc....
There is a reason why many couples get divorced, lots of times it deals with finances and spending.
There is a reason why many couples get divorced, lots of times it deals with finances and spending.
Originally Posted By: Vikas
I finally read this whole saga! What is striking is that the down-payment amount is still not being disclosed. OP also used the term "down-payment". When I bought my first couple of vehicles, I had to put "deposit" as those were both high demand vehicles and dealer had an allocation quota. I believe I made sure that the "deposit" was refundable. Also the amount of deposit was in the order of $500 or so and certainly not like a "down-payment" (20% to avoid PMI)
How many people do put non-refundable "down-payment" to build or order their new car? I could see that on Bugati Veyron or something but on a Corvette?
Heck, even when I purchased my new townhouse and house, I don't think I gave "down-payment" to the builder(s)! We had a purchase and sale agreement with all the usual caveats and substantial "deposit" but still no where near the "down-payment" money! My first P&S on a townhouse had a out and I used it and bought a different townhouse later.
Of course, my outlook is extremely skewed because all my new purchases were Honda vehicles where you get a choice of color and trim level and that's it! There is no way to "option out" a Honda/Acura to your liking (or horrors to somebody's disliking)
when times are good, vettes are hard to find in stock, same when times are bad, dealerships are not willing to set one sit in their show room.
one can "order" any vehicle not in stock.
people get emotional when they are buying house/car, custom touches are a must.
vikas, say you had the builder order calcutta marble for the kitchen and bath and "try" backing out of the deal.
most custom order need 100% payment upfront.
but a chevy on the other hand is not really a custom order. you have x/y/z choices and you spec out what options you want. not really "custom".
did op's buddy get a vette with a diesel? v6? no, just a regular vette engine.
did op's buddy pick hot pink paint job with custom flames on the side? I guess is is no.
so though the dealership "makes" you feel like you have a custom vette, it is just another vette.
Go to the dealership and talk to someone at a higher pay grade work something out that you don't lose a lot of $$. why don't you ask them to give him credit for down payment for future purchase say in 24 months. when someone in the fam needs to buy a car just use the credit.
Women and money: most women consider YOUR income their money
I finally read this whole saga! What is striking is that the down-payment amount is still not being disclosed. OP also used the term "down-payment". When I bought my first couple of vehicles, I had to put "deposit" as those were both high demand vehicles and dealer had an allocation quota. I believe I made sure that the "deposit" was refundable. Also the amount of deposit was in the order of $500 or so and certainly not like a "down-payment" (20% to avoid PMI)
How many people do put non-refundable "down-payment" to build or order their new car? I could see that on Bugati Veyron or something but on a Corvette?
Heck, even when I purchased my new townhouse and house, I don't think I gave "down-payment" to the builder(s)! We had a purchase and sale agreement with all the usual caveats and substantial "deposit" but still no where near the "down-payment" money! My first P&S on a townhouse had a out and I used it and bought a different townhouse later.
Of course, my outlook is extremely skewed because all my new purchases were Honda vehicles where you get a choice of color and trim level and that's it! There is no way to "option out" a Honda/Acura to your liking (or horrors to somebody's disliking)
when times are good, vettes are hard to find in stock, same when times are bad, dealerships are not willing to set one sit in their show room.
one can "order" any vehicle not in stock.
people get emotional when they are buying house/car, custom touches are a must.
vikas, say you had the builder order calcutta marble for the kitchen and bath and "try" backing out of the deal.
most custom order need 100% payment upfront.
but a chevy on the other hand is not really a custom order. you have x/y/z choices and you spec out what options you want. not really "custom".
did op's buddy get a vette with a diesel? v6? no, just a regular vette engine.
did op's buddy pick hot pink paint job with custom flames on the side? I guess is is no.
so though the dealership "makes" you feel like you have a custom vette, it is just another vette.
Go to the dealership and talk to someone at a higher pay grade work something out that you don't lose a lot of $$. why don't you ask them to give him credit for down payment for future purchase say in 24 months. when someone in the fam needs to buy a car just use the credit.
Women and money: most women consider YOUR income their money
Originally Posted By: LT4 Vette
Yeah, I'm surprised a Corvette would need cash down to purchase. It's not like its a Porsche 911 Turbo or Benz with custom interior, options, special edition paint, .....etc....
There is a reason why many couples get divorced, lots of times it deals with finances and spending.
or could be sign that the female is planning divorce and does not want the male add more debt, as it was in my case ;-(
Yeah, I'm surprised a Corvette would need cash down to purchase. It's not like its a Porsche 911 Turbo or Benz with custom interior, options, special edition paint, .....etc....
There is a reason why many couples get divorced, lots of times it deals with finances and spending.
or could be sign that the female is planning divorce and does not want the male add more debt, as it was in my case ;-(
Originally Posted By: Vikas
How many people do put non-refundable "down-payment" to build or order their new car? I could see that on Bugati Veyron or something but on a Corvette?
I guess it depends on the area and what the dealer usually sells and stocks.
If nobody in the area is buying Corvettes, they might not want to have one on the lot. In that case if I were the dealer I'd want to be [censored] sure I had a big deposit that the guy couldn't back out on, so I'd either have the sale, or have some money to make up for the $75,000 lump that was going to take up space on my lot for the next few months.
If I had a dealership in a town where nobody bought anything but work trucks and Malibus I'd want more than $500 to order something I couldn't move if the buyer backed out.
How many people do put non-refundable "down-payment" to build or order their new car? I could see that on Bugati Veyron or something but on a Corvette?
I guess it depends on the area and what the dealer usually sells and stocks.
If nobody in the area is buying Corvettes, they might not want to have one on the lot. In that case if I were the dealer I'd want to be [censored] sure I had a big deposit that the guy couldn't back out on, so I'd either have the sale, or have some money to make up for the $75,000 lump that was going to take up space on my lot for the next few months.
If I had a dealership in a town where nobody bought anything but work trucks and Malibus I'd want more than $500 to order something I couldn't move if the buyer backed out.
Lets not forget, the summer is just about over, winter is just around the corner. That's a big fat depreciating asset the dealer is going to have sitting on his lot going into the worst time of the year to be selling a Vette. Honestly if I was the owner of the dealership, I wouldn't give the guy a dime back, unless forced by a judge.
Originally Posted By: Silverado12
Originally Posted By: dparm
Originally Posted By: leeharvey418
If the factory pick-up is a standard part of Corvette sales (and I'm pretty sure that it is) then I'm failing to see how this really qualifies as a 'special order' under the Illinois law.
As long as the car has a standard combination of options or packages, I'd say that it's an off-the-rack item.
Correct, there was nothing like a "paint-to-order" or custom interior. He said he just picked the colors, options, etc. And yes, factory pickup is a line item on the order form.
If this helps, my wife special ordered a 2012 Equinox from the local Chevy dealer (Heritage Chevrolet in Chester, VA) and they told her that if she backed out, they wouldn't have an issue selling it anyway, and didn't take a deposit. If the Vette is just a standard color and options, I wouldn't think it would qualify as a custom order either.
That was the choice of the particular dealer your wife dealt with, and there is a lot less risk in ordering a Equinox compared to a Corvette. Much more of the dealer's money is tied up in a Corvette compared to an Equinox, and it is a much harder car to sell. Equinox buyers in general will be less picky about specific options than a Corvette buyer will. Even a Corvette with pretty "typical" options is a hard sell because people shopping for Corvettes don't come in everyday, and when they do, they want to pick and choose what the car has on it, as OP's friend did. Any car that the dealer would not have ordered for stock is a special order, regardless of how common it may be. No Corvette is really common unless you are talking about a Chevy dealer in Dubai or something.
We have 11 Equinoxes in stock...0 Corvettes. The dealer would rather have money tied up in SUVs, Silverados, or even an SS or Camaro ZL1 than a Corvette.
If dealers put in special orders for every Corvette without a deposit, or with a fully refundable deposit, they would end up with a whole lot of money tied up in very hard to sell cars. No dealer I know of is willing to take that kind of risk on a car like this. A Silverado or Equinox would be a different matter depending on what the dealer normally stocks.
I think OP's friend needs to suck it up and take the offer of half of the deposit back while it's on the table. The idea of taking it to the media when the dealer did nothing wrong is pretty low. This guy really needs to reevaluate his decision making and impulses.
Originally Posted By: dparm
Originally Posted By: leeharvey418
If the factory pick-up is a standard part of Corvette sales (and I'm pretty sure that it is) then I'm failing to see how this really qualifies as a 'special order' under the Illinois law.
As long as the car has a standard combination of options or packages, I'd say that it's an off-the-rack item.
Correct, there was nothing like a "paint-to-order" or custom interior. He said he just picked the colors, options, etc. And yes, factory pickup is a line item on the order form.
If this helps, my wife special ordered a 2012 Equinox from the local Chevy dealer (Heritage Chevrolet in Chester, VA) and they told her that if she backed out, they wouldn't have an issue selling it anyway, and didn't take a deposit. If the Vette is just a standard color and options, I wouldn't think it would qualify as a custom order either.
That was the choice of the particular dealer your wife dealt with, and there is a lot less risk in ordering a Equinox compared to a Corvette. Much more of the dealer's money is tied up in a Corvette compared to an Equinox, and it is a much harder car to sell. Equinox buyers in general will be less picky about specific options than a Corvette buyer will. Even a Corvette with pretty "typical" options is a hard sell because people shopping for Corvettes don't come in everyday, and when they do, they want to pick and choose what the car has on it, as OP's friend did. Any car that the dealer would not have ordered for stock is a special order, regardless of how common it may be. No Corvette is really common unless you are talking about a Chevy dealer in Dubai or something.
We have 11 Equinoxes in stock...0 Corvettes. The dealer would rather have money tied up in SUVs, Silverados, or even an SS or Camaro ZL1 than a Corvette.
If dealers put in special orders for every Corvette without a deposit, or with a fully refundable deposit, they would end up with a whole lot of money tied up in very hard to sell cars. No dealer I know of is willing to take that kind of risk on a car like this. A Silverado or Equinox would be a different matter depending on what the dealer normally stocks.
I think OP's friend needs to suck it up and take the offer of half of the deposit back while it's on the table. The idea of taking it to the media when the dealer did nothing wrong is pretty low. This guy really needs to reevaluate his decision making and impulses.
OP,
How much cash did he put down ???
How much cash did he put down ???
Also remember summer is just about over and the holidays are coming. From now until tax refund time car sales slow down.
If it was April or May the dealer might be more willing to let him off the hook.
If it was April or May the dealer might be more willing to let him off the hook.
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QUOTE: She found out before the car was built and demanded that he cancel it.
"She found out?"
Did he TELL her or "she found out"?
This guy is so immature and impulsive he will do this again with some other toy, or already has.
If he winds up with the car, he will probably find something else in 2016 or 2017 that he just can't live without.
I'll bet he can't even afford the payments over the long term.
Stay out of it, let him get a good lesson in life.
BTW - did he bother to check out the insurance rates on a ride like this.................... and in Chicago?
"She found out?"
Did he TELL her or "she found out"?
This guy is so immature and impulsive he will do this again with some other toy, or already has.
If he winds up with the car, he will probably find something else in 2016 or 2017 that he just can't live without.
I'll bet he can't even afford the payments over the long term.
Stay out of it, let him get a good lesson in life.
BTW - did he bother to check out the insurance rates on a ride like this.................... and in Chicago?
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