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Camaro Price | Ordering | Tracking | Dealers Discussions Discuss pricing and ordering experiences.

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Old 12-27-2009, 02:10 PM   #1
mvarley
 
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Was a downpayment required?

When I asked my dealer how much down they wanted when I ordered my ABM 2SS they said none was required.

How many of you had to or did not have to put down any money when ordering?

Should I be concerned that they required no money down?

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Old 12-27-2009, 02:14 PM   #2
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I paid cash for my car. But my neighbor couldn't get financed unless he put 10% down. This of course was to get a low interest rate. Without the down payment they were going to offer him 7%.

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Old 12-27-2009, 02:15 PM   #3
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I had to give 1k cash, others had 500. I wouldn't be concerned if they didn't ask for anything, however you can drop down what ever you wish.
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Old 12-27-2009, 02:16 PM   #4
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My dealer said no down payment was needed for me to order. I offered, but he said that if I didn't want it when it comes in, he'd have no trouble selling it to someone else. At that point I said "don't you dare let anyone even sit in my car!" He just laughed. I have a very cool dealer. I've done business with them for years.
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Old 12-28-2009, 12:41 AM   #5
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$1000 down
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Old 12-28-2009, 12:57 AM   #6
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no down payment required...deposit yes, and the deposit is refundable if i can't get the car for some reason. it's only a 500 dollar deposit too. and that money rolls over into a down payment once the car gets here.

i am putting money down though. so add that deposit, the opting out of the 60 day return deal, plus my 10k down i have a total of 11k as a down payment.
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Old 12-28-2009, 01:21 AM   #7
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First, here is my disclaimer: this is my understanding of California State Law since this is where I live. I am not an attorney. I have no knowledge on other states. Perhaps many states are like California? It's possible that I am wrong, so my disclaimer: do your own legal research to make sure.

If there are any attorneys out there that can quote case law on this subject, please enlighten us. Likewise for any General Manager that deals with the dealers' legal counsel; i.e., what advice did the dealer get on this subject from THEIR attorneys?

With that out of the way, in the State of California, a down payment to a dealer is more of a tactical request by the dealer for 2 reasons: 1) to "convince the customer that he/she is locked into a deal" and thus the customer will stop looking for another car at another dealership.

A down payment does not lock EITHER side into a binding contract in the state of California; when the car is delivered either side (customer or dealer) can still back out of the deal -- LEGALLY. Thus, a most unscrupulous dealer will try to exhort extra monies from you when the car is delivered and if you won't agree to pay more money (for say added packages, etc.), the dealer can get out of the deal as there is NO actual FINAL sales contract with a VIN. Take a look at the other threads with regard to price gouging dealers: there are people in California with this exact scenario of being asked to pay for items added to the car, for example.

Obviously the dealer does owe the down payment back, but that is all.

Most dealers in California will ask for a down payment though for a second reason : 2) as a "good faith" request. A dealer wants to know for sure that you are serious about the car. For most cars ordered that are NOT hot sellers like the camaro, this can be a legitimate request; i.e., think of it this way: a car is ordered in some funky combination and no down payment was taken. The customer then backs out of the request. How's the dealer going to sell this weird combination vehicle now? To ensure against this scenario, the dealer asks for a down payment to gauge the customers committment to buying this vehicle.

So there are reasons for asking for a down payment by a dealer.

And there are reasons why a dealer might not want a down payment for this car: a Camaro is probably going to sell even if you do back out of a deal, so why bother getting a down payment (and doing all the paperwork for a down payment) for THIS AWESOME car that IS going to sell?

Again, I'd love to hear from any attorney that is familiar with California Law so as to enlighten us on this area. Thanks.
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Old 12-28-2009, 07:19 AM   #8
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Nothing down when ordered ....
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Old 12-28-2009, 07:39 AM   #9
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Nothing no money down on mine.
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Old 12-28-2009, 10:37 AM   #10
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i spoke to multiple dealerships....all say $500 deposit to order
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Old 12-28-2009, 10:42 AM   #11
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Old 12-28-2009, 01:50 PM   #12
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My dealer said he would put in the order without a DEPOSIT. But I gave them a $1,000 deposit which they never cashed. They gave me the check back when I picked my Camaro and I wrote them a new one.
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Old 12-28-2009, 01:54 PM   #13
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We must be lucky, we only had to put down a $300 dollar deposit.
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Old 12-28-2009, 02:03 PM   #14
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Had to put $500 down for the order, but when it comes time to putting a downpayment for the actual purchase of the car...it all comes down to what the bank you are financing through requires. If you want a low rate, put more down.
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Old 12-28-2009, 02:18 PM   #15
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I put $500.00 down back in October 16 2008.
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Old 12-28-2009, 05:01 PM   #16
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A $500 down payment was required, and my dealer took my credit card info, but he never charged my card.
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