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Old 11-21-2008, 06:25 PM   #1
wayneworld
 
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Will I lose my Deposit??

I put a deposit down on 10/15 of 2500.00 and I want to know is If GM goes under or just says we will not make this car will it be easy to get my money back? I want this car real bad but don't want to get screwed out of my money because of GM.. Can anyone help me with a answer??? By the way I ordered the 2SS orange.
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Old 11-21-2008, 06:38 PM   #2
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You should have NO trouble getting your deposit back.
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Old 11-21-2008, 07:29 PM   #3
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It seems like I'm the only person who put a $500 deposit down...
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Old 11-21-2008, 09:12 PM   #4
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I put $500 down, that was the minimum that my dealer wanted to place the order. I'll put down more when it actually arrives though.
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Old 11-22-2008, 08:11 AM   #5
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If they go totally under, you will lose your deposit.
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Old 11-22-2008, 10:19 AM   #6
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While I think it's awesome to pre order if you can afford it. My advice has been to just get your credit pre approved and wait for them to hit the lot. You want to drive it first and hang out with it before you pull the trigger IMO*.

By all means pre order if your rollin in the cream ($$$).
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Old 11-22-2008, 10:48 AM   #7
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If they go totally under, you will lose your deposit.
Dude, there's enough bull$hit info on the board, don't go spreading crap like this.

The deposit is through the dealer not GM. . . Call your dealer to find out the answer. . it will take 2 minutes.
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Old 11-22-2008, 12:37 PM   #8
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What do you think will happen to gm dealerships if gm goes under? They won't have any products to sell.
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Old 11-22-2008, 12:47 PM   #9
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Dude, there's enough bull$hit info on the board, don't go spreading crap like this.

The deposit is through the dealer not GM. . . Call your dealer to find out the answer. . it will take 2 minutes.
They will be the last one to know they are closing , just as the door's lock. THERE ARE LOTS OF DEALERS WHO WILL CLOSE before GM would go down. That is part of the problem....they sold too many franchises and they cannibalize each other. The only secure deposit is on VISA or IN TRUST with a lawyer.
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Old 11-22-2008, 05:46 PM   #10
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You will lose your money. What happened back at the beginning of the great depression? Nobody got their money back from the banks because they didnt have any to give back. The dealerships will have no money to give back if the system fails, unless of course the dealerships have deep pockets, then you will get the refund.

Economic times are great right now, they are rolling in the money, so I am sure the dealerships will love to refund your money.

But lets just think positive, somehow GM will get through this and in a couple years things will be going strong again and all will be good.
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Old 11-22-2008, 06:25 PM   #11
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This is what happens when you talk about failure. :slice:
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Old 11-22-2008, 06:29 PM   #12
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This is what happens when you talk about failure. :slice:
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Old 11-23-2008, 11:14 PM   #13
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I JUST ORDERED MINE IN SO CAL, NO DEPOSIT REQUIRED AND NO MARK UP EITHER
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Old 11-24-2008, 06:55 AM   #14
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Originally Posted by wayneworld View Post
I put a deposit down on 10/15 of 2500.00 and I want to know is If GM goes under or just says we will not make this car will it be easy to get my money back? I want this car real bad but don't want to get screwed out of my money because of GM.. Can anyone help me with a answer??? By the way I ordered the 2SS orange.
Thats the reason to get it in writing that the deposit is refundable. Your deposit has nothing to do with GM, its through your dealership. Your state laws apply, it varies by state how deposits are handled.
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Old 11-24-2008, 03:57 PM   #15
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They will be the last one to know they are closing , just as the door's lock. THERE ARE LOTS OF DEALERS WHO WILL CLOSE before GM would go down. That is part of the problem....they sold too many franchises and they cannibalize each other. The only secure deposit is on VISA or IN TRUST with a lawyer.
There's no way they can't give your deposit back. The dealership did not full fill their end of the agreement. Also in PA deposits are 100% refundable. It doesn't matter what you are securing.

Yes this is a fact. I know this because I have my own DJ business and had a lawyer draft up my contract. . changed out deposit for "1st payment".

Payments are not refundable unless stated.
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Old 11-24-2008, 04:15 PM   #16
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If the dealer goes under, you WILL loose your money. Make the lowest deposit you can. Use a credit card, most of the time they will protect you, also.

Search for the post I made about local dealers going under and people loosing deposits.

It is happening.
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Old 11-24-2008, 04:19 PM   #17
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It might be happening, but it's not legal. . . This would be the same if I collected thousands of dollars for my services and then decided that I can't afford to do it anymore. . . and shut my doors.

You don't think there will be law suits against me for their money back?
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Old 11-24-2008, 05:32 PM   #18
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You and all the creditors can line up to get your money back.
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Old 11-25-2008, 06:00 PM   #19
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It might be happening, but it's not legal. . . This would be the same if I collected thousands of dollars for my services and then decided that I can't afford to do it anymore. . . and shut my doors.

You don't think there will be law suits against me for their money back?
You can't get blood from a rock. The customer will last person to see money that is left over from a liquidation. The banks and such will have first dibs on the left over cash. You won't see a dime.
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