Deposit Check Not Cashed ????Why ???

<div class='quotetop'>QUOTE(dorf @ Jun 13 2007, 10:23 AM) [snapback]460819[/snapback]</div>

That is fishy, because the dealer that I gave a $500 deposit to cashed it immediately, I think it cleared my bank the following day. Thankfully it only took them less than 2 weeks to get my magnetic gray in.

 

Some dealers simply hold onto the check and give it back to you when you buy the car and pay in full. This is not fishy. Other dealers cash the check and then you pay the difference when you get the car.

When you take delivery on the car, have your receipt with you, to prove you gave them the check. Be sure you either get the check back, or get the amount deducted from the amount owed.

And congrats on getting a Prius with such a short wait. Back in the early days, some folks waited six months. Happy driving!

 

It's not fishy at all. I put down multiple deposits when I was in the market for mine, and not all of them were cashed.

 

I'm not sure why they even take a deposit on a hot selling car. The idea is to make you have some ownership of the order... if you don't follow through, they probably can keep your money.

So, it exposes them if they don't cash it. If you change your mind, they are probably going to find that check is cancelled when they try to cash it to get their earnest money.

Many dealers would refund your $500 even if you were to cancel, but some won't... I guess by taking the deposit, they keep you from ordering from 10 dealerships and then leaving 9 in the lurch.

Our guy told us that if we wanted some car they couldn't sell easily (purple camry) then the deposit is much higher and we'd be out the money if we didn't buy it when it came in.

otherwise any reputable dealer will be nice to you about it.

 

when we ordered hubby's dodge truck we put down a deposit and recieved the check back, uncashed, when picked up the truck!

 

<_< The North Texas Dealers with which I'm familiar usually just 'hold' the check until the deal is completed. They seem to consider it a material expression of your serious intent to purchase, and as a way to discourage you from going to their competition.

The one or two dealers who actually cash the desposit check seem to evaluate their 'prospect' and cash the check if they think the 'prospect' is undependable. One I know of had obtained a Credit Report and made their decision based on the report.

 

charles.... did you read my reply???????????????

 

The dealer I bought both my Prii from in Orlando, FL did not cash either deposit check. They gave them back to me when the car finally came in and we sat down to do the final paperwork.

So I don't think it's fishy at all....

 

These deposits are nothing major and they are completely refundable. Its simply "good faith money" and it depends on the dealer whether they cash them or not.

Its not like an escrow check or anything like that.