Deposit for Car
Discussion
Hi all,
I'm being a bit vague here but could do with some advice:
I was asked to place a £5000 deposit for an allocation/slot on a car
I was never informed of a £25000 build fee, which I didn't have the money for. Out of embarrassment I stalled it/advised I could pay £10000 towards it. This wasn't financially possible so I never paid. I've asked for my £5000 back on the basis that there was never any mention of a build fee, which there wasn't.
I appreciate I was foolish as I shouldn't have tried to stretch myself and instead at that point should have said I wanted my money back. The dealer is saying that because I agreed to £10000 I agreed to purchase the car and therefore my deposit would not be returned to me.
My rebuttal is as follows:
It isn't a deposit as such - it was a monetary commitment for a vehicle that there was actually a reserve list for.
At the point of ordering the vehicle I was not informed of a "build fee". If the "build fee" was not obtained from me surely the car wouldn't have been built or allocated to me - isn't that the point of it? I was never advised that I could exit with my £5000.
I haven't signed a piece of paper for the £5000 and there's absolutely no correspondence whatsoever that relates to the £25000 build fee either.
Could do with some help/support on this one if possible gents.
I'm being a bit vague here but could do with some advice:
I was asked to place a £5000 deposit for an allocation/slot on a car
I was never informed of a £25000 build fee, which I didn't have the money for. Out of embarrassment I stalled it/advised I could pay £10000 towards it. This wasn't financially possible so I never paid. I've asked for my £5000 back on the basis that there was never any mention of a build fee, which there wasn't.
I appreciate I was foolish as I shouldn't have tried to stretch myself and instead at that point should have said I wanted my money back. The dealer is saying that because I agreed to £10000 I agreed to purchase the car and therefore my deposit would not be returned to me.
My rebuttal is as follows:
It isn't a deposit as such - it was a monetary commitment for a vehicle that there was actually a reserve list for.
At the point of ordering the vehicle I was not informed of a "build fee". If the "build fee" was not obtained from me surely the car wouldn't have been built or allocated to me - isn't that the point of it? I was never advised that I could exit with my £5000.
I haven't signed a piece of paper for the £5000 and there's absolutely no correspondence whatsoever that relates to the £25000 build fee either.
Could do with some help/support on this one if possible gents.
Is it a company with three letters in its' name? The deposit is fully refundable, and from what I can gather the "build fee" is step 2 - i.e. your deposit has been accepted, your car is scheduled to be built, and they'd like some payment up front.
Paying the £10k may have made it a bit difficult as the T&Cs allude to the deposit being fully refundable until a "formal order" is placed. Could one argue that some money towards this construes a formal order?
Paying the £10k may have made it a bit difficult as the T&Cs allude to the deposit being fully refundable until a "formal order" is placed. Could one argue that some money towards this construes a formal order?
Maybe cheaper than going legal, but go back to dealer, and eat humble pie? My wife left emptied bank account etc etc. Was hoping to pony up but getting rinsed please help a brother out?
It might be less painful and effort in the long run.
Naming and shaming dealer in Twitter or alike may backfire as build slot payments can be used to control market supply and stop flipping outside dealer networks and Honda have had form on this before.
It might be less painful and effort in the long run.
Naming and shaming dealer in Twitter or alike may backfire as build slot payments can be used to control market supply and stop flipping outside dealer networks and Honda have had form on this before.
I’m really confused by this.
You paid £5k for a build slot for a £150k car? They then asked for some more money to actually build the £150k car and you haven’t got it?
Where were you going to get the other £120k from?
Did you pay for a build slot in the hope of selling the slot to someone else?
You paid £5k for a build slot for a £150k car? They then asked for some more money to actually build the £150k car and you haven’t got it?
Where were you going to get the other £120k from?
Did you pay for a build slot in the hope of selling the slot to someone else?
Butter Face said:
I’m really confused by this.
You paid £5k for a build slot for a £150k car? They then asked for some more money to actually build the £150k car and you haven’t got it?
Where were you going to get the other £120k from?
Did you pay for a build slot in the hope of selling the slot to someone else?
£5k deposit then asked for a £25k build fee on top. I've just purchased an expensive new car but didn't have to put down £30k in cash. I've put down a £20k deposit at the point of purchase and financed the rest. In this instance, I've been asked for £25k some six months prior to taking delivery, which I hadn't budgeted for at all.You paid £5k for a build slot for a £150k car? They then asked for some more money to actually build the £150k car and you haven’t got it?
Where were you going to get the other £120k from?
Did you pay for a build slot in the hope of selling the slot to someone else?
Obviously, I hadn't assumed I'd just put £5k into such an expensive vehicle but it's all about timing. I simply didn't have £25k to hand to put into a car in advance.
PurpleMoonlight said:
What is a build fee?
Is it part of the purchase price or in addition to it?
Part of the purchase price but asked for six months prior to delivery without any mention at the point of putting the deposit down. A lot of these vehicles are heavily financed.Is it part of the purchase price or in addition to it?
Edited by mc_blue on Wednesday 16th May 09:50
Ed/L152 said:
So you paid £5K to get the car built, with the expectation to finance the rest on delivery?
5k for the slot. Expectation was probably an additional £20-25k deposit and then finance the rest upon delivery. A lot can happy to someone's finances in six months. I didn't just have £25k sat there burning a hole in my pocket.mc_blue said:
5k for the slot. Expectation was probably an additional £20-25k deposit and then finance the rest upon delivery. A lot can happy to someone's finances in six months. I didn't just have £25k sat there burning a hole in my pocket.
Presuming you still want the car can you not borrow £25k and pay it back in the coming months as if everything had went as you'd planned?I know you said you don't have the money at the moment but I didn't see anything saying you wouldn't have the money at any point - just that you didnt have it right now and as a result were hoping to pull out of the deal.
I'm really surprised at them not detailing all this when you paid the deposit. There's no paperwork at all?
What was the dealers response when you pointed out you'd not been told there would be an interstitial payment between the deposit and purchase?
Maybe I'm being a bit suspicious about it, but perhaps they've had a few too many people walk away and forfeit the £5k deposit, leaving them with built cars but no demand, so they want to make sure they have enough money up front to protect themselves from having to move them on at a lower price.
Which is fair enough, but they should've been clear about it.
What was the dealers response when you pointed out you'd not been told there would be an interstitial payment between the deposit and purchase?
Maybe I'm being a bit suspicious about it, but perhaps they've had a few too many people walk away and forfeit the £5k deposit, leaving them with built cars but no demand, so they want to make sure they have enough money up front to protect themselves from having to move them on at a lower price.
Which is fair enough, but they should've been clear about it.
mc_blue said:
Ed/L152 said:
So you paid £5K to get the car built, with the expectation to finance the rest on delivery?
5k for the slot. Expectation was probably an additional £20-25k deposit and then finance the rest upon delivery. A lot can happy to someone's finances in six months. I didn't just have £25k sat there burning a hole in my pocket.Regarding getting out of it and getting your 5k back. Without the details of the contract, you signed I don't think anyone will be able to help.
Options are to try and sell your slot or get a loan to pay the next instalment off.
Out of interest, what were the monthly costs going to be on a 150k car? Presumably, you would have to keep the miles down too.
InitialDave said:
I'm really surprised at them not detailing all this when you paid the deposit. There's no paperwork at all?
What was the dealers response when you pointed out you'd not been told there would be an interstitial payment between the deposit and purchase?
Maybe I'm being a bit suspicious about it, but perhaps they've had a few too many people walk away and forfeit the £5k deposit, leaving them with built cars but no demand, so they want to make sure they have enough money up front to protect themselves from having to move them on at a lower price.
Which is fair enough, but they should've been clear about it.
They had the completely wrong telephone number for me. When I challenged on the fact I'd never been asked for another £25k or any mention of a build fee it was completely ignored.What was the dealers response when you pointed out you'd not been told there would be an interstitial payment between the deposit and purchase?
Maybe I'm being a bit suspicious about it, but perhaps they've had a few too many people walk away and forfeit the £5k deposit, leaving them with built cars but no demand, so they want to make sure they have enough money up front to protect themselves from having to move them on at a lower price.
Which is fair enough, but they should've been clear about it.
And in terms of borrowing money to raise the £25k, that's nonsense. I wasn't informed of it. Things can change massively in six months.
Have you asked the dealer to cancel your order and return your deposit? This could be the point at which the terms all become clear. I still can't believe there is nothing to lay out the terms of handing over the 5k in the first place. Not even a receipt/piece of paper? What have you got to even prove you give them the money in the first place?
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