Dealer wants £5000 deposit on new shape Range Rover !!

[poj]

Just spoke to my local Land Rover dealer to discuss a new shape Range Rover,they are sending out the blurb,salesman then said that they are taking orders now for September 09 delivery then asked me for £5000 deposit.I only put down £1000,anybody had any experience of other dealers are wanting as a deposit?

[Triple7]

if you are ordering a Supercharged Rangie, I can expect them to want a large deposit as they are not big sellers with the TDV8 being out there. But I was asked for a 10% deposit on a car the other day. Yeah, right. £2k is the norm...

G

[900T-R]

If someone were ordering the least economical version of a big, upmarket 4x4 with me, given the current climate I'd bl00dy well want a deposit, too. Could be a long time before I'd be able to shift it if the original customer did a runner...

[flyingjase]

What price did they quote you for the vehicle?

Also are you p/ex'ing your current RR?

[Wacky Racer]

Golden rule with any transaction is leave the LEAST deposit you can get away with, in case things go tits up and there is a problem, dealer goes bust etc, etc........

[900T-R]

Wacky Racer said:

Golden rule with any transaction is leave the LEAST deposit you can get away with, in case things go tits up and there is a problem, dealer goes bust etc, etc........

For the dealer it's the other way round - it's not like customers are immune from going bust, disappearing etc. - so this will always be the subject of give and take unless there's already a long-standing relationship between the two.

Edited by 900T-R on Wednesday 20th May 11:47

[PW985]

One would hope that a reasonable discount has been offered to compensate you for the time your money is at risk.
A £5000 deposit on the basis that 'these cars are in really short supply and you are lucky to get one' is a nonsense as, if they are in short supply, why worry about finding another customer.
£1000 is an adequate declaration of your intent to go through with the purchase and not a sum one would lightly walk away from.

[kVA]

IMO that is taking the p*ss, unless you are ordering some bizarre colour / spec combination that they will never be able to sell to anyone else at anywhere near list price!

Have they reached their stocking loan limit or something?

10MY Supercharged is so awesome that they will have people queuing up to buy a cancelled order vehicle in just about any colour.

[poj]

flyingjase said:

What price did they quote you for the vehicle?

Also are you p/ex'ing your current RR?

Hi mate,never got to the price...as soon as £5000 was mentioned I kind of lost interest.
BTW I will be selling the TDV8 privately.
I think £1000 would be an OK deposit,I was going to order a TDV8 in a fairly neutral colour,very popular to resell if I cancelled I would have guessed.

[CatherineJ]

I'd never give £5,000 as a deposit, in fact come to think of it the most I ever gave was £1,000 on a Porsche.

[Wacky Racer]

900T-R said:

Wacky Racer said:

Golden rule with any transaction is leave the LEAST deposit you can get away with, in case things go tits up and there is a problem, dealer goes bust etc, etc........

For the dealer it's the other way round - it's not like customers are immune from going bust, disappearing etc. - so this will always be the subject of give and take unless there's already a long-standing relationship between the two.

Well I suppose it depends which side of the fence you are on,.... and I was not just referring to car transactions....I'm thinking of the people who got stung when MFI went bang a few months ago, losing deposits on kitchens etc...Why leave £2000 when the dealer is happy with £500?...........

[RobbyJ]

Speak to James at Charles Hurst in Park Royal, they have always been great in my opinion and the opinion of many others.

[Deva Link]

Wacky Racer said:

Golden rule with any transaction is leave the LEAST deposit you can get away with, in case things go tits up and there is a problem, dealer goes bust etc, etc........

...and absolutely always pay it with a credit card. Not only does it cover the deposit, but it also covers the whole value of the transaction, however you pay the balance, which could potentially be useful if you have serious problems with the vehicle.

[PW985]

Is there not a £30k max on the cover for credit card transactions or have I got that wrong?

[Deva Link]

PW985 said:

Is there not a £30k max on the cover for credit card transactions or have I got that wrong?

The limit was abolished in Apr 2008. Same for HP deals - there are no "un-regulated" HP agreements now.

[poj]

Just emailed the dealer,I've offered £1000 deposit or Irishmans stately Home..we'll see what he says.Will keep you posted.Thanks for the help.

[triggersbroom]

Try here

Nothing to do with me, but worth a punt?

HTH

[PW985]

Deva Link said:

PW985 said:

Is there not a £30k max on the cover for credit card transactions or have I got that wrong?

The limit was abolished in Apr 2008. Same for HP deals - there are no "un-regulated" HP agreements now.

Sorry to be a pain but I have been unable to find any information that confirms this change in the £30k limit and all the respected financial websites I have looked at still refer specifically to the £30k limit as per Section 75. Do you have a link to the specific instrument that made this change effective in 2008?

[Deva Link]

PW985 said:

Deva Link said:

PW985 said:

Is there not a £30k max on the cover for credit card transactions or have I got that wrong?

The limit was abolished in Apr 2008. Same for HP deals - there are no "un-regulated" HP agreements now.

Sorry to be a pain but I have been unable to find any information that confirms this change in the £30k limit and all the respected financial websites I have looked at still refer specifically to the £30k limit as per Section 75. Do you have a link to the specific instrument that made this change effective in 2008?

You might be right - Section 75 is part of the Consumer Credit Act 1974.
I was thinking that the CCA 2006 removed all financial limits, which it certainly did for HP deals (limit was £25K) from Apr 2008.
However I'm not at all sure that that also applies to Credit Cards - I don't know why it doesn't but it would be safer to assume that it doesn't without specific confirmation.