Interest on our down payments?

[FindingYOUphoria]

So you didn’t have to put down anything to order?

I put zero dollars down on my order. Other dealers in the area ranged, zero, 500 and 1000 but it was all determined by the dealer. 2 dealers in my area had zero deposit required.

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[spexmaverick]

The deposit requirements vary from state to state and perhaps dealer to dealer. In my case, I put $100 for the reservation, I don’t think it was even called a “deposit “. It was refunded to me after my Maverick delivery.

I have a second reservation for a Hybrid XLT and I wasn’t required to put a deposit at all on that one.

Yes, the deposit goes to the dealer, not Ford corporate. And like someone said, interest is what, 1% these days? I don’t see the Maverick deposits as an income producing part of the equation.

 

[TCK]

Nothing down here either- of course here is a picture of my truck-

 

[tonyinsd]

I don't think Ford forbids dealers from requiring a deposit on orders. (Orders, not reservations.)

So if a dealer tells you "We require a deposit" is it really a lie? A lot of dealers want deposits so they don't end up putting in orders for people who aren't really serious.

As it turns out, getting orders from people who weren't serious could have been a real money maker for dealers. Every person who backed out is a truck they can sell for a nice markup.

 

[DryHeat]

As it turns out, getting orders from people who weren't serious could have been a real money maker for dealers. Every person who backed out is a truck they can sell for a nice markup.

That's absolutely true. It seems like every day or so someone has a story on here where it looks like their dealer is trying to get them to back out of their order.

But... that wasn't so obvious in June 2021. It took a while for people to figure out that you could flip a Maverick and make a few thousand bucks. (As I've said before, if I had known that I would have ordered three.) Early on I think dealers were doing what they usually do... trying to weed out the non-serious.

Anyway, my point was really that dealers have the right to require deposits. Ford doesn't forbid it. And I expect that if the market becomes more normal in the next year or so we will see dealers once again asking for deposits.

 

[RicksMaverick]

This is probably a stupid question but is ford applying any interest to our payments that they are holding?

I am going on 6 months at this point since I placed my order. In that time I am sure that ford has made a pretty tidy amount of interest having all of our payments sitting in the bank for them.

you figure roughly 10,000 orders with $500 down and that’s $5,000,000. Now I am no math wizard and I am just guessing at the amount of orders and amount that was put down. But at just 2% interest they are making $100,000 a year on our money.

they pulled this with the bronco saw that they could have extra cash on the books and now are pulling it on the maverick and I am guess next will be the lightning pickup.

maybe it’s time to consult one of those class action lawyers.

Your money was in the dealers account, not FORD!

 

[JEMiculka]

No, your dealership required a down payment, Ford Corporate did not require a down payment

My dealership didn’t require a down payment

 

[Old Ranchero]

The deposit requirements vary from state to state and perhaps dealer to dealer. In my case, I put $100 for the reservation, I don’t think it was even called a “deposit “. It was refunded to me after my Maverick delivery.

I have a second reservation for a Hybrid XLT and I wasn’t required to put a deposit at all on that one.

Yes, the deposit goes to the dealer, not Ford corporate. And like someone said, interest is what, 1% these days? I don’t see the Maverick deposits as an income producing part of the equation.

I'd love to have 1% interest on my accounts. All banks around here only pay .05% and we don't have Credit Unions here.

 

[rtkegger]

It is my understanding that for a contract to be valid, "consideration" must be given on both sides. The dealer is giving you the opportunity to by a truck and you are giving them a deposit. I think that gives the buyer slightly better leverage in making the dealer sell you the truck when it shows up. Not a lawer, just my understanding.

 

[jtpc2021]

This is probably a stupid question but is ford applying any interest to our payments that they are holding?

I am going on 6 months at this point since I placed my order. In that time I am sure that ford has made a pretty tidy amount of interest having all of our payments sitting in the bank for them.

you figure roughly 10,000 orders with $500 down and that’s $5,000,000. Now I am no math wizard and I am just guessing at the amount of orders and amount that was put down. But at just 2% interest they are making $100,000 a year on our money.

they pulled this with the bronco saw that they could have extra cash on the books and now are pulling it on the maverick and I am guess next will be the lightning pickup.

maybe it’s time to consult one of those class action lawyers.

I only put $250 down and it went to the dealer, not Ford.
Pretty sure the dealer just held onto it and applied it to the purchase when the truck came in.
Doubt they put it in some investment to make interest off of. If you haven’t noticed, interest yields have been low. They’d have to put it in higher risk investments to make any money off of $250.
But I guess you can ask the dealer for your refund back, but doing so will probably give up your rights to the truck. (and don’t expect interest gains with it)

 

[Asaleigh]

Ordered mine online 0$ down.

 

[cavemold]

i got 0.9% interest. 4.3k on my fusion . Final cost out the door 26k i put down 13k. Monthly 252. 36 months

 

[RR - All the way]

The dealer I ordered with required a 1K deposit. I do not mind because as a result I have a locked in sales agreement signed by the sales manager. Deposit goes to total payment.

 

[Bob_Snow]

I found my dealer's down payment form.

It's actually called "Partial Payment and Order Confirmation". They required $1,000 for Bronco & Lightning orders and $500 for a Maverick.

Here is the text on the page:
"I understand that I am ordering a limited production vehicle that will be built according to the specification I approved, subjected to allocation and vehicle option availability. Final delivery date is scheduled by Ford Motor Co and may change at any time. Also the partial payments are final and non-refundable."

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