Interest on our down payments?

[bgn]

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.

That's true, but what I've noticed is that a lot of dealers obfuscate information from the orderer in order to make their policies seem like Ford policies.

And regarding your second point, I'd personally think they'd want the original orderer to not buy these vehicles so they can sell them for thousands over MSRP. But maybe there's something I'm not foreseeing.

These are cheap vehicles, not custom Ferraris after all.

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[DryHeat]

And regarding your second point, I'd personally think they'd want the original orderer to not buy these vehicles so they can sell them for thousands over MSRP. But maybe there's something I'm not foreseeing

That's true right now, with some models. But that's not the normal case. I was taking generally about why dealers want deposits.

Last summer, when I ordered my truck, the dealers I talked to didn't know that they would be able to get huge ADM on mavericks later. Neither did I. If I had known I would have ordered three or four.

 

[vezpa]

The dealer took your down payment like they took mine. I had to put $1k down to order it for $500 under MSRP and I was completely fine with that for the 108 days it took to get my truck.

 

[Jakb]

The dealer took your down payment like they took mine. I had to put $1k down to order it for $500 under MSRP and I was completely fine with that for the 108 days it took to get my truck.

I don't think I've heard of any dealer who is doing pre-down payments. A deposit is a piece of money you put down to place an order or reservatuon. You may be able to convert that deposit to a down payment but till the truck shows up, it's still just a deposit.
Deposit != Down Payment.


Ford corporate doesn't require a deposit or pre-down payment. You aren't buying a truck from Ford, your buying one from a dealer who is buying one from Ford specifically to sell to you.

Each individual dealer decides their own policies based on their business model and risk tolerance. Some do no deposit, some do refundable and others do no refundable. This decision is entirely up to each dealer.

 

[bgn]

That's true right now, with some models. But that's not the normal case. I was taking generally about why dealers want deposits.

Last summer, when I ordered my truck, the dealers I talked to didn't know that they would be able to get huge ADM on mavericks later. Neither did I. If I had known I would have ordered three or four.

Sure, but the Maverick at the end of the day only has three trims and a few packages. These are not Ferraris whose seats are custom ordered to fit my ass and painted light pink. I don't see how any dealer would think they'd have trouble moving these custom orders, especially at 20k starting.

Dunno. I got everything from $1000 nonrefundable to $0. Both were from large dealerships. Only one got my business.

Right there with ya on ordering a few if I knew I could flip them. But with over 10% sales tax in Washington state, that'd be a hell of a gamble.

 

[Brian_J]

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

I ordered mine no money down, no obligation.

any required down payment to order the vehicle was a requirement from your dealer, not ford.

 

[Rob Cactus Gray]

Based on your $500 down, 2 percent savings rate, and 9 months average wait time. You will receive your check for $7.65 In 7-10 business days after receipt of your truck. This includes compounded interest of 0.15 cents. If you do not receive the check please hang up and dial your operator. Good by!

The above comment was probably mean. OP, Ford is giving us FITS! They’re also giving people with fits $100 merchandise gift cards (I got one). Ford isn’t even benefiting from the money. Dealers might just be sitting on it, gambling it, or bought a few gum balls.

how much is the money saving you? When you put the $500 down you locked into lower interest rates and the vehicle current price (in theory).

 

[Redneck Garage]

I believe I remember reading a few states had some issue with the DL / signature thing for order verification so the 100.00 was the alternative - California maybe ?

 

[JennyJoannSuebeeMcNash]

No deposit required at GYF, even though they originally wanted a $1000 deposit. I stepped outside for a moment after being told that, then went back inside only to be told the deposit was waived. Gave DL info, signed the DORA and that was the end of that discussion. Truck is now sitting in CSX yard in Jacksonville, about 100+ miles from my house. I could get a call tomorrow saying my truck is ready, or I may have to wait another month. Transport trucks and drivers are scarce these days.

 

[TSAINTS1115]

1) Now I am no math wizard

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

You should have stopped at 1. You definitely should have stopped at 2.

 

[CoryDallas8123]

OP, whatever you do don’t read up on big banks and how they use your money you’ve got stashed with them in a savings account.

 

[Gr8Mustang]

The deal you made was with your local dealer.

So lets talk about this STUPID class action suit idea. How many members are there in that class? Since this is specific to your dealer how many confirmed maverick orders with down payment do you think are involved? Now how many of those would be party to the suit?

See where I am going with this?

Now what reputable lawyer would take this can for a potential payment of maybe 30% of total settlement?

Put your head on straight and wait for your Maverick.

 

[pa-outdoorsman]

On a $500 account you make nothing. But on much larger amounts you make a decent amount of interest. Why do you think companies don’t refund you right away? You think they can’t. No they hold it on their books to get the interest off of it. 1 day of interest on massive sums of money is worth a lot more then you think.

Yeah, sure, if I had $2 million in an investment account I could put it in dividend stocks and generate $140,000 a year in passive income. But that's a 7% return and you are NOT going to come close to that at any bank. There ain't a CD or money market account anywhere paying even a fraction of that.

But while this is an interesting financial discussion I still don't understand what this had to do with my lousy $500 deposit. Let's say my dealer has 40 Maverick orders on the books. You think they are getting rich off the $20,000 in deposits they took in? That's less than the cost of ONE vehicle on the lot.

 

[Cosmo Kramer]

Try ordering a new Porsche. I had to put 5k down just to be on the waiting list for a 718 Spyder with no guarantee of an order. $500 is nothing.

 

[bombast]

On a $500 account you make nothing. But on much larger amounts you make a decent amount of interest. Why do you think companies don’t refund you right away? You think they can’t. No they hold it on their books to get the interest off of it. 1 day of interest on massive sums of money is worth a lot more then you think.

And your portion of the big interest pie from the 500 dollar down payment would still round to zilch.

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