Interest on our down payments?

[jbpoole]

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.

Look, we're all friends here, right? If the OP will post his name and address, we can all contribute to his legal fund. I pledge the first $1.00. When he wins the class action lawsuit, we all will be raking in the cash. Why didn't somebody think of this sooner?

BTW, the term "reputable lawyer" is mutually exclusive. Sort of like "honest car salesman."

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[Chris_G]

Look, we're all friends here, right? If the OP will post his name and address, we can all contribute to his legal fund. I pledge the first $1.00. When he wins the class action lawsuit, we all will be raking in the cash. Why didn't somebody think of this sooner?

BTW, the term "reputable attorney" is mutually exclusive. Sort of like "honest car salesman."

I'm in for a dollar!

 

[jbpoole]

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.

Jenny is referring to Gary Yeomans Ford - Daytona Beach, home of the infamous "damaged in transit" Maverick.

 

[DryHeat]

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.

I'm not sure what difference the name makes. I doubt if it makes any difference at all. What matters is what the paperwork says about the "deposit/down payment."

My dealer said he wanted a small "deposit" when I ordered in June. When he wrote up the buyer's order (that same day) he listed the amount of the deposit on the buyer's order form as a "down payment." But then we wrote "refundable if buyer doesn't like truck" on the form and initialed it.

So... Was that a refundable deposit? Or a refundable down payment? Does it matter?

 

[Naranjita]

I'm not sure what difference the name makes. I doubt if it makes any difference at all. What matters is what the paperwork says about the "deposit/down payment."

My dealer said he wanted a small "deposit" when I ordered in June. When he wrote up the buyer's order (that same day) he listed the amount of the deposit on the buyer's order form as a "down payment." But then we wrote "refundable if buyer doesn't like truck" on the form and initialed it.

So... Was that a refundable deposit? Or a refundable down payment? Does it matter?

I interpreted his comment that he means the same as you. No matter what you call it, the result is the same. I believe he is essentially saying the same as you. Ultimately that it does not matter.

 

[DryHeat]

I interpreted his comment that he means the same as you. No matter what you call it, the result is the same. I believe he is essentially saying the same as you. Ultimately that it does not matter.

I believe @Jakb's main point was that there is a significant difference. He said, "Deposit != Down Payment," not "Deposit != Down Payment but the difference doesn't matter." (For the non-programmers among us, "!=" means "not equal"). His other point was that dealers don't do "pre-down payments." I think he meant that dealers don't take down payments at the time of the order.

I responded just to show that some dealers treat these two terms interchangeably and do take down payments at the time of the order. Mine did -- says so on the paperwork.

Dealer paperwork can also refer to yet another term, a "non-refundable order fee [that will be] applied as a down payment at date of delivery." So, like I said, it really depends on what the paperwork says about the fee/deposit/down payment. You have to read it, not rely on the label.

 

[Naranjita]

 

[RONR11]

Mines on order no down payment

 

[JennyJoannSuebeeMcNash]

Jenny is referring to Gary Yeomans Ford - Daytona Beach, home of the infamous "damaged in transit" Maverick.

 

[DesertSweat]

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.

Or maybe they used all that deposit money on Gamestonk puts recently and have lost billions. But you didn't think of that, did you?

 

[413 Maverick]

I'm not sure why anyone is laughing at the op. He absolutely is eligible to be paid interest on his deposit.




If they dont pay it automatically, all he has to do is bring his signed contract to the dealer showing the interest and payment terms he and the dealer agreed to upon making the deposit. Its pretty simple really.

 

[jbpoole]

The OP mentioned $500 as a deposit amount. At an annual interest rate of 3.30% , that amounts to $16.50 per year. Divide that by 12 months and your losing $1.38 per month in interest.

I don't claim to be a math wiz, so please let me know if I didn't calculate this correctly.

So, it costs $1.38 per month to wait in line for the hottest selling $20,000-$30,000 truck in America.

Yeah, it's deal breaker for me.

 

[TSAINTS1115]

When does that asteroid get here?

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