Should you leave a deposit?
A deposit is a payment that shows a dealer you intend to purchase a vehicle from them. Do not leave a deposit if you are not 100% sure you will buy the vehicle. If you put down a deposit and do not buy the vehicle, the dealer may be able to keep the entire deposit.
In some cases, a deposit may be to:
- Hold the vehicle for some time
- Bring the vehicle in from another dealer
- Bring the vehicle directly from a manufacturer
- Arrange financing for the vehicle
A deposit should be documented in writing, so ask for a deposit agreement. The agreement should include:
- The amount of the deposit
- Under what terms the deposit is refundable
- Under what terms it will be non-refundable
- If the deposit amount applies to the purchase price
- What date the vehicle will be delivered or available
Be sure you agree with all the terms in the purchase or deposit agreement before you sign. Take a copy with you when you leave the dealer.
For more information on deposits, see the VSA Fact Sheet: Deposits.