Can the Dealership Keep My Deposit?

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there should be a condition upon financing for the deposit...don't let them come back and say you didn't qualify for the 1.9%, but you did for the 3.9% and therefore keep your deposit if you don't accept, had this happen to a friend, it's a whole other bait and switch tactic...i'm not sure if there is a clause for reasonable insurance...for instance, you get the financing but the insurance for the bike is through the roof, you need to check all that beforehand, but i guess that is a little late for now. good luck...
 
I put a deposit (only 100$) down at a ford dealership years ago. After going home and thinking about it and the payments, I realized I couldn't afford it. So I went back to the dealership the next day and apologized about having to cancel the deal. They refunded it without me even asking.

Now I NEVER give them a deposit. They have to sell a car to stay in business, you don't have to buy a car. The only scenario that I would leave a deposit would be if I was leaving after making the deal to go the bank.
 
I guess it all depends on who your dealing with....

Put a deposit of 500 bucks on each bike (Ninja250) me and my older son were going to get, this was at the motorcycle show in January ? Personal issues at home have caused a problem and we had to cancel the deal we struck, called the fine folks at Snow City Cycle, and by next morning my Visa was credited the full amount of our deposits. No fuss, no muss, no hassle, the only thing we heard from them was, sorry to hear you cannot get the bikes, perhaps when/if your situation is more favorable and your ready to get bikes, please come back to us, we will be glad to work with you on a new deal...

Now that is looking out for the customer.....
 
GateKeeper said:
I guess it all depends on who your dealing with....

Put a deposit of 500 bucks on each bike (Ninja250) me and my older son were going to get, this was at the motorcycle show in January ? Personal issues at home have caused a problem and we had to cancel the deal we struck, called the fine folks at Snow City Cycle, and by next morning my Visa was credited the full amount of our deposits. No fuss, no muss, no hassle, the only thing we heard from them was, sorry to hear you cannot get the bikes, perhaps when/if your situation is more favorable and your ready to get bikes, please come back to us, we will be glad to work with you on a new deal...

Now that is looking out for the customer.....
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Now if only all dealerships were like that
 
I was only worried that they may keep it if I was denied. In case your wondering, the dealership was Ready Honda in Mississauga. I was denied for any type of financing at all, I guess I just really don't have near enough credit built up yet. They seemed nice enough to me and said they'd contact me tomorrow for a full refund of my deposit, which is relieving. I'll have to try and find another way to fund the bike.
 
ADL said:
I was only worried that they may keep it if I was denied. In case your wondering, the dealership was Ready Honda in Mississauga. I was denied for any type of financing at all, I guess I just really don't have near enough credit built up yet. They seemed nice enough to me and said they'd contact me tomorrow for a full refund of my deposit, which is relieving. I'll have to try and find another way to fund the bike.
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Maybe try bank line of credit?
 
Joe250 said:
Maybe try bank line of credit?
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yeah go to the place where you have your banking, sit down with an account manager (need an appt probably) and try and see if something can be done.
 
toysareforboys said:
Brampton powersports? lol.


And make sure they don't charge you more than $15 for gas, if they won't reduce it to $15 tell them take it off the invoice and when they are ready for PDI you'll bring them a gas can. Worked for me, got it reduced from $30 to $12 :)






-Jamie M.
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Ummmm, you fought the gas charge but allowed for the $11.68 Federal Air Conditioner Tax to to be charged :sign3:....... did you get the A/C switch as an upgrade on the bike :lmao:

Sorry couldn't resist that one.
 
Kedo said:
Ummmm, you fought the gas charge but allowed for the $11.68 Federal Air Conditioner Tax to to be charged :sign3:....... did you get the A/C switch as an upgrade on the bike :lmao:

Sorry couldn't resist that one.
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$11.68 was the fuel ;)

-Jamie M.
 
when I bought my 250, the dealer had to order it. He asked for a deposit, which i was prepared to give him, but his credit card terminal wasn't working so he just went ahead and ordered the bike. He told me that if I'd bailed on the deal, he'd have sold it within a couple weeks anyway, so it wasn't a big deal.
 
or just put it on your credit card, it's cheaper than the terms they were offering you.

LePhillou said:
yeah go to the place where you have your banking, sit down with an account manager (need an appt probably) and try and see if something can be done.
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toysareforboys said:
Brampton powersports? lol.

Be careful with the financing, if you don't agree to the "loan protection" they'll come back and insist that Honda told them they won't finance you unless you sign up for the $30/month life insurance! I called Honda directly, they have no such clause on their financing!!!

And make sure they don't charge you more than $15 for gas, if they won't reduce it to $15 tell them take it off the invoice and when they are ready for PDI you'll bring them a gas can. Worked for me, got it reduced from $30 to $12 :)

cbr250_promo.jpg


-Jamie M.
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Wow, that's an amazing price you got on the bike. When I was looking at CBR250s the price was easily $1500 higher on the best deal. Mind you I was looking at the one with ABS, but still comes to a $1000 difference.

I want to get a CBR600RRA next. Can you recommend a dealership?? ;)
 
eljay said:
or just put it on your credit card, it's cheaper than the terms they were offering you.
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well if he doesnt get approved for a loan with a bike supporting the loan...increasing his cred card miiiight not be an option.
but yeah with the bank he might not get the best rate either if he cant be approved for loans through dealership... not an easy situation he's in
 
LePhillou said:
well if he doesnt get approved for a loan with a bike supporting the loan...increasing his cred card miiiight not be an option.
but yeah with the bank he might not get the best rate either if he cant be approved for loans through dealership... not an easy situation he's in
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Dealer approved financing is generally not very difficult to qualify for. Also, the bike he is looking at is near the lower end of the price spectrum. If his situation is such that he doesn't qualify for dealer financing on this low(ish) priced bike, I have to wonder whether purchasing a motorcycle at all is a wise decision for the OP. After acquiring a bike, there's the additional cost of insurance (definitely not cheap), plus maintenance costs (1k service comes up pretty quick), plus gear. It's not exactly a cheap hobby, even after the bike is paid for.
 
ADL said:
I was only worried that they may keep it if I was denied. In case your wondering, the dealership was Ready Honda in Mississauga. I was denied for any type of financing at all, I guess I just really don't have near enough credit built up yet. They seemed nice enough to me and said they'd contact me tomorrow for a full refund of my deposit, which is relieving. I'll have to try and find another way to fund the bike.
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Sorry you couldn`t get the bike ADL and glad everything worked out with the deposit, this was pretty much what I expected.

To the rest in this thread: People need to stop assuming everyone is out to get them. Yes there are some crooked dealers out there.. and if one does try and screw you then make a fuss, plaster their name all over the interwebs, hell you can stand outfront with a picket sign if you want.. but until they screw you, give them the benefit of the doubt.. most are good people.


ADL, why not just save your pennies and buy a used bike on Kijij? Im sure their is something out there for $1000-1500. It may not be your dream bike, but it will get you ridding.
 
I'm not sure how I'd go about buying a used bike. People say to take it to a mechanic to look at before you buy but I'm not sure how I'd do that if its my first bike. Also getting the safety certification to transfer ownership and the UVIP package to make sure its not stolen or hasn't been in any crashes, it all seems a little intimidating for my first bike purchase. How do you take it to a mechanic to get it safety certified if you cant even get ownership transferred and insurance to take it there? I don't have a truck to move it and it'd cost quite a bit to have it towed both ways.

Buying from a dealership just seems a lot more hassle free and easier, especially for someone inexperienced like myself.
 
ADL said:
I'm not sure how I'd go about buying a used bike. People say to take it to a mechanic to look at before you buy but I'm not sure how I'd do that if its my first bike. Also getting the safety certification to transfer ownership and the UVIP package to make sure its not stolen or hasn't been in any crashes, it all seems a little intimidating for my first bike purchase. How do you take it to a mechanic to get it safety certified if you cant even get ownership transferred and insurance to take it there? I don't have a truck to move it and it'd cost quite a bit to have it towed both ways.

Buying from a dealership just seems a lot more hassle free and easier, especially for someone inexperienced like myself.
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Some mechanics will charge slightly more and will go to the site to inspect it :)
Solves a lot of problems for many people.

Basically, all the effort you put in checking out the bike vs the money for buying at dealership might make the difference between being able to get one or not!

Im sure you have more time than you have money hehe
 
ADL said:
I'm not sure how I'd go about buying a used bike. People say to take it to a mechanic to look at before you buy but I'm not sure how I'd do that if its my first bike. Also getting the safety certification to transfer ownership and the UVIP package to make sure its not stolen or hasn't been in any crashes, it all seems a little intimidating for my first bike purchase. How do you take it to a mechanic to get it safety certified if you cant even get ownership transferred and insurance to take it there? I don't have a truck to move it and it'd cost quite a bit to have it towed both ways.

Buying from a dealership just seems a lot more hassle free and easier, especially for someone inexperienced like myself.
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Find something you like on kijiji.. post a link to the ad up on this forum for opinions.. post up the general location where you are going to look at it (not the sellers exact address!) and someone from this forum who is near by will be hapy to go look at it with you.. give you their opinion and test ride it if applicable (not all sellers will let it be test ridden and with good reason). Then assuming you choose to buy they will likely be happy to ride it back to your mechanic for you where you can have it certified and learn to ride it at your lesiure.
 
just_luc said:
Find something you like on kijiji.. post a link to the ad up on this forum for opinions.. post up the general location where you are going to look at it (not the sellers exact address!) and someone from this forum who is near by will be hapy to go look at it with you.. give you their opinion and test ride it if applicable (not all sellers will let it be test ridden and with good reason). Then assuming you choose to buy they will likely be happy to ride it back to your mechanic for you where you can have it certified and learn to ride it at your lesiure.
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ah okay, thanks for the help Luc.

Do you think buying a used rider training institute motorcycle would be a good idea? Or could they have a lot of problems? because something like this http://toronto.kijiji.ca/c-cars-veh...e-Rider-Training-Institute-W0QQAdIdZ378138948 I could buy without having to get a loan at all. If it worked well then I could save a ton of money taking that route on my first bike.
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