For those that have ordered a car, anyone know what happens if you decide not to take delivery? BMW is telling me I need to sign a Purchase Agreement and do a $2,500 non refundable deposit. Haven’t looked at the agreement since it was just a conversation, so not sure of the language.

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Definitely read the fine print carefully. A friend of mine signed one of those to get a social media company. Finds out like 5% of the users are bots! Tries to get out of it and all kinds of legal trouble

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I imagine if you’re ordering some weird spec they might force you to do non refundable

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I just ordered a BMW. You lose the deposit if the factory begins the build and you back out. It’s refundable anytime before the build starts.

They pull your credit at the time of the deposit and lock in the rate for 90 days (my dealer waited until the end of the month to submit it so it’s locked for 120 days). You agree on the price and terms before you put the deposit down.

Also, make sure they have an allocation. I got a build# and VIN before I put the money down.

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That’s a long time. I ordered an M3 in 2018, waited about 6 mo. Was last of the F80s. In the process, about 2 mo in I was told they would no longer be making it in the color combo I wanted (Azurite / Shakir) so I switched to black. They did have an allocation but not a VIN until around 3-4mo before it arrived. I only made a $500 deposit and it was refundable, no contract just a CC charge. Payment was not dealt with until the week arrived to pick it up at the dealer.

Good luck, you are going to love the car. I have driven the new ones, very nice.

If it makes you feel better I just did $5000 non refundable deposit on a car. And it’s from a startup.

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😉

If it's a nonrefundable deposit, typically you're out that amount if you refuse delivery, barring exclusions for things such as material defects/omissions, stuff like that.

It'll be laid out in the deposit document.

Depends on the dealership, if they got a buyer lined up who will take it off their hands at same price and they are nice then they may reimburse you the $2.5k - but be prepared to just loose it.

I assumed I’d be out $2,500 but wasn’t sure if there was anything else I could be on the hook for. Is that when they determine MF on lease terms or financing interest rate as well, or does that float?

Most will generally lock programs for a certain period of time when ordering, assuming you completed a credit application.

It’s typical for higher end vehicles.

We bought a 911 and a Defender during COVID. In both cases we gave them a non refundable deposit but if we didn't want the car once delivered we could walk away just fine

It really depends on the dealer. If there is only one in your area, you’re basically stuck with it. If you’re willing to travel, there are deals to be had. E.g. ordered an x5 from a non-local dealer that had a better deal and will be picking it up at the performance center (no deposit).

My Mercedes deposit was refundable so I could walk away if I didn’t like it. Dealer wasn’t having trouble moving cars so no reason to keep it

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