If I put an order for an '07 IS 350, is the required deposit non-refundable if I decide to change my mind or anything about the car?

 

i believe its refundable until you actually sign the papers upon delivery

 

It is fully refundable even after it has arrived at the dealership, up until you actually sign the paperwork for it (title/registration/finance stuff).

 

I don't get what the point is of asking a customer for a deposit if they can just get it back, or they can use it towards their downpayment when the car arrives.

 

same thing as telling your boss you have all the ideas for a project "in your head" instead of writing/sending a rough draft

I assume the sales people can show their boss that this is a possible deal instead of some random person that is just looking. Plus its actually money in the dealers bank for the numbers that day. And finally if I person puts down a deposit they are probably more likely to buy the car than some random person thats says they will but wont put down any $$$....

 

i had to put a 500 dollar deposit down.... and was credited back to me when i signed the papers

 

Of course, the obvious reason they do it is to show commitment. If they didn't do that then they would be ordering cars left and right by all the jerk offs that can't afford it and are dreaming.

 

they can also earn free interest on your deposit money.

my cousin special ordered a bimmer the same day i bought my is and they required him to put down a non-refundable deposit. he wished he could get his deposit back after checking out my is...

 

depends on the dealership, depends on the state. get something in writing if you're concerned.

 

don't fool yourself, not all deposits are refundable. if you put down a deposit on a vehicle and that vehicle is customized or specialized per your request (and I'm not talking simply ordered or built per your specs) and they are unable to sell the car to anyone else because the leather seats have your name stitched into the headrest along with those Tv monitors, you won't be getting all of your deposit back. Otherwise, yes for the most part, deposits are refundable at Lexus dealerships. Other [lesser] car dealerships, don't count on it.

 

Check with the state, there are laws specifically regarding this. If they can sell the car to someone else, I'm not sure why they wouldn't give you the deposit back if you insisted. I'm pretty sure a court would.

 

Sorry for the multiple posts but I think people also need to understand that it works both way. If you put down a deposit on a car and you can get it back whenever you want and the dealership cannot hold you to the purchase of that car with only a deposit from you, then you cannot hold the dealership to the sale of that car only to you even if you have a deposit on it. Technically and legally. Again, Lexus is probably pretty good with their customers but....if you have a $500 deposit on a nice vehicle and that car arrives and you are out of town and won't be back until next week and I see that car on the showroom floor and I offer cash sticker msrp for the car, what would stop the dealer from selling me that car and either giving you your deposit back or moving your deposit to [another] car? Legally nothing.

 

Not returning a deposit is also called stealing. The only way the dealer could get away with this is if you signed a document essentially giving your money away if certain circumstances come to pass. Don't do that, and you'll be fine.

 

Yes dude. It's refundable. I put $1000 down for a special order and then found the IS350 that I wanted at another dealer (available in lot), so the first Lexus dealer credited me back.

 

Cool, that's exactly what my concern was about.