Question about backing out of a deal
 

Completely hypothetical, but say after 4-6 weeks of waiting for the FR-S I ordered, I decide I want to buy a different car. I've signed all the paperwork already, bank approval was complete, but the VIN portion was left blank.

Would the transaction be null and void, and the $500 deposit returned? Or would they keep the deposit? Charge a cancellation fee? Etc.

Just wondering (especially since seeing some of you on here waited up to 3 months).

Too easy, go ask for your deposit back.. All that paper work means nothing until the car is there and even then actually you can still walk out and get your deposit because this is a very highly wanted car so someone else will take it


I-Tapatalk

Really, it's that easy? I figured the deposit would be lost at the very least. What is the purpose of the deposit if they can't even keep that if you back out?

the deposit should be fully refundable and with car dealerships nothing is complete until the finance papers have been completed. ie: bank draft is handed to the dealership or finance papers through their finance department have been finalized.

The deposit for the frs was just to get your name on the list, you can get that back at any time before delivery

There is final paper work you have to sign to confirm all the financing and pricing, unless you have signed those (which you haven't , coz car isn't there) you can always get your deposit back


I-Tapatalk

I too am in the same situation. Doing some reasearch the sales agreements usually have a 90 day delivery clause. I know after 90 days you can back out legally. No charges with a full refund. So no you can't lose.

Some dealers will try to also make you find another buyer, pay the deposit etc...but do not let them.

What Rich1 said. But yeah, "up to 3 months" should say "more than three months". Day 95 here... :sigh:

So I guess it wasn't so hypothetical after all. I decided to go with the satin white pearl BRZ sport tech (limited) instead of the FR-S. I figure if I'm going to wait a while I might as well go with what I really wanted. Toyota dealer was very nice in refunding the deposit, just like all of you said. Thanks for the advice!

Lol, some are nice, some aren't. What dealer was it?

-- Also good choice on the BRZ, can't pass the keylessgo/button ignition huh? :P

Yeah I would miss the creature comforts, coming from a GTI, IS, and a G35C. The dealer was Milton Toyota. Very nice guys, will be trading my wife's CR-V in this weekend for a Highlander there because they were so friendly.

Congrats great decision! You will definitely enjoy the extras especially the LEDs and heated seats. Not to mention the keyless entry and push button start. Now you have me tempted!

Good on your dealer Milton Toyota for being honest too. :clap: