Quote:
Originally Posted by fredzy
I recall doing some homework before I put a deposit down to find which documents I should try to get the dealer to sign to lock in a price. My takeaway was there's no standard, formal option  you just have to hope you get a good guy dealer?
Anyhow I just re-researched a bit how I came to that conclusion. The first legally binding document that would come into play normally is a buyers order sheet. This is usually worked up very close to sale if not day-of. It basically wouldn't be possible (or wise for buyer) to do more than a few weeks out from sale, aside from locking in a good price on the car itself. It locks in every other variable in the sale too.
Short of drafting up some sort of weird contract yourself (which I would balk at if I was a dealer) I don't think there are any common legally binding options for a buyer until much later. I welcome any specific examples otherwise. And I really wish I posted this in the waitlist thread!!! I'm going to at least link to here in that thread. |
When I ordered the Hakone there was a sheet that was indeed a binding contract. Was probably the order sheet you mentioned but I didn't really pay much attention beyond knowing it was binding. The dealer wasn't even sure that they could get one for me at that point but wanted a $1,000 non refundable deposit. We both signed off on an actual contract that said if they got me one I had to take it or forfeit the deposit. In turn they had to lock in the price. I didn't have a trade in since I was selling the FRS privately so that didn't come into the mix at all. It did have a 6 month deadline though where if they could not get me one then I got my deposit back and the agreement was void.
Same thing with Subaru when my wife ordered her Ascent. The agreement was almost identical except that since she had a trade in then the value of it was locked in up to 10,000 more kilometers. Since it took 6 months to get it we ended up taking delivery with less than 100 kilometers left on the deal! The only thing they would not lock in was interest rates but that was really beyond their control.
Now, this all may be a difference in Canadian vs USA law or some dealers just won't do it anyway so may not be applicable to everybody.