What you should know about putting money down or a deposit on a car purchase. Purchasing a vehicle these days has become such a pain. Buyers want to browse and continue to shop around but do not want to get serious about a vehicle but also don’t want the seller to sell the vehicle. At the same time the seller wants people to be interested and purchase the vehicle however not be too pushy as it will scare off the buyer. This is where deposits or money down comes in handy.
I recently interviewed and picked the brain of Bryan Brody from Brody & Cornwell. Mr. Brody is one of the top consumer law attorney’s in Missouri regarding lemon law, misrepresentation, dealer fraud and credit fraud. Mr. Brody had a few very helpful pointers that car buyers should definitely pay attention to! His main quote was this “A down payment may not mean as much to a consumer as they actually think”. He also says “the better, and safer practice is to make an agreement with the dealer in writing”. Mr. Brody also plainly states that only make a deposit on a car you are certain you want to purchase.
Let’s face it. Salespeople are all about the $$$ even if it is just a couple hundred bucks. If they think they can wiggle out of refunding your deposit they will try and do it. Never take a verbal gentlemen’s agreement or handshake contract if anyone tells you a deposit is refundable. Mr. Brody stated that in Missouri, a down payment or deposit is not binding unless it is in a written form of agreement with signatures. Always be sure to get it in writing what you are putting down and that it is refundable. This goes for private sellers as well, not just dealerships. Protect your money down… Protect yourself.
Car sales people are highly trained, drilled and almost brainwashed in how to get you to purchase a vehicle. Even worst, some of them are trained at how to get you to pay even more than what they actually are asking. Check out this video from Kevin Hunter on dealership sales tactics and be sure to stand up for yourself!
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I've had my hands dirty in everything from mowers to cars to big trucks most of my life. My first project was an old Snapper mower my grandpa had been fiddling with before he passed away a few years before I was born. I would pretend it was a stock car, run it down a hill and push it back up. I come from a long line of car guys, including my father and his brothers. I have over 25 years of experience in automotive, truck and HD equipment, 6 of which were in the U.S Army as a mechanic. My wife and I have 5 children, 5 grandchildren and two dogs and 4 cats. We enjoy camping, dirt track races, time on the water in our boat. We call home a lake-side community about 60 minutes east of St Louis, Missouri. I welcome you to look me up on social media and connect with me anytime!
