$500 Additional Required Ford deposit - Coming at order time!

[bronc_rwc]

They most defiantly will. But in all fairness I don't recall any company not raising their prices on their next year vehicles. Usually it's around $300-$500 but hopefully we'll get more options or color choices.

And there lies the problem with a higher non-refundable deposit.

High refundable deposit - mildly annoying but whatever, not a big deal as if prices get jacked up massively I can just walk

Non-refundable higher deposit when I'm highly likely to get allocated a MY22 for which we don't have pricing - dealbreaker for me at least

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[Used2jeep]

2 or 3 of the "more accessible" dealer reps here have committed to "fully refundable" deposits. I'm not going to name names though.

 

[RBF 1401]

Not trying to preach but.... if anyone is hurting to put $500-1k down on a vehicle that starts bare bones north of $30k, they should probably reconsider their purchasing timeline. A 30K loan at 2.2% is more than $500 per month for 60 months.

500-1000 is a reasonable deposit seeing how volatile and potentially far out delivery dates can be with the Bronco. Anymore I feel is too much of a free loan to dealers.

Yes, you are either:
1.) Trying to preach, or...
2.) Completely clueless as to the extreme diversity of personal finances among forum members.

Some people don't do a down payment other than their trade in, some people only lease vehicles (and often zero down), some people have large car payments right now that go away after they trade up, some people are temporarily out of work due to the pandemic, some people get good interest rates on every last penny of their cash, some people will have to finance the extra deposit at higher interest rates than an automobile loan, and some people have a problem with letting someone else earn interest on their money.

Case and point:
The majority of the adults I know prefer to pay way too much federal income tax during the year and get a giant refund in April. Financially this makes zero sense and yet tons of people insist on doing it that way.

Ford isn't asking for much and it would sound like a reasonable "good faith" deposit for the MY21s that will actually start getting VINs and being built. But it sounds like a lot of money to just let someone else get interest, especially if it's for a car that won't even start being built for a year after we order.

The fair thing for Ford and the dealers to do would be to not ask for the good faith deposit until it's time to get a VIN and start building.

 

[Toccoa]

And there lies the problem with a higher non-refundable deposit.

High refundable deposit - mildly annoying but whatever, not a big deal as if prices get jacked up massively I can just walk

Non-refundable higher deposit when I'm highly likely to get allocated a MY22 for which we don't have pricing - dealbreaker for me at least

I doubt pricing will change much for MY22. It’s most likely just a continuation of MY21 with all the delayed stuff finally available. That said, I couldn’t see it change more than $700 if it did change.

 

[Garbone]

I get to pay an additional $500 to get the privilege of seeing what a Bronco 4 door looks like in six or seven months. Oh joy..... I have cash in hand to pay for the vehicle I will order but even with an extra $500 deposit I have to say sorry, I in no way feel that I need to drive the rig off the lot.

It would be different if before order day Ford went out of its way to make most or even some of its customers physically got to see the Model they are ordering. Even for a few hours at one dealership 50 miles away, My one chance so far was driving 90 minutes, paying $50 and looking at a 2 door 10 feet behind a rope.

 

[Bronco88]

It has already been made clear that any additional deposit is to be determined by the dealer. Ford is not going to be requiring any additional deposit.

Yes but Ford doesn't sell you the vehicle, a dealer does and in turn they need to cover themselves. Makes complete sense.

 

[linbackr99]

Just had a long conversation with someone in the know about reservations, orders, etc. We got to discussing dealer penalties if a customer doesn't take delivery of their ordered Bronco. Rumor has it that to remedy this problem and weed out the non-serious buyers among us, Ford will require an additional refundable deposit of $500 to create our Bronco orders.

This makes sense to me and I've been surprised so far that we only need $100 for a reservation. I'm glad to put another $500 down and would be so even if it was non-refundable.

What do you guys think? Is it true? Will you care if it is true?

Umm . . . I don't mind anything - within reason (1000.00-ish) - but it has to be refundable. I would not even do the 100.00 without it being refundable . . . what happens if the Bronco shows up and it is not what you thought you were getting . . . or your dealer is looking to screw you in a major way on a trade in . . . ? I have zero issues with security deposits - but it 100% has got to be refundable (in my opinion).

 

[Gloff]

Exactly right. I'm fine with a higher deposit but unless the dealer commits to price at the time of the deposit, it needs to be refundable.

I think they do. In the latest Q&A, he stated at order conversion time we should be locking in our price with our dealers.

A reputable dealer will work out the final pricing at order conversion time. Our store has always been $500 deposit, and we have the customer sign off on the order and the pricing at the time we take the deposit.

We've decided not to take additional deposit (beyond the $100) because it's a logistical nightmare tracking all that money and holding it for 8+ months. Unless Ford requires it, we're sticking at $100.

 

[da_jokker]

A reputable dealer will work out the final pricing at order conversion time. Our store has always been $500 deposit, and we have the customer sign off on the order and the pricing at the time we take the deposit.

We've decided not to take additional deposit (beyond the $100) because it's a logistical nightmare tracking all that money and holding it for 8+ months. Unless Ford requires it, we're sticking at $100.

Since you brought it up, say I give the dealer $500 deposit when I convert to order, then weeks later when Ford tells me WHEN my Bronco will be built and I find out it's just to long... would there be a way out and to cancel the order and get the 500 back?

 

[BlueBronco]

According to this website Ford is requiring the deposit....

 

[Gamecock]

According to this website Ford is requiring the deposit....

LOL...they screenshotted Granger’s post from this forum for their research. Ford has made no such requirement yet. They may be suggesting it to dealers, but haven’t set a requirement.

 

[pan-y-cerveza]

According to this website Ford is requiring the deposit....

 

[Gloff]

Since you brought it up, say I give the dealer $500 deposit when I convert to order, then weeks later when Ford tells me WHEN my Bronco will be built and I find out it's just to long... would there be a way out and to cancel the order and get the 500 back?

Yes, our deposits are refundable

 

[Gloff]

According to this website Ford is requiring the deposit....

If Ford officially requires a higher deposit, you'll find out about it here.

 

[Garbone]

If Ford officially requires a higher deposit, you'll find out about it here.

The gnashing of teeth with be spectacular..

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