‘Corvette Forum’ Member’s C8 Deposit Refund Gets Messy

What happens when you have made a deposit, and the dealership won’t return your cash after you change your mind?

Dealerships are in the business of making money, but not stealing it. However, special cars like the Corvette often require a deposit to secure in order to place a buyer first in line. Deposits can range from small to large depending on the car in question. One of our Corvette Forum members had a sticky situation regarding a deposit. The problem arose after changing his mind on a C8. After deciding to hold off on a purchase and wait for a Z06, his chosen dealership gave him a tough time about a deposit refund.

The issue arose because forum member, Chaseclemmons99, made a deposit by credit card, but wasn’t offered paperwork on the transaction. Now, that’s not fully out of the norm. Dealerships often work with repeat customers over the phone and take deposits remotely. The issue Chaseclemmons99 had was that his only document was a bank statement of his $5,000.00 payment to the dealership.

Laws actually state that a dealership does not necessarily have to refund a deposit. While it looks incredibly bad on their part, it is the law. The wording essentially boils down to “a good-faith gesture of his intention to purchase a vehicle,” according to Zacks. This is even truer when a very special car is ordered. In this case, a dealer may choose to have a larger deposit with additional fine print about the refund process. That covers the dealership in the event a buyer backs out which would leave the dealership with a car that is difficult to sell. Such as a Corvette Z51 that has been optioned up to $106,025. But, the car in question was on order status 1100, which means it was technically never built yet.

If the order had gone through, it would have been even more understandable for the dealership to try and keep the deposit and attempt to proceed with the sale. Thankfully though, after a number of phone calls to the dealership’s owner, they returned the funds. But the truth of the matter is, if you’re looking for a Corvette, new or pre-owned, our forum members can point you in the right direction. Many reputable dealerships have been with Corvette Forum for years.

Ironically, the change of mind on the Corvette came from the thought of waiting on the Z06 instead of spending 6 figures on a Z51. Had the dealership cooperated, they probably would have had that Z06 sale. You can bet Chaseclemmons99 is going elsewhere for business now.

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