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“Good Faith” Deposit Amount

Basden53

Registered Member
23
7
3
St. Louis, MO
Genesis Model Type
No Genesis Yet!
Based upon the experience of folks on this forum who have reserved a Genesis vehicle...is there a “standard” or “appropriate“ deposit amount to provide the dealer in order to hold or claim a vehicle being built? My understanding is the deposit is just a “placeholder“ as a good faith gesture? I have spoken with a dealer who is asking $2k which seems exorbitant? Surely that’s negotiable? I understand the deposit just sits...but seems like $500 or $1000 would suffice? Any thoughts?
 

SeekingGen

Registered Member
383
513
93
Genesis Model Type
Genesis G70
That seems high to me. The deposit is mainly to cover any of the dealer "costs"--in case you back out of the deal. (That is, they keep the deposit if you change your mind.) If you decide to do a deposit, I would include limitations with it. For example, if the car built to your specifications and acceptable to you has not been provided to you within 60 days (or whatever time frame), You have the option to terminate the agreement and dealer must refund your deposit. (I would also think a lot before doing a deposit and include any additional restrictions you want on it.)
Most deposits I have seen are $500--possibly a bit higher; have not seen $2k requested.
 

Curt@MSN

Hopeless lover of enigmatic automobiles.
141
35
28
Madison, WI
Genesis Model Type
2G Genesis Sedan (2015-2016)
That seems high to me. The deposit is mainly to cover any of the dealer "costs"--in case you back out of the deal. (That is, they keep the deposit if you change your mind.) If you decide to do a deposit, I would include limitations with it. For example, if the car built to your specifications and acceptable to you has not been provided to you within 60 days (or whatever time frame), You have the option to terminate the agreement and dealer must refund your deposit. (I would also think a lot before doing a deposit and include any additional restrictions you want on it.)
Most deposits I have seen are $500--possibly a bit higher; have not seen $2k requested.
To add to this note that restrictions around "dealer deposits" vary from State to State. $500 is completely appropriate and ABSOLUTELY insist that its 100% refundable if you want to leave the deal either before the car shows up or when you finally get to drive it or see it - most legitimate dealers will be happy to do that. Honestly - other than getting a car before your neighbor I would forgo giving anybody a deposit (and the free use of your money) for any mass produced modern automobile - its just plays into the hype that is completely manufactured by crafty marketing folks.
 

Mcc

Supporting Member
SUPPORTING MEMBER
2,853
635
113
Los Angeles
Genesis Model Type
Genesis G90

pulsar

SUSTAINING MEMBER
377
298
63
DFW
Genesis Model Type
Genesis G70
My dealer, Genesis of Dallas, took down what I wanted for a 2020 G70 before any were even in port. I may have waited 5 months or so. No deposit needed. We discussed circle A acceptance, balloon payment options to obtain lease cash if still being offered, then we shook hands on things and I gave them my cell number and email. Salesman updated me periodically on shipping status and my dealer hit their ECD for the car being on their lot within a week. Easy peasy sale for the dealer. Dealer commented if they could sell cars within days of showing up on their lot like they did for mine, they would love it.
 

ctsooner

Registered Member
150
38
28
Berlin, CT
Genesis Model Type
No Genesis Yet!
My local dealer hasn't even heard about a deposit. When I told them, they were all on board, lol. I never did it. I read when the it was posted on the site that you can also lock in the 2.9% financing. Someone said it's the same rate for leasing (is that money factor rate?). The whole thing makes little sense to me. When the finally announce everything in the US and have the real specs and prices, I'll go to the dealer and have them order one fully loaded in the colors I want. I need the SUV on 1 Oct, so I have time. Some of you want it your way the first day.

As good as these seem to be, I wonder how quickly they will sell. Genesis is still way behind without stand alone dealerships in most states. That's the sad truth. I do think it holds them back a bit. Heck, the G70 is a great car. It's still not selling the way it should and I do feel it's because they aren't in stand alone dealerships. My friend used to manage the one in Tulsa and we have spoken a lot about that
______________________________
 

SeekingGen

Registered Member
383
513
93
Genesis Model Type
Genesis G70
My local dealer hasn't even heard about a deposit. When I told them, they were all on board, lol. I never did it. I read when the it was posted on the site that you can also lock in the 2.9% financing. Someone said it's the same rate for leasing (is that money factor rate?). The whole thing makes little sense to me. When the finally announce everything in the US and have the real specs and prices, I'll go to the dealer and have them order one fully loaded in the colors I want. I need the SUV on 1 Oct, so I have time. Some of you want it your way the first day.

As good as these seem to be, I wonder how quickly they will sell. Genesis is still way behind without stand alone dealerships in most states. That's the sad truth. I do think it holds them back a bit. Heck, the G70 is a great car. It's still not selling the way it should and I do feel it's because they aren't in stand alone dealerships. My friend used to manage the one in Tulsa and we have spoken a lot about that
I think I met your friend -- he is no longer manager at the Tulsa dealer (and has gone to a different dealership).
 

ctsooner

Registered Member
150
38
28
Berlin, CT
Genesis Model Type
No Genesis Yet!
Blake went somewhere, but not a dealer, lol. He may go back in a few months. Are you in OK? If he goes back, I may buy from him and have him set up CT delivery. My dealer just doesn't have any idea what's going on.
 

SeekingGen

Registered Member
383
513
93
Genesis Model Type
Genesis G70
Blake went somewhere, but not a dealer, lol. He may go back in a few months. Are you in OK? If he goes back, I may buy from him and have him set up CT delivery. My dealer just doesn't have any idea what's going on.
The manager I met was Link--I bought the first G70 sold from the Tulsa dealer. I can give you the name of the sales person I worked with there. He was great--and, you are right--it helps to work with someone who has been thru it a bit.
 

pulsar

SUSTAINING MEMBER
377
298
63
DFW
Genesis Model Type
Genesis G70
When the finally announce everything in the US and have the real specs and prices, I'll go to the dealer and have them order one fully loaded in the colors I want. I need the SUV on 1 Oct, so I have time. Some of you want it your way the first day.
Keep in mind ordering a Genesis is not like a GM or Ford that can be built per spec from the ordering process. My understanding is with Genesis, the order is with the port. They wait for what a dealer wants to show up. Whether or not port consolidates request and then communicates direct with Genesis, I do not know? My salesman inferred that his mgmt deals only with the port folks for ordering or status. My dealer did tell me my car order was built in to their first 2020 allocations. Dealers do get to specify trim levels and colors they want. In my case I also requested no extra port installed stuff. A lot of G70s I was seeing on lots had port installed crap I did not want.
______________________________
 

ctsooner

Registered Member
150
38
28
Berlin, CT
Genesis Model Type
No Genesis Yet!
Keep in mind ordering a Genesis is not like a GM or Ford that can be built per spec from the ordering process. My understanding is with Genesis, the order is with the port. They wait for what a dealer wants to show up. Whether or not port consolidates request and then communicates direct with Genesis, I do not know? My salesman inferred that his mgmt deals only with the port folks for ordering or status. My dealer did tell me my car order was built in to their first 2020 allocations. Dealers do get to specify trim levels and colors they want. In my case I also requested no extra port installed stuff. A lot of G70s I was seeing on lots had port installed crap I did not want.
Interesting. So what do you recommend I do in order to get the color combo's I would want in the Prestige for 1Oct or so?
 

GarnetTy1473

Been here awhile...
491
241
43
Noblesville, IN
Genesis Model Type
Genesis G90
Interesting. So what do you recommend I do in order to get the color combo's I would want in the Prestige for 1Oct or so?
Check with your dealer after they are released. I imagine that most dealers initial allocation are going to be sold before they even get there. How long before the 2nd wave of vehicles shows up is yet to be determined. Don't know how the market is in CT, but we were one of the top Genesis retailers in the central region last year, and we only got 6 on our initial allocation. I don't know where exactly we ranked last year, but we were #1 in 2017, and #2 in 2018.
 

pulsar

SUSTAINING MEMBER
377
298
63
DFW
Genesis Model Type
Genesis G70
Interesting. So what do you recommend I do in order to get the color combo's I would want in the Prestige for 1Oct or so?
Your dealer should be able to place their first allocation order with what you want to the port . Initial timeframe and ECD may be fluid though. With factory shutdowns in Asia and supply chain distruptions along with a new vehicle release, you may need some patience. Use the Genesis web site for car locator and watch what starts showing up at dealers. Some states seem to be in line first. When 2020 G70s hit dealers, seems California and Florida got decent allocations before Texas which is where I’m at.
 

ctsooner

Registered Member
150
38
28
Berlin, CT
Genesis Model Type
No Genesis Yet!
How do I find the locator? Is there one on their website? Most companies only allow you to search locally. Doing a true national search takes a LOT of time. I'll head over and see if I can find and play with the locator. Thanks
______________________________
 

SeekingGen

Registered Member
383
513
93
Genesis Model Type
Genesis G70
How do I find the locator? Is there one on their website? Most companies only allow you to search locally. Doing a true national search takes a LOT of time. I'll head over and see if I can find and play with the locator. Thanks
There was a thread on buying ("ordering") from local dealer dealer a while ago--and, as others have mentioned, it is basically getting your dealer to locate the car you want in port and requesting it in their allocation.
I also remember some links that allowed you to search large areas--or at least I thought I did that--it has been a while. I did work with a local salesperson and he did a bunch of searching. (It was new to him at that point, so he was very interested in exploring all aspects of distribution, etc.)
 

ctsooner

Registered Member
150
38
28
Berlin, CT
Genesis Model Type
No Genesis Yet!
Thanks guys. I did the search. I only let me put in my zip code and showed the one local dealer. I would need to put a zip code for each and every dealer to get it to work=. I searched G90's.
 

G-952912

Your dealer should be able to place their first allocation order with what you want to the port . Initial timeframe and ECD may be fluid though. With factory shutdowns in Asia and supply chain distruptions along with a new vehicle release, you may need some patience. Use the Genesis web site for car locator and watch what starts showing up at dealers. Some states seem to be in line first. When 2020 G70s hit dealers, seems California and Florida got decent allocations before Texas which is where I’m at.
Good stuff! Thanks!
 

Basden53

Registered Member
23
7
3
St. Louis, MO
Genesis Model Type
No Genesis Yet!
Your dealer should be able to place their first allocation order with what you want to the port . Initial timeframe and ECD may be fluid though. With factory shutdowns in Asia and supply chain distruptions along with a new vehicle release, you may need some patience. Use the Genesis web site for car locator and watch what starts showing up at dealers. Some states seem to be in line first. When 2020 G70s hit dealers, seems California and Florida got decent allocations before Texas which is where I’m at.
This is good stuff...thank!
 
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