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How long will a dealership hold a car with a deposit?
I want to get a new car, but I won’t be able to purchase it until I receive my next paycheck. I just want to make sure that the car will actually be waiting for me before I give the dealer any money. How long will a dealership hold a car for me if I put down a deposit?
Liz Jenson · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
If you place a holding deposit on your car of choice, the dealership usually holds the car for one to five business days. Different dealerships will have different rules regarding deposits, so talk to your dealer for more specifics.
- Not all deposits are refundable. If it isn’t, the dealer could keep the money you put down, even if you don’t purchase the vehicle in time.
- A deposit is not a downpayment. So, not all deposits go towards the final purchase price of your car.
Pro tip: If you want to ensure that your deposit is refundable and will be applied to your car’s purchase price, make sure to sign or obtain a written, legally-binding agreement confirming these conditions.
View full answer
- Gregory R.
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