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View Full Version : Deposits in NY - when are they refundable?


1985mb
04-17-2008, 08:52 AM
I have tried to find this answer on BF and the net, but have not really found one so far.

Does anyone know what the laws are regarding deposits in NY state or NYC? Under what circumstances are they or should they be considered refundable?

Background: friend of mine put down $4,000 on an E90 M3 deposit at BMW Manhattan. After changing jobs and now moving to Manhattan, he decided to postpone getting the M3 (save it from city use/abuse) and get a non-M 3-series for now.

Dealer seems to think he has him by the b@lls and wants to charge essentially MSRP on the 3-series. He claims that the deposit is not refundable and that the M3 has entered production (how can one verify the latter btw? I think if he, the dealer, is being totally honest about his situation, then one might be more inclined to take the hit on the E93 and pay closer to MSRP)


Your M3 was ordered to your specification and as a result to sell it we will have to reduce the price. If you decide to lease 328i CV they will consider applying your non refundable deposit as cod.

carguy19
04-18-2008, 08:14 PM
If he left the deposit by credit card, just dispute the charge, the cc companies NEVER side with car dealers. Trust me I work for a huge dealership.

mikeny
04-20-2008, 08:34 PM
As I remeber, all deposits in NY, NJ, CT are 100% refund. at any time, just curious on who is a sales person ?


I have tried to find this answer on BF and the net, but have not really found one so far.

Does anyone know what the laws are regarding deposits in NY state or NYC? Under what circumstances are they or should they be considered refundable?

Background: friend of mine put down $4,000 on an E90 M3 deposit at BMW Manhattan. After changing jobs and now moving to Manhattan, he decided to postpone getting the M3 (save it from city use/abuse) and get a non-M 3-series for now.

Dealer seems to think he has him by the b@lls and wants to charge essentially MSRP on the 3-series. He claims that the deposit is not refundable and that the M3 has entered production (how can one verify the latter btw? I think if he, the dealer, is being totally honest about his situation, then one might be more inclined to take the hit on the E93 and pay closer to MSRP)

1985mb
04-21-2008, 07:56 AM
As I remeber, all deposits in NY, NJ, CT are 100% refund. at any time

That's what I'm trying to confirm. I found the AG's website which says:

"Many consumers mistakenly believe that the law entitles them to a refund of their deposit if they decide not to buy a car. However, there is no right to cancel a contract. However, if the dealer assists you in arranging for financing and you have not picked up the vehicle, you may cancel at any time prior to signing a finance agreement and receive a full refund."

http://www.oag.state.ny.us/consumer/tips/new_car_buying.html

just curious on who is a sales person ?

Once this is all over, I'll post the name here (as long as that's not frowned upon) or send you a PM. I should also have some positive feedback on some tri-state dealers which I should post somewhere

1985mb
04-21-2008, 07:56 AM
If he left the deposit by credit card, just dispute the charge, the cc companies NEVER side with car dealers. Trust me I work for a huge dealership.

Very good point

bmrgrl
04-25-2008, 01:01 PM
I had to cancel an order for a mini once. they gave me a tough time, but they had not told me the deposit was non refundable. I put a stop payment with the credit card company and they refunded my money when I mentioned I was posting in one of the big mini forums..

BayAreaBMWFan
04-26-2008, 10:44 PM
I am surprised that BMW of Manhattan, a BMWNA owned franchise is pulling this. Did he order the car with very odd options?

Get used to paying close to MSRP at BMW of Manhattan though their service is supposed to be quite good.