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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.
You’re right to be cautious! 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.Before you put down a deposit on your car of choice, note that not all deposits are refundable. Make sure to sign or obtain a written, legally-binding agreement to ensure the deposit is refundable. If it isn’t, the dealer could keep the money you put down, even if you don’t purchase the vehicle in time.
Additionally, not all deposits go towards the final purchase price of your car, as a deposit is not a down payment. If you want to make sure that your deposit is applied to your car’s purchase price, get that in writing as well.
Whatever you decide to do, make sure you purchase an insurance policy to protect your new car. Fortunately, the
Jerry
app makes it quick and easy to find the best rates available on the insurance coverage you want.Download the
Jerry
app and answer a few questions to see a comprehensive cross-analysis of the best car insurance policies from over 50 top providers.View full answer
- Gregory R.
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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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