Before handing over a deposit:
- Consumers need to ask questions and make informed decisions before agreeing to a deposit.
- Consumers should never have to give a deposit in order to test drive or negotiate a price for a vehicle. If there is no sales agreement, there should be no need for a deposit.
- Always have a written sales agreement before paying a deposit.
- Clarify the reason for a deposit. Is it a deposit or is it a down payment?
- Make certain the sales agreement clearly states whether the deposit is refundable or non-refundable and under what terms and conditions.
- Get a receipt for the deposit.
- Consider using the deposit form