I am going through the process of ordering a car. It's a factory order, so it's not like it is sitting in the lot.
The dealer said I had to pay a deposit of $1000, which I did. Then I applied for credit, but since it was Saturday, it was left until today. The guy contacted me and said he needs proof of income and references, which to me means that the likelihood of me getting that loan isn't very high.
For the record, I can pay cash for the car, but I don't want to. My credit score is like 730, I didn't think it would be an issue.
Now, if the credit doesn't get approved, do you think I can get my deposit back? Technically the dealer will not have fulfilled their side of the contract (60 month 0% APR financing), nor did they make the car... But of course dealers do whatever they want. Curious what your thoughts are.
And yes, I don't think I should have done the deposit in hindsight. I'm 24, this was going to be my first car...