Are non-refundable deposits a standard thing now?

[YamaHog]

When I bought my 2020 195S I did a $1000 non-refundable deposit at an out-of-state dealer. However, after talking with the dealer prior to the deposit requirement coming up I was comfortable with working with them. They were friendly and had good communication. The boat had not even arrived at the dealer yet but they must have had it on order for a while because they had no concerns about it arriving. My sales guy had talked with the dealership owner and the deposit was definitely refundable if for some reason they never got the boat in. Price was MSRP and agreed upon up front. They really just wanted something ensuring that I was committed to buying the boat. Now with that said, with the current market I'm not sure why that is necessary as when my boat came in, they got 10 calls the first day it was at the dealer location! I think it was their standard practice as they don't want to put you on the list and while you are waiting for the boat to come in, find one already available somewhere else and go buy that one instead. I was very pleased with the dealer I worked with though, nothing shady at all. It was K&M Cycle & Marine in Ft. Walton Beach, FL.

 

[jetivan]

Thanks for the input. It didn’t feel right. I didn’t want to name names but I have reached out to 3 dealers. I guess you can call them the trifecta for my area.
Tom’s River Marina NJ
Patsy’s Marina NY
Highway Marina PA

Tom’s River dealer has come in the lowest but has given me the worst feeling. Still waiting for follow ups on deposits from the other two. I’ll hopefully hear when they open on Tuesday.

To be honest I wouldn’t mind a non refundable deposit so much if I could just see and get a test in a boat.
To add some additional color there have been some other comments by this dealer that have been questionable but with this market I’m not sure anymore.

For what its worth, I went with Patsy's. I didn't even bother asking if my deposit is refundable or not for two reasons:

1) I want the boat.
2) If I don't buy the boat, they can and will easily sell it to someone else. It isn't legal for them to keep the deposit when they sell the boat to someone else.

 

[Tim Mitchell]

Awesome!! Good luck.

If that’s New York law that you can get your deposit back - then good for you!! That makes it easy!!

 

[Johnboat]

Sounds like a bad deal to me. I have a 3k refundable deposit on a 40k boat... I think I hold the record for the largest deposit in the world to hold a 19' boat. From what Im reading, most have put down 500 -$1500. All are refundable.

 

[portlandbucfan]

I'm waiting to hear from my dealer I'm using this next week. I have had terrible experiences so far in dealing with dealers. I believe I found a good dealer. However, if its a large non-refundable deposit I will walk away.

 

[Cyclonegrey]

So heard back from second dealer. This dealer is $1000 non-refundable deposit per Yamaha pre sold terms.
So two for two. The 3rd dealer it too high in pricing to care about deposit.

 

[captras]

I would tell them to take their boat and pound sand!

 

[BRosen]

I put my deposit in before they even announced the 21' lineup on Aug 12. Definitely refundable. No way they can make it Non refundable on something you can't even see, don't know color/options, etc. Now that they've announced that, seems more reasonable. I still don't think I'd do non refundable though.

 

[HangOutdoors]

What a bunch of crap. Come to Michigan, my dealer doesn't play that game.

So basically they want you to give a deposit, that you can't get back, on something you can't really look at, or test drive, or know really when the damn thing is going to arrive at the dealer based on whatever problems Yamaha is having in making them, their vendors and the state of the U.S. in general based on COVID, not to mention in what condition, at a future point in time when rates could be very different and because something could drastically change in your life and you can no longer get financing.

Not to mention if they put it out front of their lot, the thing would be sold before the ink dried on the for sale sign and for MSRP ++ no doubt.

Shit like that makes me very angry!

And I don't buy their Yamaha Pre Sold Terms either. Dealers are still taking smaller refundable deposits up to larger refundable deposits, so it sounds like they are pulling that out of their arse.

But I guess when you have what people want you can say and do anything, since if one person won't go along their is another one right behind them that will.

 

[captainhook]

As stated above, I’m not convinced it is legal to keep a deposit on a boat if you don’t end up buying it. I believe this is illegal for car dealerships, I would imagine boats are the same. There’s no way I’d give a non refundable deposit for something I haven’t even seen yet.

This brings up a good point as I’m probably going to call around this week to order a 2021 Waverunner since I can’t find a used one that isn’t sold before I get there. I definitely won’t give a non refundable deposit on one of those when I can’t even see it.

 

[Canuckjetboater]

To clarify this is for a 2021 Yamaha AR210. nothing special about it except for the current market. It is my understanding that this is to place the order and that when the boat shows up the deal will be finalized with financing etc.

I have no problem with a deposit. It’s the fact that it’s non-refundable and I can’t even see an example of the boat before placing the order.

.....AND our deal was subject to a water test to make sure we liked the ride, handling etc.

 

[ripler]

If the dealers are saying there's people lining up to buy a Yamaha and there's going to be a shortage of boats, why would they care about refunding a deposit if they can easily sell to another customer?

 

[Julian]

My dealer told me deposits had to be refundable by law here in NC.

 

[Adubbs76]

Interesting market out there right now but my years on the planet tell me the market is going to crash big time sooner than later.

It’s going to be interesting next year once all the government subsidized loans and pay checks dry up. I have already talked to a few people who have had pay cuts. Many retail and service jobs have been lost. Not to mention many people bought boats on 3 months no payment plans so they have not even made a payment yet. My guess is next year is not going to as hot of a market as these deals think.

 

[WV Hillbilly]

So heard back from second dealer. This dealer is $1000 non-refundable deposit per Yamaha pre sold terms.
So two for two. The 3rd dealer it too high in pricing to care about deposit.

Check Holly Acres Marine in DC. Talk to Shan. I have a 1k deposit on a 2021 195S that is fully refundable with 2020 pricing and no freight.

I am still somewhat patiently waiting on them to call me and let me know my boat is in.

Good luck

 

[rrmidden]

I walked away from buying a car because the salesperson asked for a $20 to show the GM I was serious. I said I wasn’t dealing with some Mickey Mouse Bullshit and walked out. He came running to the door, but I told him to pound sand. So there’s no way in hell I would put down a non refundable deposit just to be added to a wait list, and that’s exactly what you’re being asked to do since it isn’t a custom order or anything.

 

[spankybeanz]

Check Holly Acres Marine in DC. Talk to Shan. I have a 1k deposit on a 2021 195S that is fully refundable with 2020 pricing and no freight.

I am still somewhat patiently waiting on them to call me and let me know my boat is in.

Good luck

I pick mine up from Holly Acres on Wed if the weather holds out. So far they have been great to work with.

 

[Cyclonegrey]

Thanks for the input everyone. Yeah this market has gotten crazy but I felt the cold air this morning and know that at least in the northeast the season is quickly coming to a close. School starts in 3 weeks and in a month and the season is over. I'm not sure how the school year will affect the market down south as I know so many people having to work from home to support the school from home plans.

I was thinking last night and I feel these NJ dealers know the season is over. Even with all the optimism they know that only the diehards will be ordering boats past labor day for next season so they want to lock in as many "summer fever" "covid-vacation" buyers who may get cold feet if they have to wait to November for a delivery.

I wonder if they are worrying they will have drop outs and could see a bigger then expected sales dip in October-Late Feb. What goes up must come down! With this market run how many MSRP+ buyer could there possibly be left?

Either way this has cooled me off. Why am I thinking about dropping so much $CASH$ when all the indicators are screaming "This is the worst time EVER to buy!"

I'm gonna wait until after labor day and see how the market is. Just so frustrating. I'm sure a few of you guys have felt the same.

 

[HangOutdoors]

Thanks for the input everyone. Yeah this market has gotten crazy but I felt the cold air this morning and know that at least in the northeast the season is quickly coming to a close. School starts in 3 weeks and in a month and the season is over. I'm not sure how the school year will affect the market down south as I know so many people having to work from home to support the school from home plans.

I was thinking last night and I feel these NJ dealers know the season is over. Even with all the optimism they know that only the diehards will be ordering boats past labor day for next season so they want to lock in as many "summer fever" "covid-vacation" buyers who may get cold feet if they have to wait to November for a delivery.

I wonder if they are worrying they will have drop outs and could see a bigger then expected sales dip in October-Late Feb. What goes up must come down! With this market run how many MSRP+ buyer could there possibly be left?

Either way this has cooled me off. Why am I thinking about dropping so much $CASH$ when all the indicators are screaming "This is the worst time EVER to buy!"

I'm gonna wait until after labor day and see how the market is. Just so frustrating. I'm sure a few of you guys have felt the same.

Sounds like a very smart move.

 

[Cobra Jet Steering LLC]

I walked away from buying a car because the salesperson asked for a $20 to show the GM I was serious. I said I wasn’t dealing with some Mickey Mouse Bullshit and walked out. He came running to the door, but I told him to pound sand. So there’s no way in hell I would put down a non refundable deposit just to be added to a wait list, and that’s exactly what you’re being asked to do since it isn’t a custom order or anything.

I am totally done with these people I went to cycle springs with a checkbook in hand I talked to a kid who who never even identified himself , I wanted the FX HO CRUISERS they had advertised on face book even had the VIN numbers on there, he told me he had FX HO CRUISERS in the back so we started walking that direction and he started telling me about SUPER charged versions I stopped and told him once again that I wanted only FX HO CRUISERS, he turned around and said we don't have any. I told him of the adds and those were the reason I drove out there and his reply was YAMAHA MAKES US place adds on products we do not have in stock so you should always call before you drive out here. A few days later to gather evidence I had my girl friend call on those same adds and I will keep the rest of that to myself for now.
So I went to Barneys several times the first few I was told instantly that they had no inventory nor did they know what or when they would, I was disappointed but not upset with them being up front. After the release I went back to Barneys I was greeted by another person YOUNG and NO BUSINESS CARD EITHER! I told him what I wanted and I was there with a checkbook in hand to buy 2 FX HO CRUISERS he took all my info and told me the O T D cost with a 5 year warranty. I asked what he could do for the cost , keep in mind I buy most of my skies there I was informed that they did not work any deals and if I did not buy them there would be a line of people at the door waiting to buy them . I said really then I'am DONE and left the store. So beware these people think they have the buyer over the barrel but just wait a short time and the market is going to make an abrupt turn. I am sort of afraid to buy anything now because the factory was shut down and everything may be rushed, we see fit and finish problems when things are not being hurried so I can just imagine what will be coming out the doors I sure hope they don't cut corners just to get their products on the market but money RULES THE WORLD. So Now I will look for a couple of 1 year old FX HO CRUISERS and save myself the all the nonsense. One more thing When Inquiring from a dealer in Bradenton via the phone I was informed that there was probably not a dealer in the U S A who had a FX HO CRUISER in stock, so I thank them for the candor.