Holding Deposit


Why am I being asked to pay a holding deposit on a used car I’m interested in?

If you spot a vehicle we have for sale that you really want, our Sales Consultants may sometimes offer you the option to take it off sale for a totally refundable, holding deposit. Although the vehicle may still feature on our listed web sites, it is reserved for you and cannot be purchased by another customer, providing you time to make your final decision without any stress.

Do I need to leave a holding deposit?

No you don’t. It is completely optional but it means the vehicle you’re interested in cannot be sold to another customer by any Sales Consultant in any of the eighteen branches in our group, as long as you have a holding deposit on it.

Right, so if I place a holding deposit on the vehicle I am interested in, do I have to buy it from you?

Absolutely not. There is no obligation to purchase any vehicle from us if you leave a deposit. If you are no longer interested in the vehicle, we will simply refund your money.

The holding deposit does not form part of a contract and either party may withdraw from the sale without reason.

What happens to my deposit if I then purchase the vehicle?

It is deducted from the cost of that vehicle.

OK got it. But why aren’t all car dealers doing this?

At Steven Eagell Toyota, we quite often have two or more customers interested in the same vehicle and one may not be able to visit the branch to view the car immediately, but would like the first option to purchase it.

Our holding deposit policy allows us to manage multiple interests on the vehicle by temporarily removing it from sale until the customer decides to purchase it or not.

Additionally, we often discount vehicles at short notice, which then makes them incredibly popular. Leaving a holding deposit means you get first choice to buy it.

How long can I leave a holding deposit for?

We are able to reserve vehicles for up to 7 days. However, in certain circumstances we can hold them for longer at the discretion of the Sales Manager.

What if someone else wants to leave a holding deposit on the same vehicle?

Our policy is to only take one deposit on one vehicle, as we always offer our vehicles to customers on a first come, first served basis.

What if I reserved one car, but am now considering another car. Can the deposit be transferred to reserve another vehicle?

Yes. We will simply put the original vehicle you were interested in, back on sale and take your new vehicle choice, off sale.

OK. I have seen the car I want to reserve. What do I do next?

The first thing to do is call the number listed with the vehicle, stating that you would like to leave a holding deposit on the vehicle. The Sales Consultant will then help you make the payment over the phone with a debit or credit card, and make an appointment with you to view the vehicle in person.

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