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Old 08-11-2019, 04:48 AM   #1
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Dealers requiring a Security Deposit before they run your credit. Is this normal?

Over the past couple of months I have been looking to purchase my first TT. I have been to several National Dealers in central Florida. I am going to pay half and finance the the other half.

After finding a couple I like, going back in the office negotiating a price the sales person then tells me they want a security deposit put down before they run my credit. Is this normal practice for RV dealers? One dealer told me that this is how they tie the VIN number for the TT to my name when they send it to banks. This makes no sense to me. I just bought a truck for $55,000 and they never required a security deposit before they ran my credit. The TT's I've been looking at are generally under $20,000, looking at used ones for my first one.

Has anyone else experienced this from RV Dealers?
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Old 08-11-2019, 04:54 AM   #2
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Sounds fishy to me... just bought a new fiver last month. Ran my credit first and then we wrapped the whole deal up. I did make a cash payment, but that was when we were signing papers.
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Old 08-11-2019, 04:58 AM   #3
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A deposit is not needed for a credit check. Maybe they want you to pay for it.
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Old 08-11-2019, 05:00 AM   #4
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Sounds fishy to me as well. All 3 dealers did the same thing though. I still don't understand why they would need it. I got up and walked out of one dealer when they told me they needed it.

I would think that the majority of people buying RV's finance them. They told me the deposit would be refundable if I decided not buy it. They never mentioned anything about me paying for the credit check. I wouldn't do it anyway if they asked.
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Old 08-11-2019, 05:19 AM   #5
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All dealers I've worked with want a deposit as soon as they can get one. Must be in the 'top seller secrets" handbook. Not sure how deposit is directly related to a credit check.
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Old 08-11-2019, 05:23 AM   #6
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Just say no. There is no reason to do that. If they won't proceed without it find a different set of dealers. Always remember you are in control as it is your money they want and if they want it they will do things your way. I will never give up one cent until I am at the table signing the finalized paperwork.
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Old 08-11-2019, 06:14 AM   #7
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Some of the larger Florida dealers have a large turnover in trade ins. When we were looking, by the time we "slept on it" the units were gone. Most will take a refundable deposit, pending a test drive, inspection, and being able to qualify for financing. Not much point in running credit checks if you are making no commitment to purchase something. Besides your credit rating, the finance company also wants to look at the age and value of the collateral and balanced that with the length of the loan.
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Old 08-11-2019, 06:17 AM   #8
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A credit check does not require any sort of deposit. That RV dealer is trying to tie you down financially. If they insist that they require one, then your response is that a similar TT is just up the road a few more miles with no credit deposit needed. He will either back down or not. If not - walk out that door. A salesman is NOT your friend. His livelihood depends on sales. No sale, no income.

Oh and one thought - credit checks will reflect on your credit score. Mine took a 5 point (inconsequential) dip when I applied for a Home Depot card. Make your deal on what you want and only allow one check.
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Old 08-11-2019, 06:42 AM   #9
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We have purchased at several dealers here in FL. Never required a deposit, last time we bought at General near Tampa.

They were, however, very interested in getting us to place a deposit on a coach. It does tie you in to a unit and kind of gets you “on the hook” to ease their job locking in a sale.

No one gets any of my money unless we are presented with the deal we want on the coach we want. How fast can you walk out of a dealer when the need to process you a refund? Not as fast as when all your money is in your pocket.

We NEVER let them run our credit until we have the same deal. They ALWAYS try to do it early and my response is always the same. “Why run my credit when I don’t even know if I want this deal?” That statement alone keeps the price rolling down. Once they run your credit they will try to only manipulate your PAYMENTS not the price-and if you are not knowledgeable about finance you can be taken to the cleaners with a lower payment than a good deal on price.
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Old 08-11-2019, 07:08 AM   #10
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In Albany One RV, NY, they required a deposit to test drive a MH I was interested in.

It was 100% refundable so with nothing to lose, I put it down.

No reason to draw a line in the sand and walk away from a deal just because of a refundable deposit. Its not my grocery money.

We made a good deal but in the flurry if paperwork, the test drive deposit was left off. They mailed it back to me the next week.

I'm sure its in place to keep the tire kickers from just running up the miles on test rides.

As far as deposit for credit reports, a deposit sends a signal that you have credit.

If your shopping for a big ticket item, you should know if you have good credit. Refusing to lay a little money down send the message that you don't.
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Old 08-11-2019, 07:32 AM   #11
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How much of a deposit? Is it fully refundable? Make sure this is in writing and do the deposit with a credit card. (not a debit card).

I suspect they get a lot of tire kickers and this may be their way of cutting down on credit checks that they pay for, that don't result in a sale.

Do you know what your credit rating is?? if not , you need this information as part of your negotiation.
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Old 08-11-2019, 07:48 AM   #12
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It's "normal" for a dealer to push you for a deposit. They want you demonstrate some commitment so you are less likely to back out. As far as the credit check is concerned, the dealer pays a fee to do a credit check, so they want to know you are serious. The sales manager may waive that demand if he believes you are indeed a serious buyer, but it's more of a gamble for him if you ultimately do not buy.


I would think that if you have reached the stage where credit & financing are being discussed, a deposit should not be a burden. However, if they won't even give a final price without it, I'd probably walk. I've also been asked to give them a credit card before they would quote anything other than the asking price. Huh! I walked. Not because there is risk in doing that - I just dislike high-pressure sales tactics.
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Old 08-11-2019, 07:48 AM   #13
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When I have told the dealers that I was going to pay half, that's the amount they wanted me to put down. NO WAY I was going to do that. I would also NEVER give them a debit card for it. They started out requesting a high amount but then have gone down to as low as $500.00.

On Dealers websites they also advertise payments of so much. Those payments are based on an extremely low interest rate and the maximum months for financing. I have always been honest with them from the minute I walk in and tell them I won't qualify for the interest rate they advertise for the monthly payments. I also tell them what my credit score is and they all tell me they can work with it.
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Old 08-11-2019, 07:59 AM   #14
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Sounds Fishy !!! The Bank does its own Credit Check why do they need one. Maybe only to see if you are serious.And you know it will take them days or weeks to issue a refund.The person in the credit dept. Is out, Have to clear it with Manager, All sorts of excuses. I would Walk !!!!Maybe RUN
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