Hot Tub Forum
Original => Hot Tub Forum => Topic started by: cappykat on August 08, 2005, 06:11:20 pm
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Ok, dealers/owners....is there a standard amount that is generally accepted? I just read wmccall post on his situation and I'm feeling pretty stupid. We put down a SIZEABLE deposit. I never gave much thought to it when the dealer asked for that amount.
Good googly moogly...now I just want my tub as soon as possible!! :o
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If a customer is doing a price hold, I require $100-$500. When the customer actually orders a spa I require 25% down the rest is due upon delivery.
Michael
www.HeavenlyTimes.com
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Whew....I feel better.
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Cappy my dealer required $1000.00 down to order the tub so don't be alarmed...and btw I actually paid the full amount when I ordered my tub!
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We put down a little over 25%. First it's the anxiety of picking a tub...now it's the anxiety of waiting. Ain't it GREAT!! ;D
I'm gonna need the tub just to soak away the stress from the ordeal! ;D >:( :o :P
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Along with all the other strange occurances concerning my hot tub purchase, the whole deposit and set up process took the cake.
The jacuzzi model I chose was in the warehouse locally and I was able to take delivery the same week. I never left a deposit.
The jacuzzi was to arrive on a Thursday and the earliest the electrician could arrive was Saturday. I am incredibly impatient and asked the dealer if a nice tip might speed up the electrician. I got a call later from the electrician who cancelled his smaller job the next day and set me up on a Wednesday. As he was working, I was chatting to him and told him about my no deposit deal at which he replied I should run to Vita Spa before the Jacuzzi arrived. This seemed really weird and it turned out he owns a Vita Spa and also contracts for them. I tried the Vita Spa and was prepared to bail on the jacuzzi deal if I liked the other spa better, didin't, and was in my jacuzzi Thurday night.
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I've always accepted a $500 deposit on a purchase whether it's a special order or holding a spa in inventory.
I think most consumers are leery of loosing deposits when companies go out of business and that's always their first thought. We want to make it as easy as possible for the consumer without the uncertainty of giving up too much money.
I've also done many deals on approval of financing without any deposit at all. We were linked via the net to our agency and approvals were generally done in 5-10 minutes.
I think it’s real difficult asking for 25% these days.
Steve
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My dealer held the price for 6 months on a $500 deposit. When I ordered the tub, I had to put 50% down and either pay cash on delivery day or pay it in full before delivery with credit card.
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We usually request a $500 deposit to order the spa and that leaves the dealer motivated to pick up the balance on deliver when the jobe is done, the proof is in the pudding. When everybody is happy we get paid and that is what we all do it for. It should be sweet and simple and without stress.
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I only put 100 down for price hold. When I was ready to place order, I needed 25% down.
you wont care about anything once the tub arrives, trust me
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My dealer asked for 10% down, balance at delivery
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My dealer asked for 10% down, balance at delivery
Same.
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Mine was like Steve said, filled out the form and before I left the store I had the credit approval and bought the tub with no deposit, will pay it in full in 6 months when the credit note is due.
Ray
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I put down a $300 REFUNDABLE (in writing ) deposit to hold my tub, as it was in stock. I wasn't 100%sure I wanted the tub, but I also didn't want it to leave stock.
At the end of the Hold perioid. I made my final decison to buy the tub and put down about 50%. Delivery was arranged for a couple weeks after the deposit was accepted.
3 days prior to delviery I paid in full. I was a bit uncomfortable with paying in full prior to delivery, but after checking out the company, I had every confidence there would be no problem (otherwise I would not have done ANY business with them). I Was given the option to pay the delivery company upon delivery with a bank certified check. No thanks, that does nothing for me.
I thought the dealer was being a bit over cautious, but then again, I am too and could respect thier position, but I also wanted to protect myself. It's just smart business.
I paid for the tub via a Credit card to ensure if there where any problems, I could dispute the charge and have payment held. Plus, the FF miles were nice too.
YMMV.
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We put down a little over 25%. First it's the anxiety of picking a tub...now it's the anxiety of waiting. Ain't it GREAT!! ;D
I'm gonna need the tub just to soak away the stress from the ordeal! ;D >:( :o :P
Cappy;
If you read back on my posts before my tub was delivered...I drove these fine people on this forum CRAZYYYYY!!!! (for that I am truly sorry guys! ) Questions about this and that! I had so much anxiety and stress that I thought I was going to stroke out!! That all went away with my first soak..all the barriers that we hit with construction...the worrying about where my tub was.....the buyers remorse it all drifted away with each and every bubble coursing across my sore aching and painful back! So...do not fret darlin..your worrys will melt away after you get your tub!
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a note that may be helpful to buyers out there....
i agree with several other folks on the board that a credit card is the best way to purchase your new tub. now for those of you (like me) that dont care to pay interest charges when avoidable, i have found an interesting loophole in credit card use.
you know those blank checks that are 0% interest for 6-12 months that come with your C/C statement every few months? write them to yourself for cash, deposit them in your bank, and use that money to pay for the tub. its a no interest loan for 6 months, with no fees.....if need be, yopu can even repeat this cycle a few months later to maintain a no interest charge status on any balance you may have...
even if you can pay for the tub with out a credit card, take the cash out anyway, and put it in a 6 month cd, money market, etc.... it's free money for you.....
1 caveat though.... dont exceed 60% of your cards limit, or it may lower your overall credit rating.......
hope this helps some one out there......
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I take 50% up front and the other 50% cod. All deposits are 100% refundable, as stated on the invoice. 99.9% of my customers have no problem with the deposit requirements. The small percentage that do, either are waiting on some re-fi or cash settlement, or shouldn't be shopping my price point anyways. As a dealer, cashflow is imperative to running business smoothly, and these 50% deposits are very helpful in the long term. ie: getting your spa quicker, having more models readily available, etc... I have sold no less spas by taking a larger deposit, rather losing more spa sales by taking small 100-500$ deposits. The customer takes more ownership, when more money is invested.
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A couple more data points...
My first spa (three years ago):
PDC: wanted 1/3 down, 2/3 before delivery
Current SD (in process): 10% deposit, rest on delivery. I believe on delivery, as I'm paying by check to get a better price, and they took the same check with no problems for the depo...
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I had some concerns about my dealer but I talked to him about them and he has pretty much put them to rest.
Some of this company's decision were strictly from a business standpoint and I could see that.
If he's reading this post...I'm keeping an eye on you..HAAAA!!! ;)
Now my dear hubby has just got to get the construction going so we can get our tub ASAP!!
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There are MAJOR FLAWS with your advice:
Paying in cash - no recourse when your theiving scum sucking dealer goes into bankruptcy like mine did stealing my money and that of 117 others.
I paid cash like you said. I was screwed. Those who paid deposits with a credit card got made whole by the credit card company.
About those cc checks you get each month. They are for a cash advance and not for a purchase. Aside from accrueing interest from day one. MOST IMPORTANT - since they are for a cash advance there is no recourse if there is a problem with the sale (such as your theiving scum sucking dealer going into bankruptcy). If you pay with the credit card directly you are protected. If you want to avoid the interest charges then write yourself a check to cash and pay off your card.
Oh by the way I know yours is not a theiving scum sucking dealer - you checked him out right - so did I 13 years in business no obvious problems - but I got screwed and tattoed.
NO DEPOSITS greater than 10% - that is my new rule. I have participated in one dealers panzi scheme and will not be screwed again.
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allow me to clarify... that will teach me to think and type at the same time....when i said use the money from the c/c check, it didn't come out right.......
i put 500 down on my tub ,ON a credit card. i paid the balance upon delivery, also on a c/c. THEN wrote the check to cash and deposited it in my acct. THEN wrote a check back to the citibank the following month, to pay off the hot tub purchase that was being charged interest. i then had an outstanding balance of $9k, interest free for 6 months.i then sat on my money, in the bank,drawing interest.make $500 payments, until the 6 months is up and pay off the balance.
for example:
i strongly agree, as stated in the first post, in using a credit card for major purchases. the only time i have had any problem with this, was when i bought my van last year. i bought over the net from indiana dealer and had it shipped here (VA). the dealer would not take more than $5k on a c/c. said the transaction fees cost him to much.
i am not refering, by the way, to cash advance checks. those will KILL you in interest charges and fees. i am talking about the forms/checks/special offers that let you write a check up to the available balance for anything. the offer usually urges you to pay off other c/c's, and combine the debt to their card. these specifically say, in big print, NO INTEREST for usually 6 months. i have gotten 1 offer for a year once, and several for only 90 days.
citibank has been doing this for a while, and for the first time ever, just got smilar offer from my gm card. make sure you read the fine print, to be sure. if you havent gotten something like that, try calling your c/c company and ask.....
hope that clears up the confusion...i just got out of my tub after 45 wonderful min's so i feel great.....