296 GTS Second Thoughts

Personally, I think you can kiss your deposit goodbye. That's what its for.

Might be cheaper than buying the car, holding it for 6 months, then giving it back to the dealer or trying to sell it.

One way or another if you walk, its going to cost you $$$$.

 

If its just giving it to another at the same price, I think its possible. But its up to the dealer. They may still insist you buy the car, then you resell it to someone else. But they have anti-flipper rules on that as well. This might end up the last new car you order. There's no way the dealer can know if you just took the allocation for the car 3 years ago to flip it, or are trying to do that now.

You signed a contract. If they want, they can hold you to it.

Best thing to do... have an honest meeting with your dealer. I think its not an FNA situation. Its possible they also may know someone. But they may use your deposit to get the sale.

 

Deposits are refundable.

Don't let Ferrari tell you otherwise.

 

Yes, but you still signed a contract. Its up to the dealer but if you walk, there will be some pain. They hold the cards. They have your money and they have your car. What exactly do you have other than a smile?

 

Depends on your state or country if your deposit will be returned.....but not taking delivery on an ordered car that everyone now knows depreciates like a big stone won't be looked upon favorably if you haven't bought alot of cars from them.

 

And FNA says the dealer cannot advertise a car that's less than 6 months delivered. So its word of mouth or relationships, which is a smaller base of potential buyers. There are currently 90 2023-24 296 Gts on Cars.com. Probably double that in some inventory spread around. There's going to be pain if they cannot move it quickly to someone.

 

The law.

 

Its called "a signed contract". You better have a darn good legal argument why you're backing out. "Second thoughts" ain't one.

If someone orders something from me, I take a deposit and have a signed contract that I will be paid under certain conditions, I meet those conditions and they back out.... I'm keeping it.

And I am not doing business with that person again unless its an extreme and understandable situation.

 

There are some states which deposits are refundable, even with a signed contract. For example California Code, Vehicle Code - VEH § 11736 section (c) Fail to refund any purchase money, including purchase deposits, upon demand by a consumer at any time prior to the consumer's signing of a vehicle purchase agreement with a selling dealer and taking delivery of the vehicle described in the brokering agreement.

 

Well in your defense, at least in Texas you would have 72 hrs after purchase to undo the whole deal....which for a 296 would be a bridge burning with a nuclear bomb since it was now a used 296 to throw onto the bonfire.

But in general, deposits being refundable vary by state.

 

Yes I understand this. But its really up to the dealer because, lets face it, others have -- and they wanted to prevent speculation.

 

If you take delivery of the car... You will likely lose 50k plus your sales taxes.

It's a fantastic car though.

Your best bet is letting your friend take the car. That's the best solutions

 

May I recommend you read your signed agreement documents and discuss your questions with the dealer? Some online opinions are based on zero experience with the circumstance and even people with similar experiences may not have the same conditions apply as in your case. Such a discussion with the dealer may help inform your various options.

 

If the car hasn't yet been built and you haven't gone into lock down (no changes) the deposit should be fully refundable in the USA.

 

I am so blown away by my 296 AF. I previously had a 458 spider, F12 and now an 812 GTS. I think you should reconsider your choice of the 488 Spider. The 296 is that good.

Why do you like the 488 over the F8?

 

I'm in the exact same situation. I just got cold feet. Great car but not sure I need it or really want it.

Basically if they sell it at the same price they'll refund your money. However you'll get blacklisted.

 

Agree. But the OP says he expects it delivered this month. Its certainly been built. In fact its already on the boat.

 

Get your money back - its refundable.
Buy a used Ferrari 296 GTS for 20% less than new with <1K mi on it.

Sure, if you want to buy 10+ F-cars, go to Corso Piloto driving sessions, buy F1 tickets, race in a 296 Challenge and maybe get the halo Ferrari that comes along at the list price then it will hurt you. Otherwise, there isn't much downside.

 

This ain't gonna work in the long run. Just sayin....


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True - it won't if you want the exact spec of run of the mill F-cars. Nor will it get you the VS of those cars, new. But assuming the car in question isn't built and the OP doesn't care about those things, it will work. One can own and drive Ferraris and never buy one new...

 

I'm not exactly sure people understand the meaning and weight of "a signed contract".

The dealer has your car that you ordered to your specification in his possession and completed his part of "the deal".
The dealer has your money as a deposit against default
The dealer has your signature saying you'll buy the car.

I'm trying to figure out how this is going to work out for the OP without monetary and future business "pain". I wasn't aware Ferrari dealers were so generous, forgiving, and "understanding" to their customers.

I used to run an auto shop. A guy comes in and wants his car repaired. Its a big order with a lot of custom parts taking months to do. I ask for and get a deposit to cover the parts costs I cannot return as "used". I have him sign the work order for approval.

I do the job. I call up the customer and tell him he can pick it up after he pays the remainder of the bill. The customer says: "Ya know, I changed my mind. I really don't want this done anymore. I'm selling the car".

What do you think as a shop owner I did? Give him back his money, take the parts off the car, and give it back to him? Sorry. NO.

 

Again, depends on the state. State law preempts signed contracts. There are no ifs ands or buts about that. You can have a signed contract every day of the week and if your state has a law that says your deposit is refundable, than your signed contract is unenforceable.

You can contract for whatever you want in business, however it has to be a enforceable contract. There is zero confusion about that.