$500. Deposit

$500.00 Deposit on what? Something we know very little about, Something we dont know the Price of, Price speculation is between $7000.00 and $10,500, what happens if it is even more, do you change your mind and decide against buying, There goes $500 down the gurgler.
$500.00 gamble on a unseen unpriced item dont seem right to me.

Cheers Bruce

Grandfather Johnson wrote:$500.00 Deposit on what?  Something we know very little about,  Something we dont know the Price of, Price speculation is between $7000.00 and $10,500, what happens if it is even more, do you change your mind and decide against buying, There goes $500 down the gurgler.
$500.00 gamble on a unseen unpriced item dont seem right to me.

Cheers Bruce

It's called a 'reservation fee' at Miners' Den:
http://www.minersden.com.au/minelab-gpz-7000-metal-detector/
Sounds like there's no way you will get it back if you change your mind. I assume it will contribute to the purchase price.

It's called Demand and Supply. It helps stop ppl jumping on board multiple queues and filters out the tyre kickers.

Grandfather Johnson wrote:$500.00 Deposit on what?  Something we know very little about,  Something we dont know the Price of, Price speculation is between $7000.00 and $10,500, what happens if it is even more, do you change your mind and decide against buying, There goes $500 down the gurgler.
$500.00 gamble on a unseen unpriced item dont seem right to me.

Cheers Bruce

I had the same thought Bruce..
It would be ok to put the $500 deposit down if you knew what the total end price was..
That way you know your budget limit!
I guess a lot don't care, they just want the machine..
We shall wait! 
 $500 is a lot of money to loose.    That's nearly our land rates paid

Then like Geofflee says, it will stop the so called tyre kickers! 
And the ones that are dead serous about getting one, won't have as long to wait.

Not knowing what a product costs,nor when it will hit the shelves is a poke in the dark,a pig in the sack. Dealers shouldn't be asking anything of the sort,until it's been confirmed by Minelab and told there's plenty of supply to satisfy demand.
Worst case scenario,Say something goes wrong with the initial release date,prior to the new detector being released? How long will you have to wait for it then? and what happens if the first batch of detectors are sold out to the first few on their list,what happens to others who have given their deposit,wait another month or so before the next batch arrives because of the high demand? Not knowing what to expect of the new detectors performance,well that's another ball game all together
All dealers will be allocated a certain amount each no?
Me thinks one to many blank spots missing from the equation here,to lay down a non refundable cash amount,especially if you can't reclaim your initial deposit back,due to "unforeseen" delays in production/delivery times,don't you think?
On a brighter note,all things fall into place & go according to plan.The ones that put an early deposit on for the new detector get it on time,run to their old patches and clean them out first,at the same time,raid & clean out any other near by patch found by others,before they come back to have another crack at it and all ends well hey?

   Cheers Kon.

Why does everyone keep saying the reservation fee is non refundable? Can't see that written anywhere.

Goldgeo wrote:Why does everyone keep saying the reservation fee is non refundable?   Can't see that written anywhere.

It's in the blurb further down :

By Checking YES you agree to the following Terms and Conditions
•Delivery of Product could be longer than 28 days away
•This is a non-refundable reservation fee of $500.00 which will be applied to the GPZ 7000 metal detector when it becomes available.


Rick

AraratGold wrote:

Goldgeo wrote:Why does everyone keep saying the reservation fee is non refundable?   Can't see that written anywhere.

It's in the blurb further down :

By Checking YES you agree to the following Terms and Conditions
•Delivery of Product could be longer than 28 days away
•This is a non-refundable reservation fee of $500.00 which will be applied to the GPZ 7000 metal detector when it becomes available.


Rick

Cheers, found it now. That seems fair enough, your guaranteed delivery within 28days.

Hi Goldgeo 
Re read that part.. " delivery could Be " LONGER" than 28 days 


You know...
Maybe there is sooooo many wanting this new machine..
That they have had to do it this way to only get the serous buyers
Just think if say fifty people ring up, and say put my name down please.

How many of those fifty people will turn up to the store to buy one, when they find out the price,  
 and realise it's wayyyy out of their reach.
In the meantime, here are these machines sitting in the shop waiting for their new owners to come and collect them
Only they don't come or even ring to let them know they are no longer interested/ or can not afford buying one! 
In the meantime the ones that are down the list, wait and wait!!!

But I do think for those that put that large deposit down should be able to get it back, once the price is known
as they would have to let the store know they are no longer able to get one! 
As they want their deposit back.

Just my thoughts..

Cheers Jen, my eyes must be painted on today, though it said delivery within 28 days

I doubt very much that this type of "non refundable reservation fee" would stand up to scrutiny by the office of Fair Trading  perhaps we will see it tested;)


Wayne.

In any case you should check around.
I know that not all dealers are asking for a $500 reservation fee.

With Miners' Den you can sign up online, so can't really blame them.
But $100 reservation plus $400 deposit would be more reasonable.

The businesses who are wanting a non refundable deposit don't deserve the support of propectors. Vote with your wallet, buy where you are not put over a barrel. This money grabbing is wrong.
cheers

Too many reservations means RRP and no discount or sweeteners  

  Very suspicious and not very amusing.  
 Sounds like someone's had to much weed.

9ct

Miners den want $500 deposit for the new 7000 for a holding deposit( This is a non-refundable reservation fee of $500.00 which will be applied to the GPZ 7000 metal detector when it becomes available) when they don't even give me the full price of the detector, I don't think so Evil or Very Mad Its like putting a deposit on a new house without knowing what the price is.  

Non refundable!, Non refundable!, Non refundable!, Non refundable!,

 Why that's just crazy talk Bruce, err Sir Bruce, umm, your highness.

Just wondering if its legal to take a non-refundable deposit without a full disclosure of the total cost.Have to ask the ACCC.

Yeh I thought something along the same lines as that.  Also I wonder how legal it is to just say they can keep the deposit.

phoenix wrote:Yeh I thought something along the same lines as that.  Also I wonder how legal it is to just say they can keep the deposit.

Good point phoenix, is a "non refundable reservation fee" another way of saying "deposit." If so, then the consumer usually has 4 days to cancel the sale hasn't he/she?

http://www.fairtrading.nsw.gov.au wrote:“All businesses have responsibilities under the Australian Consumer Law.

“It is unlawful to make false claims or misleading descriptions about the supply or possible supply of consumer goods or services

Sounds like a alleged misleading description to me, unknown purchase price, unknown release and delivery dates and as Miners Den is owned by the same company, they can't claim to have the information to hand.

Hey  """ are there any idiots  here who have paid up the $500  ?  



jack .

Jack outwest wrote:Hey  """ are there any idiots  here who have paid up the $500  ?  



jack .

Someone on another forum said he had, could be just talk.

I think the company requesting a $500 non-refundable deposit is breaking the law. But then I'm not surprised.

Cheers, Jim

Jack outwest wrote:Hey  """ are there any idiots  here who have paid up the $500  ?  

Probably not.
Maybe you meant to ask how many have paid up the $500.

pheasant plucker wrote:

http://www.fairtrading.nsw.gov.au wrote:“All businesses have responsibilities under the Australian Consumer Law.

“It is unlawful to make false claims or misleading descriptions about the supply or possible supply of consumer goods or services

Sounds like a alleged misleading description to me, unknown purchase price, unknown release and delivery dates and as Miners Den is owned by the same company, they can't claim to have the information to hand.

What a load of chit, Minelab don't own Miners Den.  Obviously they have the info, as do many others who have signed disclosure agreements.  
What false and misleading claims have they made?   Have you tried one of these machines? Or just making crap up?

It's not a deposit either, it says it's a reservation fee, why don't all you 'legal experts' look into the correct terminology for starters

Ask Life Hacker: Are Non-Refundable Deposits Legal?


Chris Jager   24 June 2013 1:30 PM

  




Dear lifehacker, What’s the deal with non-refundable deposits? I’ve been caught out and pressured into a transaction before when I’ve put down a small amount of my hard earned cash as a deposit and having second thoughts isn’t a good enough excuse to change your mind. Is taking a non-refundable deposit against consumer law or smart business? Ripped off


Dear Ripped Off,

The particulars of your deposit will be contained in the contract you signed at the time of first payment. Whether you realised it or not, this was a legally binding agreement between you and the seller.

Businesses are allowed to charge a termination fee if a consumer decides to cancel their lay-by. This is ostensibly to cover the seller’s outside costs, such as being forced to discount the item due to seasonal changes or the emergence of newer technology.

The maximum they are allowed to charge varies from state to state. In Queensland, the non-refundable deposit fee cannot exceed $100, for example. In NSW, however, the trader may be entitled to retain all of your deposit.

As the NSW Fair Trading website explains: “The actual amount the trader is allowed to retain depends on the circumstances. This money compensates the trader for the time and expense devoted to the transaction, but should not be so high as to constitute a penalty.”

As you only paid a small amount, it unfortunately looks like you may be out of luck. The moral to the story is to always carefully read any document you are asked to sign so you know what the potential penalties for pulling out are.

However, if the termination fee was not stipulated in the written agreement, the business is required to refund the full amount that the consumer has paid. By Australian law, all terms and conditions relating to laybys/deposits must be laid out in writing in easy to understand language, including any termination charges.

It therefore might be worth re-checking your contract: it could contain the loophole you’re looking for. If you think you’ve got a case and the seller refuses to play ball, contact your state consumer protection agency.

See also: A Guide To The New Australian Consumer Protection Laws

Cheers
Lifehacker




I think the only thing you can catch Minelab out on, is the fact that they don't disclose the full amount of the detector.

Just don't deal with Minersden, there's plenty of other dealers around Australia!

deepseeker123 wrote:Just don't deal with Minersden, there's plenty of other dealers around Australia!

Hey deepseeker123
What detector do you swing? If you do?

As for minersden, there is nothing wrong there.
they are a very helpful, never heard a bad word against them.

Yes minersden are good, but 500 bucks before you know the price is a bit much.

There seem to be lots of ppl here bitching about the $500 'reservation fee'.

Is it legit? Maybe, maybe not; but that is really besides the point.
(Granted: If it walks like a duck...... then it is a duck; but I don't provide legal advice.)
The real question is: do you want to buy the GPZ 7000 at the $10,000 ballpark figure, as early as possible?
If you do, then the $500 'reservation fee' is really neither here nor there (it's not even 10%).

The only real problem with the $500 'reservation fee' is: what happens if you change your mind?

I'm not speaking for Miners' Den but my expectation is that they would (or at least should) take a 'compassionate' view.
If you were simply joining multiple queues, you should not expect your money back.
(Full disclosure: the only financial association I have with MD is as an occasional customer.)

Consider it from the point of view of a genuine buyer:
Someone who joins a queue then pussy-foots around when it's time to pony up the cash can be a real pain for all other genuine buyers. At a time when 7000s should be selling like hot cakes, they may be tied up waiting for pussy-footers (who might never come to the party) and denying genuine buyers access to the 7000.

There are other dealers around who do not require the $500 'reservation fee'. If you're not sure about buying then you should join their queues. Maybe even join a few of them then back out when the time comes. See what I'm saying?