Reservation Deposit Policy

What is a CarGurus Reservation Deposit?

A reservation deposit is a temporary $500 hold on your credit or debit card that lets you request a hold on an eligible vehicle listed on CarGurus. Once the dealership confirms the deposit, the vehicle is held for you for up to 72 hours while you continue the purchase process.

If you purchase the vehicle, the $500 is applied toward your final down payment. If the reservation does not move forward, the hold is released or the deposit is refunded. Your bank may take several business days to show the funds as available again.

How it works

If a vehicle listing is eligible, it will say "Reserve your car" under the Ready to buy? Here's how it works. section
Either select the See finance & trade-in options button or select Start now under the Ready to buy? Here's how it works section.
CarGurus places a temporary $500 authorization on your card. This may appear as a pending charge; it is not necessarily a completed charge.
The dealership reviews the request. You will receive an email if the reservation is confirmed.
After confirmation, the vehicle is held for up to 72 hours.
If you buy the vehicle, the $500 is applied as a credit toward your final down payment.
If you do not complete the purchase, the reservation deposit is refundable or the card hold is released, depending on the deposit status.

CarGurus Reservation Deposit Policy

CarGurus can only accept payments from a credit, debit, or prepaid card that is associated with a U.S. billing address.
When placing your reservation deposit for a car, CarGurus will authorize the total amount of $500 on your credit/debit card.
Payment will be finalized on your credit/debit card upon successful purchase of your car from the dealer.
A hold will be placed on your credit card for a period of 72 hours. This will give the dealer time to confirm if the car is available for purchase.
If the car is not available, the hold on your credit card will be released.
If the car is available, the hold on your credit card will remain for a period of 7 days.
Your credit card will only be charged if you decide to purchase the car from the dealership. We recommend you ensure you have available funds on your credit card for your deposit.
Your deposit is fully refundable up until you have confirmed with the dealer the purchase of your vehicle.

FAQs

Can a Reservation Deposit count as the vehicle's down payment?

A reservation deposit simply holds the vehicle at the lot temporarily for up to 72 hours while you finalize the purchase process. If the purchase goes through, the $500 reservation deposit is applied as a credit towards your final down payment. However, some dealerships and/or lenders may require a larger amount down, so it's always best to confirm directly with the dealership, or your lender if you are financing to understand term requirements.

When does the 72-hour hold begin?

The 72-hour hold begins after the dealership confirms the deposit.

What happens if the vehicle is already sold?

If you placed a $500 reservation deposit and then find the car recently sold, one of below will occur:

The card authorization will be released (if it was still pending on your account)
The $500 will be refunded to your account (if the transaction was already approved and sent to the dealer)

How do I cancel a reservation deposit?

We recommend that you contact the dealer to cancel your reservation deposit if you don’t move forward with purchasing the car

Can I use an existing reservation deposit for another car?

We recommend that you contact the dealership where you placed your reservation deposit. If that dealership has another car you are interested in the dealership can decide to honor the reservation deposit. If you are interested in a car with another dealership you will need to contact the dealership to cancel your reservation deposit.

What if my reservation deposit was not deducted from the total amount?

We recommend that you contact the dealership where you placed your reservation deposit

What if I contacted the dealer about my reservation deposit issue but it was not resolved?

We are happy to help. You can contact our support team Monday – Saturday 9:00 AM – 9:00 PM EST via the contact options here.