Conversion Deposit

[Scoobied64]

Hi all

just a quick question - about to have my van converted and should come to around 15k. What’s a fair deposit before work starts? I haven’t been asked yet just wondering how much others have paid before work starts

 

[cgtmiles]

We paid £1000 to reserve the slot, then paid half before and half after. Total came to more than £16k by the time is was done and I had ticked every box!

 

[Scoobied64]

We paid £1000 to reserve the slot, then paid half before and half after. Total came to more than £16k by the time is was done and I had ticked every box!

That seems fair

 

[Wills]

This is a cautionary subject for any type of work you want completing professionally.
I paid £1500 as a deposit but that was for the SCA pop top purchase, which seemed fair to me.
If the converter has a long and respected history, then most don’t expect much of a deposit if any to diary a slot in their calendar.
Beware paying out as you could be stung like many in the past!

 

[JasonW]

I was asked for a 4K deposit paid upfront on a 20K conversion. Reason stated was for the Reimo roof as it was on a long lead time...

2 weeks in I was asked for another 2K to square up with the upholsterer.

A reputable convertor with a good history and full order book.

Do your homework and get the right convertor..

 

[Scoobied64]

This is a cautionary subject for any type of work you want completing professionally.
I paid £1500 as a deposit but that was for the SCA pop top purchase, which seemed fair to me.
If the converter has a long and respected history, then most don’t expect much of a deposit if any to diary a slot in their calendar.
Beware paying out as you could be stung like many in the past!

Yep - I get this - I wondered if anyone had any experience of paying into a escrow account?
Basically it’s a huge purchase for us and we’re happy with the company but there’s risk whatever we do...

 

[JasonW]

what are you terming as risk..?

Risk of the company going bust..? Risk of losing the van due to theft or fire..?
Risk of him running off with your money and leaving you with an unfinished van..?

Certainly don't pay too much upfront, you can always agree a payment schedule when each part of the conversion is completed to lessen the risk...

I just paid with bank transfer as and when he needed it as I had several meetings prior and knew he was sound

 

[DXX]

I guess it’s a case of reading the Terms & Conditions very carefully. It’s your choice to accept them or shop elsewhere.

 

[cgtmiles]

Yep - I get this - I wondered if anyone had any experience of paying into a escrow account?
Basically it’s a huge purchase for us and we’re happy with the company but there’s risk whatever we do...

I fully agree with this. We did our homework and were happy that the converter was trustworthy but still a worry giving someone the van and money. I guess if you have done all your homework you have to go with your gut feeling. Are you happy? If not then talk to them to get reassurance and if you’re still not happy then go elsewhere.

 

[cgtmiles]

Escrow? Spanish birds?

 

[Scoobied64]

what are you terming as risk..?

Risk of the company going bust..? Risk of losing the van due to theft or fire..?
Risk of him running off with your money and leaving you with an unfinished van..?

Certainly don't pay too much upfront, you can always agree a payment schedule when each part of the conversion is completed to lessen the risk...

I just paid with bank transfer as and when he needed it as I had several meetings prior and knew he was sound

Yep all of the above - all of them are unlikely and I’m happy with the company I was just wondering what payment terms were likely as we haven’t discussed the deposit and payment terms yet. I know that’s a piece of string question but wondered what other people’s experience was with their conversions

 

[meoncoast]

but what deposit to they give you for your van?

 

[JasonW]

Maybe a safer way is to break the conversion down, in your case maybe into 3..... 3 parts at 5k each... Then pay each one, when completed on credit card, clearing the credit card balance from your normal bank account to avoid charges...

paying on credit card gives you, 'the buyer' more security as if you fail to get the 'goods' then the credit card company will recover the costs and reimburse you. It may not help if your van is in an unfinished state, but you would get the money back you have given them.

I don't know anyone that's done this with a conversion, but it would be possible, providing the converter is happy to itemise, the 3 portions of your conversion...

normally though, people do their homework and put their trust in the conversion company when and if they feel it's safe to.

Your insurance still covers you against fire and theft if say there workshop burnt down, and they should also have their own business insurance if such an unfortunate event happened.

 

[Ian28]

I paid a small amount up front (£500?) to reserve the build slot then if I remember correctly it was half in advance and the other half on completion. I met up a couple of times with my converter and researched their business thoroughly before committing as others have said.
I wouldn’t consider escrow unless you’re really unsure about the converter as management of the funds is just another cost you’ll need to shell out for.
Good luck with the conversion!

 

[Ian28]

Escrow? Spanish birds?

EsHamster Mr Fawlty...

 

[cgtmiles]

EsHamster Mr Fawlty...

Que?

 

[Salty Spuds]

We paid £5k deposit on a sizeable conversion. We put £1k on credit card & the rest by bank transfer. That gets you the protection from the credit card company.

 

[Peatey]

I paid £200 for a build slot then i paid £2800 for the reimo roof and RIB bed and the balance was paid once i was happy with the finished product and then took collection