Car deposit refund

[erinlee01]

I recently signed an agreement to buy a used car from a dealer. I did not have financing at the time and the dealer was going to search for the financing for me. I received a ridiculously high interest rate from them and obtained financing on my own. I left multiple messages for the finance person at the dealer to get a final cost from them so I would know how much I needed to finance (I only had the price of the car, not the total price). In these messages I told him the time I needed an answer by to get the financing. I did not hear back from him and decided to cancel the arrangement rather than accept the high interest rate. Can I get my deposit back? I also should note that the amount of the deposit I put down was not an amount set by the dealer. I put $1000 down, but had I put $5000 down, I would have lost all of that.

 

[loku]

Car deposit

Most likely, your rights depend on the terms of the agreement to buy the car that you signed. Since from the facts you gave, the dealer and you agreed that the dealer was going to search for the financing, and the dealer did not agree with you to change that so that you could obtain financing, the dealer probably had no obligation to assist you by giving you the total you asked for.

However, read the terms of the agreement carefully to see if they give you any rights to the deposit back in your situation.

 

[erinlee01]

The agreement states that there is no refund period. However, in conversations with the sales person, I would have been able to get it back if I was unable to obtain financing.