car deposit refund

[Billy2013]

What is the name of your state (only U.S. law)? Massachusetts

Hi Guys,
Probably got duped here but here goes.

On Saturday last I put a "deposit" down on a car with the intention of signing a leasing on it the next day, Sunday. On Saturday night I explored the figures and something didn't add up between the deal and their online lease deal. On Sunday I met with the dealer and said I 'd like to query the price with 2 other dealerships and come back if the offer I received proved competitive. He went on about me "shafting" him and that I signed a "deposit" that was "non-refundable". This deposit wasn't presented to me as "non-refundable" and I suppose I was just working off good faith as they were a major dealership and I co-leased there before where my cousin did all the talking. I'm new to USA and car leasing by the way. This lease was the first I ever attempted myself. Anyway I assumed these guys wouldn't screw me. At the other dealership I was offered a slightly better offer and decided I would lease from them instead and got the car. I didn't appreciate the confrontation at first dealership. Anyways they kept my deposit and now call the deposit a "purchase and sale agreement". The Hyundai Motor Finance division called the General Manager for an explanation as under them deposits are refundable to be told what I signed was not a deposit but a "purchase and sales agreement".

Is there any point pursuing this? Thanks

 

[Zigner]

What is the name of your state (only U.S. law)? Massachusetts

Hi Guys,
Probably got duped here but here goes.

On Saturday last I put a "deposit" down on a car with the intention of signing a leasing on it the next day, Sunday. On Saturday night I explored the figures and something didn't add up between the deal and their online lease deal. On Sunday I met with the dealer and said I 'd like to query the price with 2 other dealerships and come back if the offer I received proved competitive. He went on about me "shafting" him and that I signed a "deposit" that was "non-refundable". This deposit wasn't presented to me as "non-refundable" and I suppose I was just working off good faith as they were a major dealership and I co-leased there before where my cousin did all the talking. I'm new to USA and car leasing by the way. This lease was the first I ever attempted myself. Anyway I assumed these guys wouldn't screw me. At the other dealership I was offered a slightly better offer and decided I would lease from them instead and got the car. I didn't appreciate the confrontation at first dealership. Anyways they kept my deposit and now call the deposit a "purchase and sale agreement". The Hyundai Motor Finance division called the General Manager for an explanation as under them deposits are refundable to be told what I signed was not a deposit but a "purchase and sales agreement".

Is there any point pursuing this? Thanks

It would depend on the terms of the "agreement" that you signed.

 

[HomeGuru]

Yes I agree. OP, read your contract.

 

[Billy2013]

Ya I'm screwed so. I was of the opinion that a "deposit" meant me putting down money to indicate I was serious about buying the car. I didn't realise it meant I would never get it back. Hyundai and the Dealership use the term interchangeably with 2 different meanings. Hyundai deposits are refundable, The actual dealerships who work for Hyundai isn't as it turns out. To be honest the majority of the legal jargon goes over my head and I wouldn't even be able to interpret 10 pages of tiny legal sections if I did.

Is the common consensus I'm screwed so guys? Did the salesman have any duty of care to inform me that it was non-refundable prior to my signing?

Thanks

 

[OHRoadwarrior]

Nope, part of being an adult and having the right to sign contracts is the right to read them.

 

[Billy2013]

Ok thanks guys for taking the time to respond. Appears I'm in the wrong so. Expensive lesson learnt. Even thought I co-leased thru them before..trust none of them I suppose

 

[Zigner]

Ya I'm screwed so. I was of the opinion that a "deposit" meant me putting down money to indicate I was serious about buying the car. I didn't realise it meant I would never get it back. Hyundai and the Dealership use the term interchangeably with 2 different meanings. Hyundai deposits are refundable, The actual dealerships who work for Hyundai isn't as it turns out. To be honest the majority of the legal jargon goes over my head and I wouldn't even be able to interpret 10 pages of tiny legal sections if I did.

Is the common consensus I'm screwed so guys? Did the salesman have any duty of care to inform me that it was non-refundable prior to my signing?

Thanks

The dealership informed you of EVERYTHING. In fact, I'd wager that you have a copy of all of that information.

 

[Billy2013]

I just have a receipt from dealership 1 we'll call them, with a receipt for a deposit. It doesn't mention non refundable. It's my own fault as I jumped to the conclusion that the deposit just meant "the car will be there for you tomorrow to lease it if you want". I assumed it was refundable. This same car was in the lot for the last few months and will be too I'd say. Not a big seller.


I actually leased at dealership 2 and they were a great help and advised me about everything I was signing. There was a significant difference between the 2 sales guys we'll say.

 

[Zigner]

I just have a receipt from dealership 1 we'll call them, with a receipt for a deposit. It doesn't mention non refundable. It's my own fault as I jumped to the conclusion that the deposit just meant "the car will be there for you tomorrow to lease it if you want". I assumed it was refundable. This same car was in the lot for the last few months and will be too I'd say. Not a big seller.


I actually leased at dealership 2 and they were a great help and advised me about everything I was signing. There was a significant difference between the 2 sales guys we'll say.

What did you sign at the first dealership?

 

[Billy2013]

Hi, I signed a "deposit form" as the sales guy put it. He took my debit card and swiped it. He then gave me a receipt for the deposit. I didn't have to enter my PIN on the card reader or sign the card reader receipt or anything. Turns out the "deposit form" as the sales guy called it was actually a "purchase and sales agreement" according to the General Manager there. Hyundai Motor Finance called them on my behalf to find this out. Initially Hyundai Motor Finance said yes deposits are refundable but that "purchase and sales agreements" were not and because they related to the Franchise dealership; Hyundai Motor Finance themselves could do nothing about it.
Thanks

 

[Zigner]

Hi, I signed a "deposit form" as the sales guy put it. He took my debit card and swiped it. He then gave me a receipt for the deposit. I didn't have to enter my PIN on the card reader or sign the card reader receipt or anything. Turns out the "deposit form" as the sales guy called it was actually a "purchase and sales agreement" according to the General Manager there. Hyundai Motor Finance called them on my behalf to find this out. Initially Hyundai Motor Finance said yes deposits are refundable but that "purchase and sales agreements" were not and because they related to the Franchise dealership; Hyundai Motor Finance themselves could do nothing about it.
Thanks

This ALL comes down to you not reading what you are signing - really.

 

[Billy2013]

Ya you're right. I suppose i just trusted them because the previous co-lease I signed went so well and they are a major dealership with lovely showrooms and everything. Didn't think they'd stiff me for a deposit and lose my custom long term.

 

[Mass_Shyster]

Is there any point pursuing this? Thanks

Sure,

Show up in your new car and tell them you're ready to pick up the car from them. Unless you are able to afford two cars, they won't be able to sell you one. I would be very surprised if the agreement did not have a financing contingency.

 

[Billy2013]

SteveF that was hilarious. I love the way you thought up that! It could work too! Haha. I don't have the balls to do it though. Ya your right my finance company would laugh at me if I tried to lease 2 cars.

 

[Billy2013]

Then again knowing my luck Hyundai Finance would approve it and I'd be totally screwed. haha. How would "temporary insanity" work I wonder? I think I was!