Car down payment

[Kevcaughey]

I went and looked at a new car and they told me they wanted 1000$ down. I went back the next day and bought the car. They did not ask me for the 1000 down when I got the car. Now 7 days later they are calling me asking for the 1000$. Am I obligated to pay this? The problem is I don’t have all the money now.

im in virginia

 

[adjusterjack]

Find the money. You signed a contract obligating you to the $1000 down. If you don't pay it, the car will be repossessed, your credit trashed, you'll be billed for the deficiency balance when the car is resold, and good luck qualifying for your next car.

OK, you don't have "all" the money now, give them as much as you've got and maybe they'll give you time for the rest.

 

[aldaron]

What does the contract say? He went back the next day and let him leave with a car and all necessary paperwork.

 

[Kevcaughey]

The paper work says 1000$ submitted with this order. This money goes to the dealership. Not the bank that the car is financed thru. Correct?

 

[Zigner]

The paper work says 1000$ submitted with this order.

If you didn't pay the money, then you need to pay the money.

This money goes to the dealership. Not the bank that the car is financed thru. Correct?

ALL of the money goes to the dealership - your downpayment as well as the proceeds from the loan. You're buying the car from the dealer, not the finance company.