If I put a payment to hold a car at the dealership, and if I dont want it anymore, will I get my money back?

Question

I wanted to buy a car, and I needed to go to my bank and get a loan approval. So, the dealer said for me to put 400 dollars down to hold my car, and so I did. Now that I think about it, I dont want the car anymore. Can I still get my 400 dollars back if I no longer wanted to purchase the car anymore? I live in Minnesota, by the way... Thanks.

Answer 1

If you put a $400 non-refundable deposit on a car, it's the dealers discretion of whether or not you will get it back. I have seen both sides of this argument and dealers will claim that they (potentially) lost a sale while they were holding the car for you. A receipt doesn't make a difference. All that shows is your intention to purchase. Usually if the car you were looking to purchase was already in their inventory, (prior to your deposit) refunding your money should not be a problem.

If the receipt says refundable, then yes you can get it back from them. Otherwise, I would just tell them the financing didn't work out for you. If you tell them you changed your mind, they might be more likely to try to keep your money. Good luck!

Answer 2

If it is a deposit, and has been receipted as such, it must be refunded by the dealer. If, however, it was receipted as a partial payment it may be kept by the dealer. In fact a partial payment is a committment for the purchase and if the dealer chooses to pursue legal action he would win a judgement that would require you to complete the transaction. The only reason a dealer accepts a deposit is to assure that you will return to the dealership and the dealer will get a second chance to sell you a vehicle. Additionally you should know that a deposit is no guarantee that the dealer will hold a specific vehicle for you while you procrastinate and most likely continue to shop around. Some people shop around all over town and leave deposits with numerous dealerships to hold vehicles of interest. If they finally buy something they re visit each dealership and collect their deposits.

Answer 3

You should. Here's why. Your purchase was contingent on acceptable loan approval and you did not like the loan so you're out of the deal with you money back. Next time never give the dealer any more than $50.00. If he doesnt like it go to another dealer.

Answer 4

They should have had you sign some papers. Look in them and seem if there is any clauses on holds. If there isn't you should be able to get your money back if there is a stipulation then the money belongs to them for holding the car and turning away and other potential buyers.

Answer 5

Yes, however be totally prepared to receive pressure from the saleperson, followed by a team of managers who will go to no ends to "pursuade" you back in to that vehicle. Have a story ready for them, and stick to it, such as you already purchased a vehicle from some other source.

Bring a friend along for support !

Answer 6

In New York the dealer does not have to give it back. But most will unless you caused some trouble.

Answer 7

Tell them the bank wouldn't give you a loan at a decent rate of interest and you can't pay that much. Be nice and he should give it back unless he's a skunk.

Answer 8

Probably not , they will argue that they missed out of several other opportunities to sell the car while holding it for you so they are able to keep the money..

Answer 9

it is illegal for them to keep this deposit unless the car was a special order in which case they could have trouble finding someone with your same tastes and selling the car.

Answer 10

Ask the dealer.