I had the money for the first car payment and due to a hold put on my bank account had the payment returned. The thing is that I was told that the hold was lifted in time, but the place that financed my car said they didn't care and are coming to pick up my car anyways. Thinking about it now the cars gas mileage doesn't really fit into my budget, and I'm going to go ahead and let them pick it up but is there any way I can get my down payment back?
2007-08-17 03:08:43 · 8 answers · asked by Anonymous in Cars & Transportation ➔ Buying & Selling
This was not a reposession, I was in a cooling off period and was in new account default
2007-08-17 03:54:36 · update #1
There is no cooling off period unless the dealership granted you the right. If you just took the car back or they came and picked it up, then it will be a repossession.
As far as your deposit, they are in now way obligated to give it back. If they couldn't find financing and asked for the car back, then you would get your deposit. Once you sign papers, the car is yours and it's the buyers responsibility to make sure all payments are made. Good Luck.
2007-08-21 02:59:59 · answer #1 · answered by The Auto Evaluator™ 7 · 7⤊ 0⤋
In the auto business, there is a NO COOLING OFF law. Once the contract is signed and you take delivery of the car, and you default on 1st payment, it will definitly be classified as a REPO, and a negative report will be placed on your credit. Making anything you try to purchase with credit later at a very high interest rate, for the next 7 years..your down payment is not refundable. Hope you understand the ramifications.
2007-08-17 11:15:07 · answer #2 · answered by worldthatwas 3 · 2⤊ 0⤋
Not only will you not get your down payment back, you will most likely have to pay the difference between what they sell the car for (after deducting the costs and fees, and what you owe! They will sue you, and garnishee your wages. You will also have a repossession on your credit history, and will have serious difficulty getting financed on anything else for 7 years!
Get a letter from your bank proving the money was deposited, and had a hold placed on it! Take certified funds (a bank check) to the finance company today and make your payment!
2007-08-17 10:22:21 · answer #3 · answered by fire4511 7 · 2⤊ 0⤋
Have they picked up the car? In the question you say they did, but in the explanation you use future tense saying they are coming to pick up the car.
If they don't have it yet...pay them. Do whatever you can to avoid a repo and all of the bad credit ramifications. You will regret it for at least the next seven years if not longer.
If they already repo'd it...you are on the hook for the difference between what you owe and what they sell the car for. Your down payment might figure into that.
Lesson for the future. Buy a used car that you can pay cash for. Using credit to buiy a car is absurd.
2007-08-17 10:55:05 · answer #4 · answered by Just a Suggestion 3 · 3⤊ 1⤋
Your worried about a payment and you've just ruined your credit with a repossession. Forget any financing for anything after this. Bend over because here it comes.
It will take years to clear that gouge from your credit report my friend.
Your down payment is GONE.
2007-08-17 10:30:55 · answer #5 · answered by Panama 4 · 4⤊ 0⤋
No, you cant get your deposit back. They picked up your car after one payment late? Work hard to keep this car if possible, a repoession will stay on your credit report for at least 7 yrs...
2007-08-17 10:12:27 · answer #6 · answered by Randy K 6 · 4⤊ 0⤋
I don't know if u can get your down payment back. But, u might want to see how them picking up the car will effect your credit. It's a possibly that u will still owe the total of the balance which will end up on your credit.
2007-08-17 10:16:12 · answer #7 · answered by star 1 · 0⤊ 2⤋
You properly lost that because you drove the car for a couple of month , cut your losses and began again , hope this helps,
2007-08-17 10:13:22 · answer #8 · answered by JT B ford man 6 · 0⤊ 4⤋