I looked at a car today and put down a deposit, will I lose the deposit if I don't buy?

Question

I went to look at new cars today and saw one I really liked. The salesman said that I needed to put a deposit down to hold the car and have them run the paperwork through (for credit approval) -- but I signed nothing, because I wanted to talk it over with my dad and see if he thought it was a good buy, etc.

The salesman said that when I return, he will hand the check right back, but I wonder if I change about buying he will try and keep it? I told my dad about the 'deal' and he said he thinks I would be best to wait.

I signed nothing other than the paper giving permission to run the credit check, I didn't agree to payments or sign a contract. Can I get my deposit back?

Answer 1

The law says that financing deals like buying a car have to be in writing, therefore since you signed nothing you are not obligated to buy the car (or give them the deposit.)

Most of the time, your "deposit" is just you writing them a check and they hold it without putting it in the bank.  It is pretty pointless since no real money changes hands, its more of a sales tactic.  If you hadn't given them that check and had decided not to buy after you left, you would have no reason to call them back and present them with another opportunity to sell you a car.  Technically you could never go back or call and they still can't cash that check.

In the future, don't even bother with the "deposit."  There is absolutely no need to do that unless you really feel like the car will get sold overnight to someone else.

Answer 2

Should have some kind of paperwork , receipt etc. If you change your mind you get your deposit back , they can't keep any or part of it if you change your mind .If you had to order it , that's another story .

Answer 3

Hey I got a idea.....ask the salesman.

Answer 4

I have done this a few times, but I always ended up buying the car. I never had a problem getting my deposit back. I always made sure I got a reciept for the deposit saying that it is refundable. If it is a reputable good size dealership, you shouldn't have a problem, but watch out if it is one of those hole in the wall dealerships. Just give them a call and ask them if they say no, tell your dad to get on the phone with the manager. I am sure you will get it back. I JUST WAS THINKING ABOUT IT AND IF IT COMES DOWN TO IT JUST CANCEL THE CHECK ASAP, good luck

Answer 5

Hard to say.  What salesmen say holds no weight at all, it's what is written down.  If you don't buy, they are likely to tell you they 'held' it for you (like there are people breaking down the doors demanding to buy that car) and that is cost them to run your credit report (which it did, but that's a part of doing business).

Did you get a receipt, and what does it say there?

I think I'd go in and ask for the check back BEFORE you tell them you aren't buying.  If they hand it to you, just turn around and walk out the door.