Hi,

Here's the scenario, I put a deposit on a car at the car yard where my uncle works. I was informed that the $500 will be used to hold the car for me for a max. of two weeks and will be deducted from the final amount. I've informed that I am trying to get a finance for it. As they cannot provide the finance for me, I applied to a bank.

In the 12th day, I've iformed them that the results are taking longer and I've been informed that I can just have my $500.00 floating and be used a deposit on another car when I get my loan.

To cut the long story short, my loan was declined and wasn't able to purchase any car. I've been told that I can get my deposit back but it's now have been almost a months since I was promised to be refunded every other day or so.

Do I have a legit claim on a refund and how do I actually get it quicker if ever? I would really appreciate the advise. Thanks.:confused:

Hi,

Here's the scenario, I put a deposit on a car at the car yard where my uncle works. I was informed that the $500 will be used to hold the car for me for a max. of two weeks and willbe deducted from the final amount. I've informed that I am trying to get a finance for it. As they cannot provide the finance for me, I applied to a bank.

In the 12th day, I've iformed them that the results are taking longer and I've been informed that I can just have my $500.00 floating and be used a deposit on another car when I get my loan.

To cut the long story short, my loan ws declined and wasn't able to purchase any car. I've been told that I can get my deposit back but it's now have been almost a months since I was promised to be refunded every other day or so.

Do I have a legit claim on a refund and how do I actually get it quicker if ever? I would realy appreciate the advise. Thanks.:confused:



If they won't release the down payment your only choice is to take them to Small Claims Court.

Did you get a recipot or sign anything when you gave the deposit? If so, what does it say about being refundable?

Hi Scott,

They did give me a receipt. It says exactly which car I reserved for. They have already sold that car right after I was informed to just getting my deposit floating. It doesn't say anything in the receipt except something about the car not legally being mine until I have paid for the whole amount, which clearly I haven't.

Hi Judy,

I've been constantly been in touch with them about the refund and have been told that the money will be reversed in my account every time in a particular date but there's nothing still.

Then you may have to pursue legal means to get it returned.

Yes, pleases understand legally they did not have to offer to transfer this to another car or to refund it. ** I hope you have this in writing that they agree to return it or allow you to use it for another car.

Normally a deposit is just that held and if you don't or can not buy the car you merely lose your money.

So as long as they either admit they told you this, or as long as you have something in writing, you should have no problem.

Not just the receipt, but something that says this will "float" or to be returned