I recently put down $300 for a used vehicle in MA. I am not going to be able to complete this purchase, is it reasonable to ask for my deposit back.
In our written document the wording is " I Chris ______ hear by receive a deposit on a 1996 GMC Sierra VIN #2GTEK19R0T1531661 ON 12-08-08 DEPOSIT OF 300.00 THREE HUNDRED DOLLARS 0/100 BAL DUE $4200 four thousand two hundred BAL DUE BY 12-15-08. Truck is in as is condition.

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Have you taken possession of the vehicle?

No, not yet.

Any idea how that affects things?

Since it has not happened, I wouldn't worry about it.

If I were you I would request the funds back immediately. Where I live you only have 3 days to request the return of a down payment on a vehicle. I am not sure what the law is where you live, but if there is no time limit, and he refuses to give you back the money, you could always take him to small claims.

It seems your contract says nothing about rescinding on the deal, or within what time frame that must be done, so you might have a chance.

OK, cool. Thanks a lot

Sure...

I recently put down $300 for a used vehicle in MA. I am not going to be able to complete this purchase, is it reasonable to ask for my deposit back.
In our written document the wording is " I Chris ______ hear by receive a deposit on a 1996 GMC Sierra VIN #2GTEK19R0T1531661 ON 12-08-08 DEPOSIT OF 300.00 THREE HUNDRED DOLLARS 0/100 BAL DUE $4200 four thousand two hundred BAL DUE BY 12-15-08. Truck is in as is condition.

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I see no grounds for the return of your deposit. You entered into a contract; you are going to default.

The contract is, of course, silent on the return of the deposit so you can always go to Court - but keep in mind you are defaulting.

In many States the 24 (or 48) hour clause applies only to IN HOME or TELEPHONE sales, not to this situation. You will have to either post your State or check the State law yourself.

You can always ask for the return of your deposit and see what the seller says.

You can ask, but you're not necessarily going to receive. You're not legally entitled to a refund but the seller may be willing to return it.

It's the same as if you placed a security deposit on an apartment and then later realized you wouldn't be able to move in; you place the deposit with the seller as a good faith gesture and in return, s/he agrees not to sell that property to anyone else.

A strict interpretation of contract law would result in you forfeiting the deposit if you fail to honour the agreement to buy the vehicle.

An equitable interpretation of contract law would allow the seller to keep the deposit to the extend that damages can be proven. Damages could be any or all of the following:

- the costs associated with entering into an agreement with you (ie. Salesperson's time, other administrative costs, etc.)

- the costs of having to advertise the vehicle again

- the loss in revenue if the vehicle is ultimately sold for less than what you were prepared to pay for it