I planned on leasing a car from a dealership and put a $500 deposit down to hold the car. I did not sign any paper work at all. I've since been offered a better deal from a different dealership for the same car. Is my $500 deposit refundable?

Did you ask the dealer yet? I am shocked that anyone would give anyone else $500 without a written agreement. They may hold you to a verbal agreement. Where do you live?

How did you give them the money, a check or cash ?
Did you get a receipt, and what does it say, the receipt is also apart of the paper trail

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Originally Posted by JfromPA

Is my $500 deposit refundable?

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Hello J:

No it isn't. You entered into a contract with the dealer.. You offered him MONEY if he took the car OFF the market... He did. If you don't buy it, he's entitled to your MONEY.

If you didn't want him to take MONEY from somebody else before you could act, why didn't you just give him a stick to hold the car?

excon