it is true that when you put a down payment on a car and financing wasn’t approve you get your deposit back?
I also put $2500.00 down on this car and now he is saying two months later financing wasn’t approve even after though the finance company has been taking payments out of my account for the past two months.
"Now he is saying two months later" — Who is "he"? The sales rep? The finance guy at the dealer?
Probably just a simple misunderstanding. Contact your lender. If they’ve been taking payments on the vehicle, there’s no way that you weren’t "approved".
*Side note — to the first poster… seriously… a lawsuit? Against whom? I love how people throw that out there first thing without knowing any of the facts behind the question. "Oh, just sue ‘em!" So many frivolous suits each year due to idiots watching the attorney commercials on TV. We’re all "victims", right? Well heck, sue everyone! Sheesh…
March 6th, 2010 at 10:23 pm
Oh! I smell a LAWSUIT!
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March 6th, 2010 at 11:12 pm
It’s very strange that your financing was not approved but you’ve been making payments. You should call your finance company and get the straight answer. This is very odd.
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March 6th, 2010 at 11:18 pm
If the bank is accepting payments for the car, that’s a pretty good sign that the financing was approved. The dealer should have used your $2500 to lower the amount you wound up financing. If he kept it, you should be able to get it back.
Look at your copy of the contract. There should be a line somewhere labeled "down payment" or "cash on delivery" or something similar. If you see your $2500 listed there, it was applied against your amount financed. If there is no down payment listed, then the dealer probably pocketed your cash. No business can take money for nothing. Legally, they have to keep that money on the books as a deposit. They’ll make a fuss, but it’s your money. They have to give it back.
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March 7th, 2010 at 12:01 am
"Now he is saying two months later" — Who is "he"? The sales rep? The finance guy at the dealer?
Probably just a simple misunderstanding. Contact your lender. If they’ve been taking payments on the vehicle, there’s no way that you weren’t "approved".
*Side note — to the first poster… seriously… a lawsuit? Against whom? I love how people throw that out there first thing without knowing any of the facts behind the question. "Oh, just sue ‘em!" So many frivolous suits each year due to idiots watching the attorney commercials on TV. We’re all "victims", right? Well heck, sue everyone! Sheesh…
References :
Former F&I manager