Need a bit of clarity to the whole New Car deposit refund thing.?

I found a new car i liked and the dealer was informed by dad that i will be using their finance company to pay it off so, depending on that i will buy it. All the paperwork was filed today and am now waiting on approval. The finance manager said that it%26#039;s possible i will get a yes but with terms like a bigger deposit which i can%26#039;t do, trade in also can%26#039;t do, guarantor which i wouldn%26#039;t ask or have the finance company put their name on it which i sure as hell don%26#039;t want. I have decided that if its a straight yes then fine. However, if they say a straight no or yes with terms, CAN I GET MY DEPOSIT BACK AND WALK AWAY FROM THE DEAL? I have had 2 previous loans through my bank, and would go to try them if unsuccessful. I never missed payments and have a perfect credit rating. The reason they may deny or approve with terms, is because my income is lower at the moment. My deposit was only $100 but $100 bucks is $100 bucks! Right? Any help greatly appreciated. Thanks.

Need a bit of clarity to the whole New Car deposit refund thing.?

nope--unless they want to be nice. The reason for the deposit is to hold the car for not being sold out below you as you try to get a loan. For $100, they put off any other buyers. They might have been able to sell it already if you didn%26#039;t put down the deposit. They don%26#039;t want your deposit--they want to sell the car. They could have been mean and not taken a deposit--so the first one that came up with the cash could have the car.

Need a bit of clarity to the whole New Car deposit refund thing.?

This would vary from state to state..In NC,if the reciept states that the money is a deposit,it is refundable..If the reciept states that it is a partial payment,that is not refundable..

Sounds like you are in good standing with your personal banker,i would not worry yet,lol...

Good Luck!

Need a bit of clarity to the whole New Car deposit refund thing.?

Hi mate I will tell you how it works in north america and I cant see it being much diff down under.

If you signed a contract ( bill of sale ) with a deposit and the dealer gets approval you own the car...The moment the dealer ask for changes such as a co- signer - more down payment - change in interest rate or whatever you have the option to except the new terms or get your deposit back.

The dealer cant keep your deposit if the contract is not honored the way its written.

The part I dont understand is you say all the paper work has been done and all you got is a recipt for the money ?