Earnest money car purchase

Author: adult Date of post: 13.07.2017

Many people believe that the law gives them three days to change their mind when leaving a deposit for a new or used car with a dealer. Buy into that myth, and it could cost you big time. Other examples include some transactions that involve your home's equity , such as a home equity loan or line of credit, and, in some states, contracts for health clubs and home improvement projects.

But car sales are not among them. That means once you sign a car purchase agreement for a nonrefundable deposit, you could be stuck.

Still, there are some cases in which you can argue for a refund, no matter what the contract says, as the Rocky Hill, Conn.

One example is if the dealer committed misrepresentation or fraud. Maybe the dealer is insisting after the fact that you buy a service contract or other extras. For instance, the contract is for a four-door model in "Royal Canadian Mounties red" but the dealer can locate only a two-door version in "pigeon gray. For more tips, read "Car Dealer Tricks. Don't Get Taken For A Ride When You're Buying A New Or Used Vehicle" from the Consumer Reports Money Adviser.

Don't be hasty making that deposit. Dealers sometimes press customers, saying the deal is good only for today or there are other interested buyers and a deposit is needed to hold the vehicle. Read the contract thoroughly and carefully.

If the contract is too complicated or long, tell the dealer you want to take a copy home to read. Get it in writing. Have the sales manager initial the change.

If the sale is contingent on anything, such as a vehicle inspection by your mechanic, get that in writing as well. You did a great job negotiating the price of the vehicle, right?

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So use those skills to dicker down the size of the deposit, too. The smaller the better. Or try to talk your way out of leaving a deposit. Use your credit card. Always put a deposit on a credit card. If you hand over a check, debit card, or cash, getting your money back could have you wishing for the proverbial root canal instead. If you believe the dealer is keeping a deposit unlawfully, speak up.

Start with your state or local consumer protection agency. Also file a complaint with the Better Business Bureau. If that doesn't work, an attorney specializing in consumer law may be willing to advise you or even take your case. Get Ratings on the go and compare while you shop. Cars Car Batteries New Cars Tires Used Cars. Electronics Digital Cameras Laptops Printers TVs. Money Car Insurance Credit Cards Luggage Homeowners Insurance.

earnest money car purchase

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How to Protect Your Earnest Money Deposit

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