Edmunds Answers

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  • knowledgepower 06/26/11 4:28 am PST

    The problem is if someone at the dealership didn't put anything in writing concerning the deposit or returning of the vehicle if the deal didn't work it's no more than a gentlemen's agreement. The vehicle is overpriced a bit and I see why the bank won't loan the money for the deal. I've had this situation with a few customers on deals where they left a deposit in lieu of financing and didn't get their financing. It's up to dealership management and you need to go back to the manager who gave the verbal okay. The $2700 deposit is enough to purchase the vehicle and they know it, they have already discussed trying to convince you to keep the vehicle. You need to decide if you are going to pay cash for the vehicle with the $2700 or return it. Give it a shot and see what happens.

  • 04350 06/26/11 2:57 pm PST

    They'll probably try to talk you into having them getting the financing
    for you from one of their lenders, albeit @ 21% or so. They're
    very unlikely to take the car back because it would likely end
    up unsold and going to auction for a loss, unless it was in pristine condition. I also think they're on solid legal ground not to be required to
    take the car back because of their outside the 4 corners of the
    contract discussion.

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