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Hey guys. A friend of mine put a $1000 on a new truck a few weeks ago. Found out his company is closing next year and doesn't want to make the purchase. Question is, how sympathetic would the dealer be on returning some or all of the deposit? I told him I doubt they would refund it, but I wanted to see what some of the experts here say. Thanks.
 

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As far as I know, deposits are refundable in almost all cases. A deposit is more to tell the dealer "hey, here is some money upfront, I am indeed serious about getting this car." I could be wrong, if so someone correct me.
 

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It shouldn't be a problem with getting the deposit back, especially if he goes in there explaining that he just lost his job. No dealer wants to do an unwind especially if they knew he couldn't be financed because he doesn't have a means of paying for a new car.
 
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Aren't these deposits only to get the dealer off their bum and look to see if they can get you the car you want? I had to put 500$ down just so they would look to see if they could bring in the color/trim from the surrounding area.
 

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It was kinda the opposite for me... I had to walk in and say I was walkin and wanted my deposit back before they really started to look.

Its a deposit, they can't keep it. He should have no issues getting his money back, especially if no paperwork has been done and no deal has been completed.
 

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I think the deposit is just a useless formality. That's a hefty one, though--$1000? I did one $50 and another $200 deposit. Didn't buy from either place.

He shouldn't have any problem getting it back.
 

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depends on your local laws. but in reality if u signed a bill of sale and put a deposit down you technically own the car. But in many cases the dealership can be nice and refund your money. Just a tip...if your friend was a jackass to the dealership while negotiating for the car or in any part of the process thus far they might keep it on principle and force him into the car as they have a legal right to do so.
 

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I've only ever heard of fully refundable deposits. My experience with deposits has typically been when a dealer has to bring in a car from the local area. They want to make sure you're serious before they commit the resources to driving or shipping a car. The other use of deposits is for limited production models. They will hold a car for someone with a deposit.
 

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A deposit is your bond to honor a legal contract, so in many jurisdictions it is non-refundable if the dealer keeps its word. But if the buyer is being sincere about his predicament, then most dealers should be reasonable in refunding his money minus any costs they incurred as a result of signing the deal.

Worst case is that the dealer custom-ordered the vehicle, and now has an unwanted $30,000 addition to its inventory that must be financed @ ___% per month under its floorplan finance arrangement. If that is the case and it costs your buddy $1,000, he can be grateful that's all it cost him.
 

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We paid $1000 deposit for a brand new Hyundai on Saturday, it was in the showroom and we spent quite a bit of time talking with the dealer. We were emailed a generic sales contract outlining the vehicle but not specific rego or chassis. We have had to phone the dealer twice to ask for the details- to arrange insurence and pick up. Now he has told us the vehicle has been sold somewhere else. At end of closing today he has not got back to us to tell us what is happening or what is going on. Very disapppointed. We are return customers who bought brand new two years ago from the same dealership. What is our next step?
 
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