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In most cases, a dealership can legally keep your down payment if you back out of a purchase agreement. However, the specific rules may vary depending on the circumstances and the terms of the contract you signed. It's important to carefully review the contract and understand the dealership's policies before making a down payment.
What else can I help you with?
What are the important considerations to keep in mind when selling a car with payments contract?
When selling a car with a payment contract, important considerations include ensuring the contract is legally binding, setting clear payment terms, verifying the buyer's financial stability, and understanding the consequences of default.
Do you get your down payment back when you sell your house?
in a way yes. you should sell your home for the market value which is what the home is worth this includes what you paid as a down payment since it lowered the amount that you financed. the only thing that you lose is any closing costs that you must pay plus commissions. you get to keep the difference between what the home is worth and what you still owe.
What does the term minimum payment mean?
That is the smallest possible periodic payment to a creditor that is necessary to keep the credit account in good standing.
Can a repossession company keep your personal belongings for the storage fee in Wisconsin?
In most cases, a repossession can keep personal belongs for non payment. The company, however, must release them once payment is made.
Can a car dealership make you increase your payments per month due to a bank only allowing you to get a loan for 75 instead of 84 months?
The dealership is not the one increasing your payment. They are a messenger for the bank. Apparently the bank is reducing the term for any number of reason which could be anything from your credit worthiness to the type of car. They are doing you a favor and would do you an even bigger one if they would cut it to 60 months. To finance a car for 75 or 84 months is insane. In a few years when you are tired of the car keep in mind it will cost you a fortune to get rid of it due to the length of the loan you will be upside down (owe more than it's worth) for probable 4 years or more.
Can a car dealership cash your check that was used for down payment if you were never approved for financing?
A check given to the dealership will be cashed. This is normal in business. Whether they can keep the money or have to return it is based on what your purchase agreement reads. Where I live if the purchase agreement has "Subject to financing" on it the down payment must be returned if the dealer can not get you financing and you can't get outside financing. If it does not have that in it they get to keep the money.
Can car dealership keep your down payment after returning the car?
It depends on how the contract was written. It also depends on the laws of the state and the condition of the car when it was purchased.
Can a towing company legally keep personally property in exchange for payment in IL.. is there anything I can do to get property out of the vehicle?
No, they cannot. Call the police.
What are the important considerations to keep in mind when selling a car with payments contract?
When selling a car with a payment contract, important considerations include ensuring the contract is legally binding, setting clear payment terms, verifying the buyer's financial stability, and understanding the consequences of default.
How do you trade in a car that's paid off?
Tell the dealership that you want A car with NO DOWN PAYMENT, And, YOU ARE NOT TRADING YOUR OLD CAR. Get your best deal. Keep that number handy. Then tell them that you are concidering trading your old car. Get them to give you A "REAL TRADE IN QUOTE" This means you want them to tell you exactly what they will buy your car for. All you need to do to trade it in is have the title with you. Also, Make sure the numbers match, There is nothing that the dealership will add that you have to pay. Don't fall for gimmicks.
Can a dealership keep your car if they cannot approve financing?
They cannot keep the car you were attempting to trade. They can and will take back the car that they were trying to get you financed on. They would be in possesion of a contract for the sale of a vehicle for a certain amount. If that amount cannot be collected from you in cash or a bank in the form of a loan, then you are in default of payment.
Can you return your car to dealership in Illinois?
i purchased a new vehicle last night and have now discovered that i can't financially afford to keep it, but would like to trade down with the same dealership. what's the possibility of returning the vehicle in Illinois without suffering consequences?
Can they legally keep anything bolted down inside your car when repoed?
Automatically becomes part of the car when it is bolted on. say good bye to it.
Can a non-custodial parent pay partial child support if they cannot afford the legally-mandated amount?
Yes, but this will not legally reduce your child support obligation or keep the court from punishing you for not making full child support payments until you obtain a court order allowing payment of the reduced amount.
can i get a grant to keep my buisness going?
can i get a grant to keep my buisness going IS THERE GRANT MONEY OUT THERE TO REFURBISH A BUILDING LOCATED IN NORTH MINNEAPOLIS? can i get down payment assistance to buy a home because my child is a diabetic?
Can I legally keep an abandoned car"?
No, you cannot legally keep an abandoned car without following proper procedures for claiming ownership through your local authorities.
Can a dealership take a car back after 41 days. i used my tax refund as a down payment but the money has been held for back student loans.?
You don't think you can keep the car without paying for it, do you? Not only will they take the car back, but they will then sell the used car at auction and hold you responsible for the difference between what you agreed to pay and the amount they sell the car for. You are in over your head in debt. You are delinquent on your student loans. You shouldn't be borrowing any more money for cars or anything else until you get your finances in order.
