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Old 03-25-2015, 03:33 PM   #1
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Deposit on 5th wheel

If I place a $500 deposit and sign a bill of sale and purchase agreement but financing doesn't come through can I walk away and only lose the 500? Or am I on the hook for the entire amount of 5th wheel. Any suggestions would be helpful!

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Old 03-25-2015, 03:37 PM   #2
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If I place a $500 deposit and sign a bill of sale and purchase agreement but financing doesn't come through can I walk away and only lose the 500? Or am I on the hook for the entire amount of 5th wheel. Any suggestions would be helpful!

Thanks!
Should be only the $500. If they could somehow force you to pay for a rig (getting blood out of a turnip comes to mind) because you signed a purchase agreement, there would be no need for a deposit.
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Old 03-25-2015, 04:10 PM   #3
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These laws can differ from state to state, so don't take whatever you hear in the forums as gospel...make some calls.
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Old 03-25-2015, 04:12 PM   #4
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I would expect to get the $500 back if they are unable to provide financing.
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Old 03-25-2015, 04:17 PM   #5
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I would expect to get the $500 back if they are unable to provide financing.
I wouldn't. Getting financing is your responsibility, not theirs. The point of the deposit is so that they can't sell the rig. If they are potentially turning away buyers and holding the rig for you, why should they give you the money back?
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Old 03-25-2015, 04:17 PM   #6
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I would expect to get my money back but it all depends on the SMALL PRINT and the ethical practises of the dealer.
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Old 03-25-2015, 04:21 PM   #7
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I would secure financing before putting any deposit on a unit......
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Old 03-25-2015, 04:22 PM   #8
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It was a special order so it wasn't even on the lot and they hadn't placed the order. I did sign a document say it's non-refundable. However I was told if financing didn't come through I would get it returned. Well financing only came through for about 80% not 90% as was discussed. I'm fine with being out $500.
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Old 03-25-2015, 04:23 PM   #9
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I would secure financing before putting any deposit on a unit......

Shame on me. Live and learn.
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Old 03-25-2015, 04:27 PM   #10
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Depends on your state & what the contract says.


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