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03-25-2015, 02:33 PM
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#1
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Junior Member
Join Date: Mar 2015
Posts: 9
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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!
Thanks!
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03-25-2015, 02:37 PM
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#2
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Senior Member
Join Date: Apr 2012
Posts: 3,253
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Quote:
Originally Posted by adidas4862
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!
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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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03-25-2015, 03:10 PM
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#3
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Senior Member
Join Date: Nov 2013
Posts: 1,947
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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.
__________________
2016 Chevy Silverado 2500 Duramax
2016 Rockwood 8289WS, Diamond Pkg.
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03-25-2015, 03:12 PM
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#4
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Senior Member
Join Date: Feb 2015
Posts: 212
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I would expect to get the $500 back if they are unable to provide financing.
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03-25-2015, 03:17 PM
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#5
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Senior Member
Join Date: Apr 2012
Posts: 3,253
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Quote:
Originally Posted by StoneyG
I would expect to get the $500 back if they are unable to provide financing.
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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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03-25-2015, 03:17 PM
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#6
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Senior Member
Join Date: Sep 2011
Location: Komoka Ontario
Posts: 2,680
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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.
__________________
"Well that didn't go as expected"
2015 Chev 2500HD Highcountry Duramax
Cedar Creek Silverback 33IK
Donald&Casey cairn terrier
Rest in Peace Mary my darling wife.
Scottish by birth Canadian by time.
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03-25-2015, 03:21 PM
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#7
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Senior Member
Join Date: Sep 2010
Location: Eastern Ontario
Posts: 4,167
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I would secure financing before putting any deposit on a unit......
__________________
Fonzie
2011 Rockwood 8319SS with ProPride 3P hitch/GoodYear Marathons/TST TPMS 507
2019 F350 Ruby Red 6.7l diesel 3.31 axle electronic locker
Yamaha 3000iseb generator:Progressive Ind. EMS-HW30C : Eastern Ontario
Nights Camped: 2014 (18) 2015 (18) 2016 (36) 2017 (32) 2018 (42) 2019 (28) 2020 (35)
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03-25-2015, 03:22 PM
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#8
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Junior Member
Join Date: Mar 2015
Posts: 9
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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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03-25-2015, 03:23 PM
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#9
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Junior Member
Join Date: Mar 2015
Posts: 9
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Quote:
Originally Posted by fonzie
I would secure financing before putting any deposit on a unit......
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Shame on me. Live and learn.
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03-25-2015, 03:27 PM
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#10
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Senior Member
Join Date: Sep 2012
Location: Virginia
Posts: 9,938
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__________________
2005 Dodge 3500 Cummins
2017 Wildwood Lodge 4092 BFL
1966 Mustang GT
1986 Mustang SVO
Lillie Spoiled Rotten Boxer Mix
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03-26-2015, 07:29 AM
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#11
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Senior Member
Join Date: Apr 2012
Posts: 3,253
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Quote:
Originally Posted by fonzie
I would secure financing before putting any deposit on a unit......
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Exactly. I'm not sure what some of you guys think a deposit is for??? If I put a deposit on something, I either buy the item or lose the deposit. One time in my life I put a deposit on something- a Harley Davidson motorcycle- and got it back- and then only because they were sure they could trade what I wanted from another dealer but they couldn't get it.
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03-26-2015, 11:21 AM
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#12
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Senior Member
Join Date: Jan 2015
Posts: 106
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Quote:
Originally Posted by StoneyG
I would expect to get the $500 back if they are unable to provide financing.
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I agree
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03-26-2015, 11:37 AM
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#13
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Senior Member
Join Date: Apr 2012
Posts: 3,253
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I must say I am still perplexed by this "if they are unable to provide financing" mentality. YOU are responsible for your creditworthiness- not the dealership. Whether or not YOU can get financing has NOTHING to do with what the dealer is ABLE to do. Now- IF the dealer has pre-approved you and THEN they can't provide financing, you might have a case- given you haven't done something to damage your credit from the time you are pre-approved and taking delivery.
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03-26-2015, 01:46 PM
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#14
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Senior Member
Join Date: May 2014
Location: Ontario, Canada
Posts: 145
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Question: Was the financing being arranged through your dealer? If it was, you should get your $500.00 back. In no way should you be held responsible for the whole price. If you were arranging your own financing...Did your sales agreement say "subject to financing"? Then you should get your deposit back. Actually under any circumstance if yo cannot finance it it is in the dealers best interest to give your deposit back. After all if he does not, you have sites like this to "let everyone know what a BAD (other words come to mind) dealer he is"
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03-27-2015, 02:40 PM
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#15
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Senior Member
Join Date: Apr 2011
Location: Splendora, Texas
Posts: 1,314
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When you put a deposit on a house and then you can't get financing you get the deposit back.
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