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!
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.
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?
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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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.
I would secure financing before putting any deposit on a unit......
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.
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.
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"
Depends on your state & what the contract says. 
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