Is a down payment on a car refundable?

Recently, I applied for financing through a small car dealership in Houston, TX where I live. I submitted my basic information and I received a phone call from the Finance Manager asking me to come in because he had found a bank willing to finance me. I came in and after discussing everything with him I signed off on the loan application and everything. I left a down payment of 1050.00 in cash and put 500.00 from a credit card for a total of 1550.00. He explained that I MAY have to present canceled checks as proof of income to the financing bank because I had given him copies of handwritten company checks from my employment. I drove off with the car and was given the temporary cardboard plates indicating the car was untitled. I had the cars for a couple of days when the bank called and asked me for the canceled checks. For reasons I%26#039;d rather not state I was not able to provide such documentation. The deal pretty much fell dead at that point. The finance manager asked me to find someone else to put the car deal under. We tried obtaining a loan through my fiance but were denied and then we tried my soon to be mother-in-law. The deal was approved but suddenly my mother-in-law decided against signing off on the loan due to the high interest rate. So I pretty much told them that I would have to give back the car after having it for four days. The dealership owner explained that due to the time they invested in trying to get my deal done and the time I spent with the car will cause him to keep my entire down payment. I was shocked....that was a lot of money and it just went away like that. Is this legal or common practice? Please help!

Is a down payment on a car refundable?signature loan

you could certainly dispute the credit card charge. further, you can call your state attorney general, or better business bureau and file a complaint. as far as putting the dealership through some hassels and time they put into you, dont feel bad. THAT IS THEIR JOB; SELLING CARS. You did not put them through any inconvenience.

Is a down payment on a car refundable? loan

Read the terms in your down payment receipt. In your situation, the deal should have been termed %26quot;pending financing approval%26quot;. If it was, they are legally obligated to give ALL of it back, since they were unable to get you financing.

If not, shame on you for not doing your homework.|||Hell, you lucked out. Consider the 1500 bucks a good price for a lesson in life. A person with bad credit like yourself has no business financing a car. Reality: No one should ever finance a car. Drive what you can afford to pay cash for.

Kudos for your mother in law for not co-signing. You would have ended up screwing up her credit along with yours.

By the way, that wasnt a down payment. That was a deposit. After the deal went through they would have applied that deposit to a down payment. And yes, its perfectly legal. You wasted their time.|||CALL YOUR LOCAL DMV OFFICE, THEY WILL BE ABLE TO ANSWER ANY AND ALL OF YOUR QUESTIONS AND AT THE SAME TIME YOU WILL BE GETTING THE CORRECT ANSWER TO YOUR QUESTION.