Security deposit refund?
I recently put down a security deposit at a dealership and signed the letter, the car is not going to be delivered until July. If I change my mind, can I get my deposit back?
Thanks!
Thanks!
Security deposit refund?
- Last Updated:
- Mar 15th, 2022 7:57 pm
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- SCORE-4
- leahdizon [OP]
- Sr. Member
- Jan 21, 2007
- 724 posts
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- Toronto
14 replies
- kev604
- Deal Addict
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- Apr 3, 2007
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- Vancouver
How much was your deposit?
- NightRain
- Deal Fanatic
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- Jan 5, 2002
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This will totally depend on the dealership and your relationship with them. The vehicle in question may be a factor too.
That's 30 minutes away, I'll be there in 10.
Beer: The cause of, and solution to, all of life's problems.
Beer: The cause of, and solution to, all of life's problems.
- booblehead
- Deal Expert
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- Jul 30, 2007
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Not sure what you meant "Security" deposit ... I gather it's more of a regular deposit towards a new car
before you signed, did the dealer clearly tell you the car's projected timeline (or perhaps longer) delivery ?
If you knew that and yet, you still signed and made no written added clause to the agreement for full refund condition (beyond July delivery), then it would pretty well up to you to challenge the dealer to get your deposit back. That's how I see it in today's crazy car buying market.
before you signed, did the dealer clearly tell you the car's projected timeline (or perhaps longer) delivery ?
If you knew that and yet, you still signed and made no written added clause to the agreement for full refund condition (beyond July delivery), then it would pretty well up to you to challenge the dealer to get your deposit back. That's how I see it in today's crazy car buying market.
- leahdizon [OP]
- Sr. Member
- Jan 21, 2007
- 724 posts
- 56 upvotes
- Toronto
- leahdizon [OP]
- Sr. Member
- Jan 21, 2007
- 724 posts
- 56 upvotes
- Toronto
They are not sure either due to the short supply right now, expecting 3-4months they said.booblehead wrote: ↑ Not sure what you meant "Security" deposit ... I gather it's more of a regular deposit towards a new car
before you signed, did the dealer clearly tell you the car's projected timeline (or perhaps longer) delivery ?
If you knew that and yet, you still signed and made no written added clause to the agreement for full refund condition (beyond July delivery), then it would pretty well up to you to challenge the dealer to get your deposit back. That's how I see it in today's crazy car buying market.
- leahdizon [OP]
- Sr. Member
- Jan 21, 2007
- 724 posts
- 56 upvotes
- Toronto
- booblehead
- Deal Expert
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- Jul 30, 2007
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since you knew the potential long delivery timeline, then just wait for it and hope for the best.
- NightRain
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- Holystone
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- Oct 24, 2016
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OP is in Ontario. I’m pretty sure after 90 days any car sale agreement is null and void unless both parties want to continue with the agreement?
”If you buy things you don’t need, soon you will have to sell things you need.”
- booblehead
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- EP32k2
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- Holystone
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- Oct 24, 2016
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I looked at my last car purchase agreement and the language therein says 120 days (and not 90 days). If the car is not delivered by then, the purchase agreement may be canceled and the dealer will return back the deposit.
”If you buy things you don’t need, soon you will have to sell things you need.”
- tew
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- Guest5476754677
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- Jan 25, 2019
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Is it marked 'refundable deposit' on the bill of sale?
If not expect some issues.
If not expect some issues.
I really do appreciate the messages I get from people asking if they can buy from me or my dealership but I am NOT here to sell anything or get deals for my dealership.