Question:
on 2/11/07 i placed a down payment of $1000 to hold a car but later on i saw that i couldnt afford the car due to fianical problems and when i went back to try and get my money they want 20% of the cost but it was never mentioned on the contracted
Answers:
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Legally if they never told you, or had you sign something that says they keep 20% when you cancel, you get your money back.How do second hand cars dealers companies make money?
I would read all the pages, front and back of the order and everything else you signed. If there is no mention of a cancellation fee you need to seek legal counsel.
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If there is mention of that fee I think you are up a creek without a paddle.
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Good luck!!
as long as you never signed any thing saying they get 20% you should get it all back
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So you think them holding it for you, and perhaps missing out on another sale, not to mention the paper work done on your behalf should be free?Think of it as returning merchandise subject to a restocking fee, and be very glad they are returning any of it, which they really don't have to do after you placed a "buy" order and made a down payment. They could hold you to the buy order, and keep your full amount legally.
Did you sign a contract when you put the car on hold?? Check the contract over thouroghly to see if there is anything there stipulating that the dealership gets to retain the 20 percent. If not, they owe you the entire down payment, on top of that, they never actually sold you the car. Also contact the local consumer affairs office and inform them about this incident. They'll be able to tell you further if what the dealer has done is legal. In my way of believing, "If I didn't buy it, you don't get my money, ANY of it."
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It's common to take money in order to pay for taking the car off the market for you. They can't sell it if they agree to do this. If you don't buy it, they lost the time they could have been selling it. So a charge is reasonable and that's why you pay the deposit. If you buy they apply the deposit to your bill and you haven't lost anything. If you don't buy they are entitled to be paid for their trouble.Used car, which is better: 2005 Prius, 2005 Mini (automatic)?
If what they are asking for is 20% of the $1000, that's steep but they are entitled to a 'restocking' charge. If they are demanding 20% of the value of the car, that's exorbitant and you should carefully read the papers you signed. It boils down to legal technicalities. I once paid $25 to hold a car for 3 days and the papers were written up as if it were a sale for the asking price. I objected and reserved the right to bargain for price if I agreed to take it after a pre-purchase inspection. If I hadn't taken it, the money was theirs. Big deal. But I made sure that I wasn't locked into buying it and that I wasn't locked into the asking price.
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If they seem to have you over a barrel, find a state consumer agency and see if this is legal. You have the right to lodge a complaint if you think that you aren't being treated fairly. In the used car market, that isn't unusual.
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