Forum Discussion
RetiredRealtorR
Aug 13, 2021Explorer
Non-refundable = Non-refundable
That being said, years ago when I was in the automobile business, we never took "deposits" on anything -- we took "partial payments" to hold a vehicle. Of course, they were non-refundable, and it made it easier for buyers to understand we weren't just 'holding' a vehicle for them, but they were in fact buying it, and the partial payment made it theirs until all their ducks were in a row to finalize the purchase. Worked great for many decades, and legally but us in a much better position than taking a 'non-refundable deposit'
That being said, years ago when I was in the automobile business, we never took "deposits" on anything -- we took "partial payments" to hold a vehicle. Of course, they were non-refundable, and it made it easier for buyers to understand we weren't just 'holding' a vehicle for them, but they were in fact buying it, and the partial payment made it theirs until all their ducks were in a row to finalize the purchase. Worked great for many decades, and legally but us in a much better position than taking a 'non-refundable deposit'
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