Francesca Knowles wrote:
BeaverCamper wrote:
From Rollnhome: The "may" only means they can or can not hold part or all of the deposit for damages the seller may have incurred.
I disagree with that interpretation.
The language is as follows:
Dealer wrote:
"Upon failure or refusal of the purchaser to complete said purchase for any reason the case deposit may have such a portion of it retained as will reimburse the seller for expenses and other losses occaisioned by purchaser's failure to complete said purchase."
If forfeiture was strictly the dealer's option, the language would be much stronger than that.
I think Dealer Desperation is showing here, especially given the reliance they've built in here on THEIR finding appropriate financing.
The determination of the acceptibility of the financing is solely the borrower's. You have the option of refusing any financing method they come up with- and for any reason. S'pose you don't like the interest rate? Can they force you to take the loan anyway? Of course not. The deal is then off due to their failure to fulfill that end of the bargain.
For the OP's case, I hope you are right. Problem, I see is, assuming this is not a Mom and Pop, I would tend to believe, the contract was written by lawyers to make it as iron clad as possible for the dealer.
Doubt it is the dealer's first Rodeo, And again the law is the law.
