Getting your money back?

I have always gotten approval from my lender before I ever committed to buying ANYTHING! (That I needed to finance)

DutchmenSport wrote:
Thinking back in retrospect: I think the deposit is to ensure you (the purchaser) will not willy-nilly decide to back out of the deal (for whatever reason). If you do, they keep the money.

If though, the dealer falls through (not your fault), as in my case when the dealer over priced the camper and the loan company denied the loan based on the dealer price (not my credit), the dealer gave us our check back as the deal fell through and it was not our choice. We just choose not to go forward with a new deal. At that point, the original "contract" was void. They gave us our check back.

You do realize that the loan company has not a clue what the unit is worth. The only experience the loan officer has is reading the same "book values" that we all have access to with a little work.

The dealer had the option to lower the price to meet the approved amount and evidently did not. That should tell you that the person with the knowledge and the one who actually knew the value thought they could sell it to some future customer rather than the one at hand. The lender simply wanted you to have more equity to make them more comfortable.

1968mooney wrote:

3oaks wrote:
I never saw the logic of a "refundable deposit".

I agree.

If a deposit is refundable, why even take it? Just leave the item on the market and tell purchaser when they acquire the money, come and get the item if it is still available.

x3

Bobbo wrote:
Putting down a deposit with the dealer getting you a loan, probably.
Putting down a deposit and telling the dealer you will get a loan, probably not.

The contract should stipulate.

This is what I would think as well.

Putting down a deposit with the dealer getting you a loan, probably.
Putting down a deposit and telling the dealer you will get a loan, probably not.

The contract should stipulate.

coolbreeze01 wrote:
I thought people that need financing got pre-approved before buying.

That's usually the best idea.

3oaks wrote:
I never saw the logic of a "refundable deposit".

I agree.

If a deposit is refundable, why even take it? Just leave the item on the market and tell purchaser when they acquire the money, come and get the item if it is still available.

Thinking back in retrospect: I think the deposit is to ensure you (the purchaser) will not willy-nilly decide to back out of the deal (for whatever reason). If you do, they keep the money.

If though, the dealer falls through (not your fault), as in my case when the dealer over priced the camper and the loan company denied the loan based on the dealer price (not my credit), the dealer gave us our check back as the deal fell through and it was not our choice. We just choose not to go forward with a new deal. At that point, the original "contract" was void. They gave us our check back.

I never saw the logic of a "refundable deposit".

Normally a deposit to purchase isn't refundable. That said; I don't deal with anyone that wants a deposit, unless it's on a house.