Getting your money back?
When buying you place a deposit then must finance the rest, and find out you can't borrow the rest. would you expect to get your deposit back?
Forum Discussion
Nothing wrong with a non-refundable deposit. You have an option to agree with the terms or walk away.
Several years ago, I sold a boat and required the man to give a non-refundable deposit ($100.00 I seem to remember), with set terms on the amount of time they had to come up with the agreed upon purchase price. Wrote out the agreement on the hood of my truck, we both signed, and I made him a copy. I turned down several potential CASH buyers during that week of waiting. Had the deal not been finalized, I may have been out of a sale.
However, I would NOT deal with a dealer that required me to put down a non-refundable deposit. If I am seeking my own financing, I will put down a refundble deposit to hold an item...if it is dealer financing, then they can run the credit, find the loan, before they ever see a dime from me.
Several years ago, I sold a boat and required the man to give a non-refundable deposit ($100.00 I seem to remember), with set terms on the amount of time they had to come up with the agreed upon purchase price. Wrote out the agreement on the hood of my truck, we both signed, and I made him a copy. I turned down several potential CASH buyers during that week of waiting. Had the deal not been finalized, I may have been out of a sale.
However, I would NOT deal with a dealer that required me to put down a non-refundable deposit. If I am seeking my own financing, I will put down a refundble deposit to hold an item...if it is dealer financing, then they can run the credit, find the loan, before they ever see a dime from me.
