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
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.
