In the market for a 8th Gen Honda Civic and I found one resonantly priced.

This is the scenario that happened..

I find a Honda Civic on the dealership website. I call to ask if it's still available and it is. So I decide to go check it out the next day.

1. I walk into the dealership. Talking to the salesman, I tell him that I'm in the market for a pre-owned vehicle. I can definitely afford to make monthly payments but the problem is getting a approved for a loan. He pulls my credit report. Says I have a fair score and they definitely can have my financed.

2. Salesman asked if I can put money down and I said I'd put 1500 down.

3. I tell him about the civic I found on there website and shows it to me. I check the carfax and take the car out for a test drive. I love it. I said if you can get me a approved loan then I will take the car. Salesman says we sure can.

4. They asked me for the 1500 down. I said no because I don't want to put anything down until I know I'm 100% financed. He insisted that I needed to put something down so they know I'm serious about the car and don't waste any ones time on the loan process. In case I back out of the deal or something. I said I'll deposit 150 dollars and they agreed.

5. I get a call next day and they tell me there banks policy is that they can only lend money to a person who has no open car loans. I'm still paying for my S2000. So they said I'm approved only if I trade in my current car. I said no, I will not trade it.

6. So the next thing was to try to get the loan approved for my wife. Though she has no credit so it will be more difficult. So there is a big chance that she will be unable to get approved.

So I'm just wondering if I can get that 150 bucks back if she ends up not getting approved. I mean, 150 dollar loss isn't really a big deal to me. But I just want to know because I'm fairly new to the car buying scene, and would like to lessen my chances of getting screwed next time. I didn't sign anything and I only have a receipt which does not say fully refundable or non-refundable.

I've been reading other peoples problems and they say they have the right to keep the deposit If they can get a loan approval and the buyer decides not to buy the car. In my case the dealership is unable to get me a loan.

 

You should be able to get the deposit back. If the loan doesn't come through, your act of good faith by putting a deposit down is still valid and thus you are entitled to your money. Don't walk away from the situation without that back!!

Good luck...

 

You're ready to buy, they (or their bank) aren't ready to finance you. Not your fault, you're entitled to your deposit back.

 

get preapproval from some banks before you go to the dealership. i can foresee them ripping you a new one from this

 

In nearly every state, a deposit left for a car is fully refundable unless otherwise stated on some document/receipt. You may have to jump through some hoops, but I think you will be able to get it back.

In the future, don't leave a cash deposit. Hell, **** shady dealers who make you do this in the first place. Of course I'm serious about buying the car.. I'm ****** here asking to buy it asshole.

 

Dealerships can put or say whatever they want, lots of dealerships say that it is a "nonrefundable deposit", but law says that they have to give you it back if no goods (aka the car) are transferred.

Dealerships just tell you it is nonrefundable to see if you are really serious, as well as to try to use that as a closer (make you think you lose your money if you don't end up taking the car).

Anyways, like I said before, they are required by law to give you your money back if you ask for it.

 

Yup. I work at a dealership. We cannot keep your deposit if we don't finish a deal.

 

 

I work for a dealership as well. Most banks will let you have 2 auto loans as long as your credit is good and you have enough income to support the payments.

ask them to try a joint credit app with you and your wife. I know she doesn't have any credit but her income and yours together may be what it takes.

......just going by what you said and how they are handling this, makes me think that the credit is mediocre which will cause some headaches in getting it approved. Do you belong to or know of any local credit unions? They love to take new car dealers/banks loans if they can