If finance co denies loan, does dealer have to return deposit

Asked over 2 years ago - Asbury Park, NJ

I attempted to get a loan on a car, left $800 deposit, if loan was denied, does the dealer have to return my deposit?

Attorney answers (2)

  1. Matthew R Schutz

    Contributor Level 17

    1

    Lawyer agrees

    Answered . Probably. Depends on the contract and what the money was for. Was it a deposit or an application fee, for example

  2. Robin Miriam Gronsky

    Contributor Level 12

    1

    Lawyer agrees

    Answered . Did you sign a contract with the dealer to buy a car? Was your purchase of a car contingent on your getting a loan? You should consult with a lawyer and have all written agreements that you and the dealer signed for your lawyer to review.

    This response is for general education purposes only and does not constitute legal advice or create the... more

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