If I were to make a down payment on a car and I decided not to buy it from the seller, is it possible for me to have my down payment refunded?
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If I were to make a down payment on a car and I decided not to buy it from the seller, is it possible for me to have my down payment refunded?
Asked on June 16, 2015 under Business Law, Georgia
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 8 years ago | Contributor
If the buyer decides to not go through with a purchase, they forfeit their deposit unless and only to the extent that the seller had a cancellation or refund policy and the buyer complied with all its terms. That's because the norm or default is to lose your deposit if you choose to not follow through with a purchase (that's the whole point of the deposit: the seller agrees to hold the item for you in exchange for you putting down money which the seller is guaranteed to get), so you only get the money back if the seller chose to give you that option.
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