Am I entitled to a non-refundable security deposit if there is no finalization date of the sale transaction?

Get Legal Help Today

 Secured with SHA-256 Encryption

Am I entitled to a non-refundable security deposit if there is no finalization date of the sale transaction?

On the 23rd of last month I visited a buy here/pay here car lot. I signed a deposit receipt stating the my down payment would be applied as my security deposit. The documentation states that under no circumstance can the security deposit be refunded. However it also states that I have a remaining balance on the car and that the sale will finalize at unknown date (this portion of the document was blank). Am I entitled to my down payment/security deposit of $500 because there was no specific date of finalization? The transaction began on the 23rd; I received the car on the 24th and returned the car on the 26th.

Asked on April 27, 2012 under General Practice, Georgia

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

Unfortunately for you based upon the facts that you have written, you do not get your $500 deposit back for the car that you took possession of just because there was no finalization date for the transaction. In essence, you received the car on March 24, 2012 and had possession of it.

Under the law regarding automobile purchases, unless the written agreement states that you have a certain time to return the car, you are obligated to continue making payments on it if financed, or if purchased in whole, you are stuck with the car unless there is a basis for you to cancel the contract such a fraud by the seller.

You may wish to further consult with an attorney that practices in the area of automotive law concerning your matter.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

 Secured with SHA-256 Encryption