If I put a deposit on a car and the seller give it to me without signing a contract pending a letter from the bankruptcy court, can they ask for the car back?
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If I put a deposit on a car and the seller give it to me without signing a contract pending a letter from the bankruptcy court, can they ask for the car back?
And do I owe them any of the deposit?
Asked on April 22, 2013 under Bankruptcy Law, Texas
Answers:
MD, Member, California Bar / FreeAdvice Contributing Attorney
Answered 11 years ago | Contributor
It depends on if you agreed to a spot delivery. This means you took possession of a car subject to obtaining financing approval. If you don't get approval, then you must give the car back and you get back what you paid in if any. It would be as if the contract/sale never occurred.
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