AboutRay Paulsen Expertise confused buying new or used...buy with confidence from dealer or private...consumer fears...paying to much...getting a lemon...accident car...fair value for trade...negotiation process...etc...you simply want a fair deal...
Experience over 30 years in automotive industry, management, retail, wholesale, appraisals, auctions, vintage
Question I signed to purchase a new car using the "clunkers for cash" incentive. I deposited $400.00 with the dealer. The car was not available until July 24th.
Do I have a 24 hour or any "cooling off" period to change my mind? If I do can I get my deposit back?
Answer Hi John
A cooling off period only apply if deal was written at a location other than at dealership, such as your home or an offsite sale location.
Many dealers will refund deposits to maintain customer satisfaction, while others like to play hardball, and will keep the deposit.
If the bill of sale or contract has to be altered in any way, you then have the right for a refund.
Example,,, if you're financing and the Interest rate has to be adjusted or you been turned down by the lended, or for any other reason the bill of sale has to be rewritten.
