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Discussion Starter · #1 · (Edited)
Anyone know the policy in the following circumstances.

You sign purchase agreement, and provide a deposit. You have not take delivery.
Can you back out of the deal, or does the signed deal lock you in?

Update: Got it worked out so I can proceed with the deal, and honor the process.
 

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Challenger SPWB 392
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[QUOTE="TOPDAWG, post: 4359792, member: 1486"

You sign purchase agreement, and provide a deposit. You have not take delivery.
Can you back out of the deal, or does the signed deal lock you in?
[/QUOTE]

I would think you would give up your deposit. They win because they get your money and then get to make full pop selling your car to the next person.
 

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Discussion Starter · #3 ·
[QUOTE="TOPDAWG, post: 4359792, member: 1486"

You sign purchase agreement, and provide a deposit. You have not take delivery.
Can you back out of the deal, or does the signed deal lock you in?
I would think you would give up your deposit. They win because they get your money and then get to make full pop selling your car to the next person.
[/QUOTE]
I'm not thrilled on losing the deposit, but am I obligated to buy the car?
 

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2021 widebody Redeye Pitch Black.
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You should not be obligated to buy car, but you will give up your deposit.
 

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The contract I sign said the deposit was no-refundable in the event I did not complete the purchase. I would guess yours would be the same way. Check out all the fine print.
 

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I did this exact scenario back in July of last year & I'm in Michigan btw (if that matters, lol).
I had signed all the paperwork & put down a down payment (on my credit card) for a lease on a 2020 Scat Pack Daytona, but I still needed to take some stuff off my trade in car so I didn't take it that day.
Over the weekend, I thought about it and changed my mind on the car though. Technically (& legally?) I was obligated to take the car, since I had signed everything but they couldn't really force me to come get it & they also needed my trade in as well as that was part of the deal.

I ended up telling them I changed my mind and was unhappy with how the deal went down & didn't want to proceed and then the sales manager called me and he had the down payment refunded.
It took a good 45 days though for them to undo everything with my trade in though because that dealer had mailed a payoff check for that trade in car and Chrysler Capital had to undo everything.
So it was a pain in the ass, mainly regarding the trade in (in my case), but everything was undone & I received my down payment back.

They might give you a hard time (depending on the dealer) & try to strong arm you if they're a-holes, but they can't hold onto money for a car you didn't take. i.e. have extra money on their books for no transaction
Or they might be cool, and just say no worries and undo it all.
 

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I did this exact scenario back in July of last year & I'm in Michigan btw (if that matters, lol).
I had signed all the paperwork & put down a down payment (on my credit card) for a lease on a 2020 Scat Pack Daytona, but I still needed to take some stuff off my trade in car so I didn't take it that day.
Over the weekend, I thought about it and changed my mind on the car though. Technically (& legally?) I was obligated to take the car, since I had signed everything but they couldn't really force me to come get it & they also needed my trade in as well as that was part of the deal.

I ended up telling them I changed my mind and was unhappy with how the deal went down & didn't want to proceed and then the sales manager called me and he had the down payment refunded.
It took a good 45 days though for them to undo everything with my trade in though because that dealer had mailed a payoff check for that trade in car and Chrysler Capital had to undo everything.
So it was a pain in the ass, mainly regarding the trade in (in my case), but everything was undone & I received my down payment back.

They might give you a hard time (depending on the dealer) & try to strong arm you if they're a-holes, but they can't hold onto money for a car you didn't take. i.e. have extra money on their books for no transaction
Or they might be cool, and just say no worries and undo it all.
And then sell it for more money to the next guy in line.
 
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