Will I lose my Deposit?? - Page 2 - Camaro5 Chevy Camaro Forum / Camaro ZL1, SS and V6 Forums

franknbeans · 11-24-2008, 02:57 PM

Quote:

Originally Posted by OUR72GTO

They will be the last one to know they are closing , just as the door's lock. THERE ARE LOTS OF DEALERS WHO WILL CLOSE before GM would go down. That is part of the problem....they sold too many franchises and they cannibalize each other. The only secure deposit is on VISA or IN TRUST with a lawyer.

There's no way they can't give your deposit back. The dealership did not full fill their end of the agreement. Also in PA deposits are 100% refundable. It doesn't matter what you are securing.

Yes this is a fact. I know this because I have my own DJ business and had a lawyer draft up my contract. . changed out deposit for "1st payment".

Payments are not refundable unless stated.

Screw991le · 11-24-2008, 03:15 PM

If the dealer goes under, you WILL loose your money. Make the lowest deposit you can. Use a credit card, most of the time they will protect you, also.

Search for the post I made about local dealers going under and people loosing deposits.

It is happening.

franknbeans · 11-24-2008, 03:19 PM

It might be happening, but it's not legal. . . This would be the same if I collected thousands of dollars for my services and then decided that I can't afford to do it anymore. . . and shut my doors.

You don't think there will be law suits against me for their money back?

L. James · 11-24-2008, 04:32 PM

You and all the creditors can line up to get your money back.

Screw991le · 11-25-2008, 05:00 PM

Quote:

Originally Posted by franknbeans

It might be happening, but it's not legal. . . This would be the same if I collected thousands of dollars for my services and then decided that I can't afford to do it anymore. . . and shut my doors.

You don't think there will be law suits against me for their money back?

You can't get blood from a rock. The customer will last person to see money that is left over from a liquidation. The banks and such will have first dibs on the left over cash. You won't see a dime.

11-24-2008, 03:15 PM	#16
Screw991le Drives: 2000 Corvette Coupe Join Date: Sep 2008 Location: Boston, MA Posts: 50	If the dealer goes under, you WILL loose your money. Make the lowest deposit you can. Use a credit card, most of the time they will protect you, also. Search for the post I made about local dealers going under and people loosing deposits. It is happening. __________________ 2000 Corvette Coupe 2003 Trailblazer LT EXT 2007 G6

11-24-2008, 03:19 PM	#17
franknbeans Whipped Drives: 2010 CAMARO Join Date: Sep 2008 Location: Pittsburgh-ish - PA Posts: 4,216 View My Garage	It might be happening, but it's not legal. . . This would be the same if I collected thousands of dollars for my services and then decided that I can't afford to do it anymore. . . and shut my doors. You don't think there will be law suits against me for their money back? __________________ Car of the week 7/7/14

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