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  5. my SIL put a $500 deposit on a brand new car - pending finance

my SIL put a $500 deposit on a brand new car - pending finance Rss

As above, My SIL put a $500 deposit on a brand new car, pending finance, she got the finance approved but is now having second thoughts.
Does the dealer just get to keep the $500?

SHe isnt sure wether it is cold feet or if she really has changed her mind, she would like to know her options so she can let the dealer know tomorrow.

thank you smile

Hamish & Harrison "together forever"

I'm not sure if it's the same with new cars, but when I brought a secondhand car from a dealer as part of the contract there was a cooling off period. So you could pull out and get your deposit back if you changed your mind.
There should be a 30 days cooling off period. It also depends on the contract she signed
So long as she is within the cooling off period she may terminate the contract. However with regard to the deposit, she may not get it back.

Below is an excerpt from the PAMDA form regarding deposits/cooling off period. This is a qld form, but I'm not sure what state you're in. Get your SIL to read the forms she signed.

To exercise your right to cancel this contract you must provide the dealer with written notification (Appendix A) prior to the coolingoff period ending. Cancelling the contract within the cooling-off period may result in you forfeiting up to $100. All other monies paid
must be refunded.

a) The cooling-off period ends 5:00 pm next business day (excludes Sunday and public holidays). If the motor dealer closes prior to 5:00 pm, then the cooling-off period is extended to the first day following where the dealer closes on or after 5:00 pm (excludes Sunday and public holidays).

cool The cooling-off period ends
in qld there is no cooling off period for new cars. She will need to look over the terms of the contract and it should be stated clearly what is to happen to the deposit if she cancels. HTH

]/u

when i brought my new car last xmas the $500 deposit was non refundable. But that didn't matter too much as i had wanted this car for months.

I hope it's just cold feet, what she not sure about?



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