Return of Deposit

[masterge]

Anyone know the "Return of Deposit" Laws in Arizona? Do the dealers have to return all or partial deposit if you decide not to proceed with buy?

 

[Don S]

Re: Return of Deposit

That depends on why you decided not to buy. Usually, the dealer tells you up front what and what not the deposit return policy is.
If he didn't, then you shouldn't have agreed to it to begin with.

 

[wca_tim]

Re: Return of Deposit

I always kinda thought that the sprit of a deposit was: here's some money to hold that and not sell it. It's my intention to buy it, but if I don't that deposit is yours to compensate you for holding on to it while I get my mess together to pay for it...

Course I'm sure the s[ecific terms of the arrangement are probably spelled out in the agreement you signed when you paid the deposit...

 

[jaxnjil]

Re: Return of Deposit

when you made the deposit you must have signed some kind of contract. whats it say?

 

[dcg9381]

Re: Return of Deposit

when you made the deposit you must have signed some kind of contract. whats it say?

If I take a deposit, I'm very specific about the terms and usually write them down. If there were no terms and nothing written down, then I hope you got a receipt for your deposit. No terms, nothing written down, I'd ask for it back.

Usually my terms are full payment within X days.
I've had a few cases where I don't get full payment, I've always refunded the deposit - not because I have to, just because I felt it was the right thing to do. Others may feel differently, especially if you lose a sale or two while holding the boat.

 

[bomar76]

Re: Return of Deposit

It all comes down to character...or lack there of.

If the deposit was made conditionally (ability to obtain financing at a certain rate or less, results of survey, results of sea trial, etc) and those conditions were met, if the seller decides to skip on his financial pledge the deposit is rightly the sellers to keep.

If deposit was made unconditionally and buyer flakes for whatever reason the buyer has no reason to think he should receive his deposit back.

A deposit is a pledge to a seller to hold an item from other potential buyers.
The seller deserves to retain the deposit if buyer skips on fulfilling his obligation.

 

[fishmen111]

Re: Return of Deposit

ditto !

 

[masterge]

Re: Return of Deposit

It all comes down to character...or lack there of.

If the deposit was made conditionally (ability to obtain financing at a certain rate or less, results of survey, results of sea trial, etc) and those conditions were met, if the seller decides to skip on his financial pledge the deposit is rightly the sellers to keep.

If deposit was made unconditionally and buyer flakes for whatever reason the buyer has no reason to think he should receive his deposit back.

A deposit is a pledge to a seller to hold an item from other potential buyers.
The seller deserves to retain the deposit if buyer skips on fulfilling his obligation.

"In nearly every state, any deposit you leave on a vehicle is fully refundable, unless otherwise stated on the deposit receipt. Some dealers may try stalling tactics in an effort to pressure you into going through with the deal. However, in the end, they must refund your money. Unfortunately, it may require you to jump through lots of hoops in order to see your deposit refunded." http://blogs.edmunds.com/strategies/480

I would assume that boats and vehicles are handled the same way in most states. I put down a deposit via credit card. I did not sign a contract nor purchase order but was faxed a PO front-side signed by dealer with NO info on deposit information. At the time, my concern was getting the price info down on the front.

 

[Navy Jr.]

Re: Return of Deposit

We also put a deposit down on a new boat. The terms relating to the deposit are clearly spelled out on the back of the contract. Basically, if the dealer screws up the order or otherwise can't deliver the boat we ordered, we get the deposit back. If we change our minds or otherwise decide we no longer want the boat, we don't get the deposit back.

 

[External Combustion]

Re: Return of Deposit

The blog has no specifics as to the law in your state. I'm surprised a Lt. Commander that is familiar with the UCMJ would accept it as an authourity.

A deposit is legally a surity bond for performance. Some states allow a waiting period of a few days to "cool off" and retract a deal upon better judgement with no penalty, some do not. In any case the seller is out time and effort, sometimes leagal fees also.

The only way you will know is to look up the law in Arizona. If the dealer did not breach the sale, if the deal was not contingent on other items that did not take place other than desire, I hope he keeps the deposit. It helps keep the price down for others that follow through with their deals.

 

[masterge]

Re: Return of Deposit

The blog has no specifics as to the law in your state. I'm surprised a Lt. Commander that is familiar with the UCMJ would accept it as an authourity.

A deposit is legally a surity bond for performance. Some states allow a waiting period of a few days to "cool off" and retract a deal upon better judgement with no penalty, some do not. In any case the seller is out time and effort, sometimes leagal fees also.

The only way you will know is to look up the law in Arizona. If the dealer did not breach the sale, if the deal was not contingent on other items that did not take place other than desire, I hope he keeps the deposit. It helps keep the price down for others that follow through with their deals.

The blog has no specifics as to the law in your state. I'm surprised a Lt. Commander that is familiar with the UCMJ would accept it as an authourity (Spelled authority).

What does the UCMJ have to do with this?

A deposit is legally a surity (Spelled surety) bond for performance. Some states allow a waiting period of a few days to "cool off" and retract a deal upon better judgement (Spelled judgment) with no penalty, some do not. In any case the seller is out time and effort, sometimes leagal (Spelled legal) fees also.

The only way you will know is to look up the law in Arizona. If the dealer did not breach the sale, if the deal was not contingent on other items that did not take place other than desire, I hope he keeps the deposit. It helps keep the price down for others that follow through with their deals.

Thanks for your input though. It has been helpful! : )

 

[External Combustion]

Re: Return of Deposit

Just a quick response. No offense offered, no offense taken. At 0400 after two sleep deprived days my poor spelling gets worse. I thought it better to give a response than worry excessively over my weakness.

The UCMJ is pertinent because as it was taught to me and my peers, we were to read and understand the exact language of the law; what was permissable and non-permissable language, whether our actions were to get us in serious trouble while taking care of our men and supplies, or whether we could dance around the edges effectively to get the job done without violating the Code. I had hoped the Navy had given you as good a training on law as those in my generation. This is why I referred to it.

Note, I did not make any assumptions as to who might have breached the contract.

 

[oops!]

Re: Return of Deposit

It all comes down to character...or lack there of.

If the deposit was made conditionally (ability to obtain financing at a certain rate or less, results of survey, results of sea trial, etc) and those conditions were met, if the seller decides to skip on his financial pledge the deposit is rightly the sellers to keep.

If deposit was made unconditionally and buyer flakes for whatever reason the buyer has no reason to think he should receive his deposit back.

A deposit is a pledge to a seller to hold an item from other potential buyers.
The seller deserves to retain the deposit if buyer skips on fulfilling his obligation.

i am a canadian.....i do not know what the united states laws are.....

i own a store.......what was said above ..........is totally correct...100%
if you made a deal...then decided to "back out"...you will loose your deposit.....it is not the product that is in "fault"....but you changed your mind.....you pay the penalty.......

 

[aspeck]

Re: Return of Deposit

I know when we were in sales (vehicles), a deposit was the binding to an agreement to sell/buy. If you did not buy, then the deposit became my rightful property. However, how you treated me was very crucial in what happened to the deposit. If you demanded your deposit back and got nasty with me, then it stayed mine. If you jerked me around, it stayed mine. If you were nice, pleasant, friendly, and truly sorry for inconveniencing me, then the deposit was usually returned.

BTW, most deposits were returned, but it was by MY choice.

 

[RubberFrog]

Re: Return of Deposit

When did the spelling police arrive?

 

[masterge]

Re: Return of Deposit

Just a quick response. No offense offered, no offense taken. At 0400 after two sleep deprived days my poor spelling gets worse. I thought it better to give a response than worry excessively over my weakness.

The UCMJ is pertinent because as it was taught to me and my peers, we were to read and understand the exact language of the law; what was permissable and non-permissable language, whether our actions were to get us in serious trouble while taking care of our men and supplies, or whether we could dance around the edges effectively to get the job done without violating the Code. I had hoped the Navy had given you as good a training on law as those in my generation. This is why I referred to it.

Note, I did not make any assumptions as to who might have breached the contract.

Well, You are correct. I am quite familiar with the UCMJ and it has nothing to do with this issue.

What I am not familiar with is the Arizona law that deals with this issue. Thus, the reason for the post. I was hoping to get a response from someone that knew the AZ law and could provide a URL so that I could read it myself. I did not get a definitive response from anyone that knew what the exact law said. Many states do have laws that are easily found on the net and clearly define what a seller must do with the deposit when the sale does not complete. AZ's laws are not that easy to find with regards to this issue.

I thank all for their opinions. The dealer is returning the full deposit and I think both of us are more than willing to do business with each other in the future.