How To Get Back The Deposit????

[elizabeth]

Dear All

I need some advised. My friend wanted to buy a car. He was advised to pay a deposit of $4000.00. But after 1 week or so the car agent call him and tell him that the car loan was not approved. They wanted him to pay another $2500.00 or get a guarantor. Now due to all the casued he would rather get a second hand car . But now the car agent refused to pay him back to the $4000.00.

Anyone out there can give advised.

Thank you ..

[CardZeus]

Well, if the law is anything similar to UK then, sorry to say, deposits are not refundable. By making the deposit your friend has contracted to buy the car.

[Spunky]

can he go to some financing coy and apply for a car loan himself?

[Wham]

Elizabeth,

Presumably he did sign a contract of some sort before handing over the $4,000. Did the contact state any terms under which he could get his money back? If not, Cardzeus is most likely correct. I would also observe that Singapore is modled after the UK in many ways such as consumer protection - wherein many of the laws appear to favor business. Whereas in the US the ethic of "the customer is always right" seems to keep businesses tripping over themselves to keep a good image with consumers.

Good luck,
Wham

[riversandlakes]

Can this not be an example of con car dealers who faked the non-approval in order to bag the S$4,000?
What's stopping them?

[Wham]

I just happened to read a list of the TOP TEN MOST COMMON MISTAKES that people make when buying a house and no 8 was to NOT get pre-approved for a loan. I would say the same applies for a car.

[elizabeth]

Can this not be an example of con car dealers who faked the non-approval in order to bag the S$4,000?
What's stopping them?

No, they are not any con car dealers. They are car agent with show room.. Now they refused to pay back the money andy yet they wont be able to get a loan for him.

[Saint]

Well, if the law is anything similar to UK then, sorry to say, deposits are not refundable. By making the deposit your friend has contracted to buy the car.

Agree that deposits are non-refundable but 99% of the time in UK when purchasing a car,house etc the deposit isn't paid until everything is agreed and signed.

You might have to put a small holding deposit but nothing like $4k

[riversandlakes]

Surely conmen with showroom too can con the public...

A showroom ain't a License to Honesty leh 8)

Can this not be an example of con car dealers who faked the non-approval in order to bag the S$4,000?
What's stopping them?

No, they are not any con car dealers. They are car agent with show room.. Now they refused to pay back the money andy yet they wont be able to get a loan for him.

[The Sun*]

Dear All

I need some advised. My friend wanted to buy a car. He was advised to pay a deposit of $4000.00. But after 1 week or so the car agent call him and tell him that the car loan was not approved. They wanted him to pay another $2500.00 or get a guarantor. Now due to all the casued he would rather get a second hand car . But now the car agent refused to pay him back to the $4000.00.

Anyone out there can give advised.

Thank you ..

=================

All car sales people are PREDATORS!!!!! Make no mistake. I also lost a $50 deposit many years ago when I impulsively took a car for a spin and placxe a $50 deposit. When I changed my mind....my $50 deposit is gone.
.....unless I choose another model.