When we were negotiating the price of a new car, the salesman asked for a $1,000 deposit. Later, we decided not to buy that particular car. Is this deposit refundable?
The law concerning vehicle deposits varies from state to state. In most states, however, your deposit is fully refundable, no questions asked. In court cases in some states, however, dealerships have won the right to keep the customer's deposit when the customer cancelled the deal.
Tip: Ask the car salesman if your deposit is fully refundable before you fork over your hard-earned money.
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