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April 11, 2012

Buying, Selling, or Leasing a Vehicle

Buying a New Car

What happens to my deposit if I cancel the contract?

If you cancel the sales contract, what happens to your deposit depends on the stage of the transaction and on the contract terms you signed. The earlier in the deal, the more likely the dealer will refund your deposit and the less likely you will be sued. Some states entitle you to a refund if, for example, you decide to cancel before the dealer representative signs the contract. Some states also allow you to get a refund if you cannot get financing, despite your best efforts, provided the contract is subject to getting financing.

>>What information should an automobile ad include?
>>What are “bait and switch” ads?
>>What if the ad omits details?
>>Must a car contract be in writing?
>>Which terms should the contract include?
>>How should I evaluate the contract?
>>May I change a seller's preprinted contract?
>>May I cancel the contract even after I sign it?
>>What happens to my deposit if I cancel the contract?
>>What if I want to add something after I sign the contract?

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