Hey guys,

Long story short I went to Massachusetts yesterday after finding an '03 Tl-S advertised for $16,770, which yes it is low but I didn't think it was too low because auction prices run around $14-$16 thousand, and then a decent markup.. anyways, long story short that price reflected a "30% cash or trade-in markup"... so after the guy told me $18,990 I almost crapped my pants..

Here's where buyer's remorse comes in.. They knew I didn't read the "fine print" and the guy was totally understanding on it, dropped the price a bit, and then I said listen, I can't get into a binding contract just yet but I'll give you a check for $500 as a deposit/hold and I was led to believe that I have today to crunch some numbers and then let them know either way by tomorrow. They said that if I decide for any reason that I cannot make this purchase they will void my check and send it back to me, and the purchase agreement will then be voided as well.

Am I screwed right now? Yes, it's absolutely the car I have been searching for months for now, but, at that price I think I can get one cheaper...

Am I bound to a purchase agreement, even if I haven't signed an actual bill of sale?

Helppppppppppppppp
Mike

 

well, by what you have told us.. i'm guessing no.. because if you tell them you DON'T want the car, they will void the check and the purchase agreement, as you said at the end of the second paragraph...

 

What's the problem here? You just said yourself that if you decided not to buy, they would void your deposit check and send it back to you. So it sounds like you have no obligation to them to purchase this car. A deposit is only a deposit. It's not a purchase agreement, and it is refundable if you changed your mind.


I think the real question you need to ask yourself is if you want to wait and find another TL-S for cheaper or pay the asking price.

 

as long as you didn't sign anything, then I think you're good. If you decide not to purchase the car, I'd void the check myself (call your bank and have a stop payment placed on the check). This way, they can't cash the check even if they tried (granted they did not cash the check already). It sounds as though those guys are legit so they probably won't take your money but you just need to be careful....there are alot of cons out there!

 

Hey guys, thanks for the quick response..

My only problem was that I was doing some research and according to the Mass. attorney general's website this is the q/a as follows:

I am negotiating the purchase of a car with a local dealership and they are now asking me to place a deposit to "reserve" the car I want. This should be refundable, right?
A: That depends. A dealer may not be required to return the deposit if you and the dealer have signed a contract that specifies what is to be done with the deposit. Do not place a deposit on a car unless and until you are serious about buying the car, and try to make your deposit as small as the dealer will accept in case you have to forfeit it. It is important to remember that there is no automatic cooling off period, or three-day right to cancel an automobile contract in Massachusetts. Your deposit may depend on other factors in your agreement with the dealership, so be aware of the details of your transaction. Buying a vehicle is serious business, so do your research and read any contracts carefully.


It's not that I don't WANT this car, believe me, I do.. but the fact that I had planned for a 1000 down/275 a month payment which will now be 3000 down/298 a month, i'm a shade on the concerned side :-/

 

sorry to here bout that bro, i hope everthing works out for u but if it dosent u can always buy mine for $13k.

PS. i am leaving to seattle in 3 days