Down payment refund

[Aherman12]

Jurisdiction

Ohio

I bought a car two days ago from a buy here pay here, I got approved for an auto from a finance company after 1 day the car was having issues so I took it to the dealer to have it looked at. While I was there I told them I no longer wanted the car & to just cancel my contract, they agreed to cancel everything but said I couldn't get my $1500 down payment back is this true even though I didn't have the car more than a week?

 

[adjusterjack]

It's true. The dealer will have to resell your car, probably for less than your purchase price and likely have other expenses as well. All of that comes out of your down payment.

Worse, if the sale doesn't make the dealer whole, he could come back to you for even more money.

 

[Betty3]

It's true unless there is something in your contract that you can get your down payment back if you return the vehicle within a certain period of time. (not likely though)

 

[Aherman12]

That's sucks thanks for the info