We put $300.00 down on a vehicle as a deposit, but considered the financial situation we are in we changed our minds after 2 days. The contr...

Question

We put $300.00 down on a vehicle as a deposit, but considered the financial situation we are in we changed our minds after 2 days. The contract said that they would hold the vehicle as a pending sale for 10 days, after which date the vehicle will be returned to inventory and offered for sale. Our deposit will not be refunded. It has only been 2 days and they said we cant get our deposit back....we say we should because it hasnt been 10 days, do we have a right to get it back?

Answer

As a Franchise Attorney I can only say the following. If the contact says the deposit is nonrefundable, which you appear to say is the case, that's it. The 10 days is a separate issue - it is the period they are holding it for you and presumably will not sell to someone else. Consult with a good business or franchise attorney in your area for specific advice.

Mr. Franchise - Kevin B. Murphy, B.S., M.B.A., J.D.

Franchise Foundations, a Professional Corporation