Can the deposit for buying a car be refunded?
1 Answers
The deposit for buying a car cannot be refunded. The following is the relevant introduction about the deposit: 1. Legal guarantee: The deposit refers to a certain amount of money agreed by one party to be paid to the other party as a guarantee for the creditor's rights, which is a legal guarantee method aimed at urging the debtor to fulfill the debt and ensuring the realization of the creditor's rights. 2. Legal provisions: Article 115 of the Contract Law stipulates that the parties may agree that one party pays a deposit to the other party as a guarantee for the creditor's rights in accordance with the Guarantee Law of the People's Republic of China. After the debtor fulfills the debt, the deposit shall be offset against the price or refunded. If the party paying the deposit fails to fulfill the agreed debt, it has no right to demand the return of the deposit; if the party receiving the deposit fails to fulfill the agreed debt, it shall return twice the amount of the deposit.