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If I paid a 5000 deposit for a car but now don't want to buy it, can I get the deposit back?

2 Answers

Jaxson

07/29/25 5:48am

Earnest money cannot be refunded, but booking deposit can be refunded - the two terms are different in meaning. Below are relevant explanations: Earnest Money: According to the Guarantee Law Article 89: The parties may agree that one party shall pay earnest money to the other party as security for the claim. After the debtor performs the obligation, the earnest money shall be counted as the price or be returned. If the party paying the earnest money fails to perform its agreed obligations, it has no right to demand the return of the earnest money; if the party receiving the earnest money fails to perform its agreed obligations, it shall return double the earnest money. Booking Deposit: A booking deposit is not a legal concept and therefore does not have the effect of earnest money penalty. It is generally considered a unilateral act, and the booking deposit will usually be incorporated into the total price as an advance payment or refunded to the payer.

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PenelopeAnn

08/12/25 9:20am

Honestly, from a legal perspective, paying a 5,000 deposit and then deciding not to buy the car is a bit complicated. A deposit is legally considered a guarantee and isn't something you can just get back easily. For example, if you signed a contract stating it's a 'deposit,' then breaching the contract means you lose that money. I recommend you quickly check the car purchase contract or receipt to confirm whether it's labeled as a 'deposit' or a 'booking fee'—the former is non-refundable, while the latter is negotiable. Don't panic; take your evidence to the dealership, explain your situation, and you might get a partial refund, as they likely want to avoid disputes. I've seen cases where people successfully got refunds, but the key is patience and negotiation skills. When buying a car, paying a deposit locks in the agreement, so always read the contract details before paying to avoid regrets. If they refuse to refund, consult consumer protection or a lawyer to protect your rights.

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