Who to Contact for Refund of Car Loan Deposit After Repayment?
2 Answers
Car loan deposit should be refunded by the 4S store. If a deposit is required when purchasing a car, it is essential to make an agreement with the 4S store. If the loan application is unsuccessful, the deposit should be refunded. However, even if the car loan application is rejected, the 4S store usually assists users in resubmitting the application. Of course, if the car loan application ultimately fails, as long as there is an agreement for refunding the deposit, users can still get their deposit back. Below is an introduction regarding car loan deposits: 1. Common reasons for refusing to refund the deposit: (1) More than three late repayments during the car loan repayment period; (2) Failure to purchase car insurance from the designated insurance company. 2. Non-refundable car loan deposit: When encountering situations where the 4S store evades or refuses to refund the deposit after the car loan is fully repaid, consumers should retain necessary evidence and use legal means to protect their rights.
When I paid off my car loan, the deposit was held by the bank, so I directly contacted the bank's customer service to handle it. At that time, I brought the loan repayment certificate and my ID card, filled out an application form at the counter, and waited nearly two weeks for the money to be refunded to my card. The key is to check who received the deposit in the car purchase contract. Generally, there are two scenarios: if it was collected by the lender, such as a bank or financial company, call them to apply for a refund; if the dealer collected the deposit when purchasing the car, you must return to the dealership and ask the salesperson to process it. I think don’t expect them to notify you proactively—you must follow up promptly. My friend delayed for half a year, and the contract almost expired, nearly making the refund impossible. Additionally, the deposit is sometimes called a security deposit—make sure to apply for a refund after paying off the loan, and don’t forget to bring the relevant documents. Ensure everything goes smoothly to avoid affecting your mood.
