Is a down payment on a car refundable?
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Recently, I applied for financing through a small car dealership in Houston, TX where I live. I submitted my basic information and I received a phone call from the Finance Manager asking me to come in because he had found a bank willing to finance me. I came in and after discussing everything with him I signed off on the loan application and everything. I left a down payment of 1050.00 in cash and put 500.00 from a credit card for a total of 1550.00. He explained that I MAY have to present canceled checks as proof of income to the financing bank because I had given him copies of handwritten company checks from my employment. I drove off with the car and was given the temporary cardboard plates indicating the car was untitled. I had the cars for a couple of days when the bank called and asked me for the canceled checks. For reasons I'd rather not state I was not able to provide such documentation. The deal pretty much fell dead at that point. The finance manager asked me to find someone else to put the car deal under. We tried obtaining a loan through my fiance but were denied and then we tried my soon to be mother-in-law. The deal was approved but suddenly my mother-in-law decided against signing off on the loan due to the high interest rate. So I pretty much told them that I would have to give back the car after having it for four days. The dealership owner explained that due to the time they invested in trying to get my deal done and the time I spent with the car will cause him to keep my entire down payment. I was shocked....that was a lot of money and it just went away like that. Is this legal or common practice? Please help!
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