Asked in Consumer Law and Contracts for New Jersey

Q: Am I required to pay off remainder of balance if I put a holding deposit on a used car and signed bill of sale?

I found a car I thought I liked at a used car lot, so I put a deposit on it with the intention of coming back the next day. When I got there I noticed some pretty bad frame rust that wasn’t mentioned in the listing online. I no longer want the car, however when I put the deposit down the dealer had me sign a bill of sale saying I paid $500. Do I have to pay the remaining balance listed on the bill because I signed it or can I just lose my deposit and be done?

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1 Lawyer Answer
Morris Leo Greb
Morris Leo Greb
  • Rockaway, NJ
  • Licensed in New Jersey

A: Demand a refund of your deposit. If not returned, contact the State of NJ Consumer Fraud Division.

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