Car down payment, what if i cant continue it?

[CreditCrisis]

If I agree to put a down payment on a car for $2500 broken into two payments but cannot make the second payment and the dealer has yet to take it from my account, what can the dealership do to collect the funds? Can I be sued for this? Can they repossess the car? It is not dealer financed.

[CreditCrisis]

let me add: this also happened a long time ago. like 2003 i bought a truck, was supposed to put $500 down, they never tried to take the money so it was spent. they never called or came after me?

but now im in the situation again where they were supposed to take the money out over a week ago and havent! doesnt this void our verbal agreement? cant i now spend the money? lol kidding and not kidding

[CreditCrisis]

sorry for posting this in the wrong area

[Trish]

No it's ok! No biggie. I just thought it belonged with Auto financing instead of the off topic lounge. It's cool!

I just wish I had an answer for you. I'm not really sure.
Even though you did not finance through them......anything over 1k puts you at higher risk for being sued. Were they supposed to deduct it from your bank acct?
I would try to make sure the funds were there. They may just be delayed in taking the money out.

[CreditCrisis]

yeah the funds were and are there.. but i have stuff that needs to be paid now lol

but if they were to call and say "hey, we went to deposit the check and it didnt go thru" do you think thast all it would be? and i could pay them? or do you think they would try to take legal action asap?

because the other company never even tried to take the money. it was like $1,000 total and they took i think $250.

[Trish]

If it's a check you wrote,.....and the funds aren't there...then depending on your bank, they will either pay the check and overdraw your acct (putting you in the negative and adding all kinds of NSF fees) OR they will return the check to the company. Sometimes a company will run a check through twice before trying to contact you to collect the funds. It really depends on their policy/procedures.

I've been there........I know how it feels.
One thing you could try is maybe calling up the company and just asking if they've cashed it/sent it to the bank yet.....if they haven't, you could just let them know what's going on and that the funds may not be available........and to save you both the hassle and fees.......ask if there's any way they could hold it another week (or however long you need them to).

That might buy you some time.......but ultimately you're going to have to have the funds there.