Does your company policy state that down payments are not refundable? Do you state this to the customer when a down payment is made? If not your down payment may not be yours.
In most situations, down payments should always be refundable. Disclosure is the most important thing if you are not refunding down payments. A down payment disclosure form should be used so that both you and your customer understand what agreement has been made.
IDS provides a simple down payment form that specifies to the customer that the down payment is not refundable. The language states,
If the buyer, for any reason does not accept the within described vehicle and terms disclosed on the Motor Vehicle Contract of Sale, the amount deposited or partial payment received shall be deemed compensation to the undersigned Seller for the breach of this option and for all damages sustained by the Seller, together with reasonable attorney's fees. All vehicles are sold AS-IS as accepted, unless written guarantee is given.
If you don't have your Down Payment Disclosure form, order yours today online at www.idsinfo.com.
No comments:
Post a Comment