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The problem is your confusing the finance company's business and the dealerships. The dealership takes and down payment from you and the remainining payment from the finance company and then you make payments on the balance to the finance company plus interest. The fact is the finance company is fine, they will send payment to the dealership for the balance owned and you will make payments to them. The dealership is the party short the $500. I am shocked that they would let a customer defer a portion of a downpayment, they did so and now you owe it to them. You need to pay them thr $500 and be done with it or return the car and get your $1,000 back and go through the whole purchase process again. Did you have a written agreement for when the $500 would be paid? If so what day was a agreed upon?
Honestly, the dealership did you a favor by paying your downpayment in full ($1,500) to the lender while the dealership gave you extra time to come up with the $500 to fulfil your part of the deal.
The lender doesn't know anything about what goes on in the dealership they only see paperwork. When you make a downpayment that payment is made to the dealership then the dealership sends in your contracts along with your downpayment. Neither you or the lender knows the commission structure of that dealership so that downpayment doesn't necessarily only go to their commision.
If I were you, make it right and pay $500 to dealership as verbally made an agreement. Worse comes to worse the dealership can also file civil claim against you.
I agree with the other two responses. You made a commitment to the dealership, and should do the honorable thing; which means keeping your word. You may be able to get away with not paying what you promised, but what would that say about you as a person? I'm sure they'll sue if you don't pay (I would), and even if they lose, you'll be out more than $500 from loss of work, lawyers, etc.
OP, in your first post you said that you paid $1000 toward the $1500 down payment requirement on your contract and you had a "few days" to bring in the $500. This was as of Monday May 8, 2017.
Your post was made May 20, 2017 and you still haven't paid the $500 due to the dealership per your agreement.
First, I am not a fan of deferred down payments because if you can't afford to make the down payment in full, then you shouldn't buy the vehicle.
However, since you have already signed a contract that says you gave $1500 at the time of purchase, it is disingeneous of you to now claim you don't owe the $500 you promised to pay. The lender that issued the loan didn't know that you were participating in loan fraud - or they wouldn't have issued the loan.
Make things right. Pay the $500 you owe - now. Then make all of your vehicle payments on time to the lender.
This is really odd. I am by no means an expert. But if I were granted a loan contingent on paying a balance on a set date, I would make good on my promise; as the dealer made good on theirs.
Best of luck to you.
I don't understand where the confusion comes in. The dealership spotted you $500 so you could drive away AFTER you signed a contract committing to pay $1500. You clearly owe the $500 and as someone mentioned above, the financing company doesn't know what goes on in the dealership. They only get the final paperwork and go from there. You owe the dealership.
Stories like this is why so many dealerships no longer will "hold a deposit check until next month."
I remember when I bought a car in 1994 or so; the dealership accepted 2 months of postdated checks towards the deposit. Was no big deal, I just called them to let them know when to deposit each check and I had my car months ahead of time.
Nowadays, more and more dealers won't close a sale without 100% deposit made at closing.