Auto Fraud Hold Check AgreementDeferred Down Payment
Sometimes car dealerships allow the customers who are unable to pay the entire down payment at the time the final purchase contract is signed to make a down payment in payments called deferred down payments. Deferred down payments are not illegal under the vehicle code. However, these payments must be itemized in the purchase contract and should include the amounts and due dates for the deferred payments. Often dealerships will make customers write checks for the deferred down payments and then agree not to deposit the checks until an agreed upon date. The dealer asks the customer to sign a separate agreement that states the dates on which the checks will be cashed as well as additional provisions regarding any returned checks. Remember that this is illegal and creates additional obligations for the consumer that are not included in the purchase agreement.
Auto Fraud Hold Check AgreementDeferred Down Payment
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