DEPOSIT AND FORFEITURE AGREEMENT
Page (1)
This Deposit Agreement, made in triplicate originals this _________________ day of _______________________,
20_____, by and between Otto’s auto Locate Service, LLC (hereinafter called the “Dealer”)
and ______________________________________________________________________________(hereinafter
called “Buyer”)
Witnesseth Whereas, buyer has issued its Deposit (personal check) in the amount of $U.S. Dollars:
______________________________________, dated as of the ______________________ (issue date) and with no
maturity date or interest payable . _______ Buyer initials
and payable to Otto’s Auto Locate Service LLC (hereinafter called “Dealer”), a reproduced copy of which is affixed
hereto for identification.
Now, Therefore, In Consideration of deposit, the parties hereto agree as follows:
1. Buyer agrees to buy, and Dealer agrees to sell (as described on Buyer expectation form) the vehicle specified by
the “Buyer”.
2. That Bank shall hold said Original funds in Trust until such time as delivery of buyer’s automobile as agreed to on
Buyer expectation form. In safekeeping for the account of “Dealer” ; shall furnish to “Buyer” the automobile as
described within the timeframe agreed.
3. In the event that Dealer does deliver automobile as described on Buyer expectation form, the deposit sum will be
applied to the final pre determined agreed upon purchase price (excluding taxes, license, title and fees)
4. In the event that dealer does not produce buyers automobile as described, total deposit sum will be refunded
100% within 15 days of delivery date. This deposit return will not include any interest. Deposit return shall bare the
same dollar amount as deposit in trust as described above.
5. In the event that Dealer delivers car as promised and stated on Buyer expectation form, buyer agrees to
purchase car as agreed. If buyer decides not to purchase automobile at this time, 100% of the deposit amount will
not be refunded to buyer.
It is understood by buyer that Otto’s Auto Locate Service, LLC does not “hold” inventory. Otto’s Auto Locate
Service, LLC will purchase only when “buyer” agrees to buy and provide deposit. In the event buyer does not
purchase vehicle when delivered as described, Dealer has the right to sell vehicle at their discretion to
another buyer at anytime.
Please check the following that applies to your purchase:
___: I have had the opportunity to drive the vehicle I am requesting Otto’s to purchase and agree to purchase
the vehicle in question when it is delivered. Vehicle purchased is ____________________________________
___: I have not driven the vehicle but have read the Vehicle History Report, reviewed the mechanical
condition and viewed the photos and or video. I am satisfied with what I have seen and have ok’d the
purchase of the vehicle in question. Vehicle purchased is ___________________________________________
DEPOSIT AND FORFEITURE AGREEMENT (Continued)
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In Witness Whereof, The parties hereto have caused this Deposit Agreement to be executed and delivered in
triplicate originals as of the date above written.
Buyer (printed name and signature) ______________________________________________ Date ___________
Buyer (printed name and signature) ______________________________________________ Date ___________
Dealer (name and title) ________________________________________________________ Date ___________