Deposits on private party car sales

[Son of Marty]

Airborne is right once he threatens a lawyer you are allowed to not talk to them until you get a legal rep lined up, so in other words once he threatens a lawyer shut up.

[conkitchen]

15 minutes ago, airborne85 said:

Naw the deposit IS your money......Returning his deposit is a nice to have....But, not required.............The threat of lawyers is an over played card....The deposit essentially binds you and him into a mutual contract/understanding....otherwise you guys would have just shook hands....#DEPOSITSLIVESMATTER?

 

ira

I used to do deals with a handshake, but now with Covid 19 I use Paypal.  

 

Stay safe on those mean streets there Ira. 

Edited July 4, 2020 by conkitchen

[conkitchen]

3 minutes ago, Son of Marty said:

Airborne is right once he threatens a lawyer you are allowed to not talk to them until you get a legal rep lined up, so in other words once he threatens a lawyer shut up.

Yeap. All coms are switched off. I was gonna return half, but now having been escalated to I'll sue you, he may not get anything back.  

[2002Scoob]

how much was the deposit? I'd call his bluff, because, chances are a lawyer costs more than the deposit, and probably only qualifies for a small claims court... 

 

Adults can be such children sometimes.

[NYNick]

13 hours ago, conkitchen said:

I did turn away two other potential buyers, plus I cashed in a favor to have some work done on his behalf.  If one is gonna back up intentions with money, stand behind it or be willing to forfeit that on the grounds of having no honor. What's the point of a deposit if it has no merit as a contingency, no? 

Didn't know about the other buyers or, more importantly, the "work done on his behalf". Sounds like he strung you along. 

 

I hate stuff like this. Such a bunch or turds floating around the world these days. You don't mention any specific agreement regarding the deposit, so that's an open ended thing. But he sent his money (you think he knew he could challenge Paypal if he backed out?), made you run around and forced you to turn away other buyers. That's worth something. Now that I know all this, half seems fair.

 

But how much was the deposit? If it's $10K and you're keeping $5K, that's one thing. If it's $1K and you're keeping $500, that's another.

[Mike Self]

I'm certainly not a lawyer (and don't play one on TV either) but here's a suggestion:  instead of calling it a "deposit" state that it's to hold the car for a specific number of days pending the buyer's final decision.  During that period it will be taken off the market.  If the prospective buyer decides not to buy the car, he/she would then lose a percentage of the money paid (25%, 50%, 100%--whatever is agreed to).  Have it in writing, and then both parties are perfectly clear just what will happen.  You could even add a contingency that if the car didn't pass a mutually agreed-upon inspection, then the payment would be fully refunded.  You can be as detailed as you want.  The key is for both parties to know--and agree to--the transaction rules beforehand.

 

mike

[fsf517]

PayPal will yank the $$ Without warning  and make you start a case to get it back. From their perspective it’s goods not received. 

[rcf925]

Good luck with PayPal, They seem to side with buyers more than sellers no matter how wrong they are.  On another note when it comes to selling cars I don't take deposits, Just full payment, I don't hold cars for anybody. You want it, Pay up

[airborne85]

The deposit is a form of security to hold the car until you are ready to pay the rest of the money and collect the vehicle. If you change your mind, you lose the deposit..............There is no interpretation.....

 

ira

[conkitchen]

4 hours ago, NYNick said:

If it's $1K and you're keeping $500, that's another.

 

Ding ding ding

[airborne85]

Guess the dude should have used Monopoly money..

 

That way him pulling out of the deal and demanding his money back, then threatening to get a lawyer.... Would have given Co a chance to know this deal was a joke..

 

We could have all gotten a laugh....  

 

But no stupid US he used cash and made US think the deal was real........New America ??

 

 

[danco_]

Did he pay via goods n services or friends n family? 

That's a big factor. 

 

 

[airborne85]

Play stupid games, get stupid prizes

[conkitchen]

2 hours ago, danco_ said:

Did he pay via goods n services or friends n family? 

That's a big factor. 

 

 

Goods N services, so yeah he likely knew he was gonna do some shady shit.  

Edited July 4, 2020 by conkitchen

[kbmb02]

Threads like this offer a glimpse of how various members here do business. Take notes. -KB