The "buyer" was a gentleman of maybe 30 years old. He was buying my 1971
Datsun 240Z a a toy. He already owns 3 of them. He wanted mine because it was in
better shape than any of his and he wanted to swap his hi-performance parts into
it.
The best suggestion/advice I've received to date is to NOT take deposits in the
future. This may force the potential buyer into quickly closing the deal knowing
he hasn't tied my hands. And, as was the case, if other potential buyers call, I
can still show it and sell it because I have no obligation. As I have learned, a
deposit means NOTHING to a buyer. I kept up my end of the deal; he didn't. I
suppose if things went to court, I'd have as good a chance "making" him buy it
as he would have getting his money back. Contracts can be oral or written and
money exchanged is a key factor in determining whether a contract was entered
into. I'm no lawyer, but I'll bet someone on this list is.
What I will do is keep his money until I find a buyer. If there is a sale of
some $$'s less than what I was offered, his deposit will make up the difference.
Who knows, maybe he'll change his mind about buying it (but I doubt it).
Thank you to everyone who had some input. It was all valuable.
Still living and learning,
Jeff
Subject: Re: Deposit on car - non lbc
Author: ingate@shiseis.com (Shane F. Ingate) at SMTP
Date: 4/1/98 9:20 AM
Jeff Bonina wrote:
> I took a deposit of $400 4 weeks ago from a buyer.
[snip]
> While I waited 3 weeks for him to pay the balance of my price, I
> turned away 3 potential buyers and removed it from the local auto
> advertiser.
> What's the general consensus on how I should handle this situation?
I dont want to sound mean and heartless (but I am, hehehehe), buying
and selling cars is like horsetrading. The purpose of a deposit is a
good faith gesture that the buyer wishes to buy the car, and constitutes
something more than a handshake. That said, I would keep the $400.
However, if the buyer was a young kid looking for his first car, and did
not have a more knowledgable buyer in tow with him, I would feel
pretty sorry for the kid and refund half the $400. Punters have to
learn sometime, lest they be taken for a really long ride later.
Now if you had taken the deposit, and then sold the car to someone who came
in with a higher bid without first discussing a deadline for receipt of the
balance from the original buyer, then I guess we'd have to arrange a
lynching party for you ;)
Shane Ingate, heartless in San Diego
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