ruskus

I had my car sold and got a $500.00 deposit. The next day the buyer called back and pulled out of the deal because of spousal issues. I hadn't cashed his deposit check, no problem. A couple of guys I work with said I should have kept his $500.00 for the hassle and whatever. Anyone with experience or comments on this? Thanks.

Also, my car is still for sale:

http://vettefinders.com/index.cfm?fu...il&id=4644&g=3

1Bad69

was there any discussion about the deposit being non-refundable? if not i would just give the cheque back and move on to the next person that wants it...

Budman68

It is your option to give back or keep the deposit. If it affected selling the car by turning down offers, I would keep the deposit. Just my .02

Fevre

Thought the whole idea behind the deposit is so you hold the car and keep the $ if they decide not to buy. Guess it is up to you. Since it was the next I would probably just give the check back.

Eddie 70

Nice looking vette. He may not have been in the situation that he thought he was and his boss let him know about it. That is too bad.

So far no one has done this to me, if it happened to me I would reluctantly give the check back. Just me though.

stpman

:iagree:

What would have happened had you had other offers? The deposit is supposed to seal the deal. I have been on both ends of this argument.

But it is up to you.
Steve :steering:

Wrencher

I've had this happen to me. During the time that I got the deposit (I only take cash!) and 2 days later when she backed out (an older Ford F-150), I turned down 2 other prospective buyers responding to my ad. So, we agreed that if I was not able to sell it after all, I would keep the $300.00 (on a 3K sale) and she would be out of luck. For my part, I let her know that all I wanted was to sell the vehicle and would give the bucks back if I got what we had agreed to. I ended up getting $2900.- a week later so it cost her $100.- to hang me out. Worked out for both of us.

Hans

QuickVet

:iagree:

JMV

Good solution! I am a sap and have given deposits back more than once. :cheers:

Clink69

Technically a deposit is fully refundable for 72 hours. This is called "Right to recind". This is true in many states. Not sure about NJ.. When this happened to me I kept $20 for loss of paper add and got a fight..but I stood firm. Less hassle to give it back, and you will lose if it contested.


[Modified by Clink69, 7:55 PM 5/5/2003]

Harry74

Heck I'd give it back and then I would feel really sorry for the guy having to pass on a nice ride like that!

-harry

427V8

Hmmm. Tough choice.

If you give it back, maybe you're a chump.

But if you keep it you're a jerk.

I'd probably give it back.
but I know if I was the buyer they'd keep it! :mad

dogboy

Give it back unless there were damages to the sale, than negotiate.

Crash Dummy

I went through much the same thing others have. I sold a BMW 750IL on E-bay to a guy out of California and he sent me a $500 deposit over night via Fed-Ex. The agreement was to have it picked up within 30 days(we negotiated this before the end of the auction in e-mail if he was the high bidder). Thirty days later he did not have it picked up due to family problems(son tried to kill himself) and I then backed out of the deal. He told me to keep the deposit(of which I had deposited & cleared). I sent it back. Just couldn't see keeping the money when there were special circumstances.

The bad part? I listed the car again(no reserve like the first time) and took a whitewashing. It was all worth it though as I got to post that ad for 7 days with the world seeing what I thought of Momentum BMW in Houston.

ruskus

I didn't lose out on anything, made the deal Sunday, broke it on Monday. I know how the guy felt. When I purchased the car my wife didn't speak to me for a month, but I still held on to the car. Four years later she still doesn't speak to me, not really a problem :) , and I am selling. We'll see what happens after my next purchase.

Russ

Robert N

I think you made the right decision. As some have said above, if the deal cost you another sale, the deposit is rightfully yours, otherwise, I can't see keeping the deposit.

vette_c5c6

I have sold and bought many used cars over the years, I do not take deposits I just tell the buyer the deal will close when I see cash or equal to cash. At that point I hand over the keys and the sale is final.

bigvette1

Ethically you did the right thing. From a legal standpoint Click69 pointed out the 72 hour cooling off period that will stand up unless you have a written contract that spells out the terms of the deposit. Hint - do this on future sales, less trouble.

WA 2 FST

I concur with the majority here. It cost you maybe one day of advertising, and whatever your time is worth (which is something). You never know when you'll run into the guy again, or someone he knows.

The car will sell b/c its very, very nice and your price is good. Hold firm on it.

LAvetteman

:iagree:

I had this happen to me a couple of weeks ago on my 80. The buyer backed out and suggested I keep the deposit, I agreed beings I had turned down a coule of offers on various parts of the package.

Then again, in your case, you may want to give the guy His money back or else his Wife is gonna whip both y'alls *****!!! :D :lurk: :lol: