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Originally Posted by PaulC
Give him the option of retrieving his deposit within a few days. If he insists that you keep it beyond that point in time, then give him a reasonable amount of time to procure a loan and fully fund the sale. If he can't fund by that time, then you keep the $1,000 as liquidated damages, not as a forfeiture.
Lay this out for him in writing. Unless you want to keep your car off the market indefinitely.
The problem is that the age of your car makes it nearly impossible to finance through conventional bank/credit union car loan pools. You need a buyer that already has the cash in a coffee can buried in his backyard.
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I agree.
Give him written notice that he has X-amount of time to complete the transaction, or forfeit his deposit. Be courteous, but make sure he understands that this is his final chance. The odds of him getting financed for a 20-something year-old car with a relatively low book-value are VERY slim.... You don't want this to drag on forever. You have already been too patient, in my opinion.
I would also go ahead and call the other potential buyer, and if he's still interested, arrange to meet him as soon as the deadline you set for the other guy expires. I wouldn't volunteer to give the "plan B" guy details of your troubles with "plan A" guy..... Just tell him you're "busy" for the next couple of days or whatever.
Mike