Car Selling Problem - PeachParts Mercedes-Benz Forum

BenzOnline · #1 07-19-2005, 12:06 AM

Well, im worried and stressed out from this car selling and now this:

A guy emailed me last week, wants to see the car and is from town. Cool I said. I showed him the car and had a 190E which was in a accident prior and wants another benz....loved the w126 and within 5 mins gave me a personal cheque deposit for $1000. My car was originally priced for $6900 then within the month I brought it down to about $6000 which he saw in the Autotrader.

He agreed and it was his decision that he will give me $6500. I was floored and obviously said sure. This was done on a Friday nite. He kept in touch over the weekend that he will be calling me on Monday afternoon with regards to his $5500 remaining payment which he will be getting a loan for (has 2 cars financed). Its now Monday at midnite and not a word or call or email from him.

I have his work and home # and nobody picked up. Im am starting to worry and hoping a call tommorow.....this reminds me of a development of some Judge Judy case

Im never selling a car privately again!!

mikemover · #2 07-19-2005, 01:39 AM

Quote:

Originally Posted by BenzOnline

Well, im worried and stressed out from this car selling and now this:

A guy emailed me last week, wants to see the car and is from town. Cool I said. I showed him the car and had a 190E which was in a accident prior and wants another benz....loved the w126 and within 5 mins gave me a personal cheque deposit for $1000. My car was originally priced for $6900 then within the month I brought it down to about $6000 which he saw in the Autotrader.

He agreed and it was his decision that he will give me $6500. I was floored and obviously said sure. This was done on a Friday nite. He kept in touch over the weekend that he will be calling me on Monday afternoon with regards to his $5500 remaining payment which he will be getting a loan for (has 2 cars financed). Its now Monday at midnite and not a word or call or email from him.

I have his work and home # and nobody picked up. Im am starting to worry and hoping a call tommorow.....this reminds me of a development of some Judge Judy case

Im never selling a car privately again!!

If it were cash, I'd say hang on to the deposit, and if he never returns, then it's all yours....

But since it's a check, there's more of a paper trail linking the two of you.... I'd hold onto it for now, and check to see what your state laws are regarding this kind of thing..... I'm sure there's a specific, legal waiting period, after which you can probably keep his deposit without any liability or obligation on your part.

Mike

pxland · #3 07-19-2005, 07:13 AM

As long as he doesn't have the car no harm, no foul.

Hang in there, and don't go any lower in price for awhile. Make those who are watching it think you've reached the bottom of your price range.

BenzOnline · #4 07-19-2005, 08:29 AM

Update:

He called back....was just very busy at work otherwise the bank didnt want to finance the benz cause its too old? He used up his line of credit for his son and daughters cars but will try another lender today and get back to me. He said if he cant get the money hes letting me keep the deposit.

rdanz · #5 07-19-2005, 09:17 AM

Quote:

Originally Posted by BenzOnline

Update:

He called back....was just very busy at work otherwise the bank didnt want to finance the benz cause its too old? He used up his line of credit for his son and daughters cars but will try another lender today and get back to me. He said if he cant get the money hes letting me keep the deposit.

I personally would refund his deposit if he can't get the loan. "The easiest people to sell too are the ones that can't afford what there buying"

BenzOnline · #6 07-19-2005, 09:52 AM

Why refund if hes telling me to keep it? Ive lost 2 potential buyers who I told the car was sold....when now its not.

glenmore · #7 07-19-2005, 10:33 AM

I can't believe you'd actually keep his money. A car is sold when it is out the door. All sorts of things can happen. If you had strong interest from other buyers, always take their names in case other buyers fall thru. It they really liked your car, theyd be thrilled to hear from you again. The most I think you are entitled to is the cost of relisting the car.

glenmore
1991 300CE
1990 LS400
2000 C280

BenzOnline · #8 07-19-2005, 10:47 AM

I will not let go of the car if I dont have ALL of the money in hand....that is for sure and pure common sense!

I will talk to him furthur with regards to the deposit...my guess is he likes the car so much and needs one for himself since everyone else in his family had one and is borrowing so he "rushed" into it without preparing which mentioned in his email. There is still hope because he is looking today for another lender for money.

I work for GM finance and deal with peoples car payments all day...its pathetic what people will do for a car and im not surprised by this at all.

mikemover · #9 07-19-2005, 01:13 PM

Quote:

Originally Posted by glenmore

I can't believe you'd actually keep his money. A car is sold when it is out the door. All sorts of things can happen. If you had strong interest from other buyers, always take their names in case other buyers fall thru. It they really liked your car, theyd be thrilled to hear from you again. The most I think you are entitled to is the cost of relisting the car.

glenmore
1991 300CE
1990 LS400
2000 C280

I disagree. A deposit like that is typically non-refundable. It was given to secure a verbal agreement to purchase the car. He has already turned away other potential buyers, because this guy committed to buy the car.

The seller should not be penalized for the buyer's lack of preparedness.

If the guy comes back with cash, and you haven't already sold the car, then sell it to him. Otherwise, sell to someone else, keep the deposit, and don't lose any sleep over it.

Mike

BenzOnline · #10 07-19-2005, 02:15 PM

Still waiting for confirmation on his finance/loan.

Should I wait for the yes/no or proceed to call a "potential buyer" I let go after I got this deposit cause I still have his number on my cell.?

Thanks alot guys in helping a unexpeirenced 22 yr old.

sixto · #11 07-19-2005, 02:30 PM

You learned something here. Next time you take a deposit, agree on how long you'll hold the car for him and what happens to the deposit if you don't close the deal at the end of the hold period.

Consider having that conversation now.

There might be a legal and tax aspect to keeping the deposit if you don't sell him the car. Do you have a lawyer friend you can ask? Don't ask me. I have difficulty enough with those signs on the road that say 55

It occurs to me that he might be a covert dealer with an interested buyer in mind.

Sixto
95 S420
87 300SDL

BenzOnline · #12 07-19-2005, 02:30 PM

This is true due to the value of the car.

As far as people these days "having" the money....its VERY unlikely!

I might give him another day or 2.

mikemover · #13 07-19-2005, 02:31 PM

Quote:

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.

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

BenzOnline · #14 07-19-2005, 02:48 PM

Another problem with this deposit is, its on hold in the bank till friday (which will be 1 week since it was given to me). Its a personal cheque.

He doesnt want to answer my calls....only responded to one email. This is just my luck in this monopoly car selling game

matt7531 · #15 07-19-2005, 02:53 PM

Betcha even money there is a stop payment on the check. Write it off to experience.

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