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View Full Version : truck buyer backs out... opinions on his deposit?



Sherpa
07-09-2007, 06:25 AM
so I've got my mom and dad's pickup listed for sale....
A guy comes and takes a look, drives it, likes it, agrees on a price, and since
he's by himself, (can't take it home right then) gives me a deposit; 500 bucks
and I'll drive it to his house tuesday....
he calls last night whining about his girlfreind is pissed at him, and needs to
back out. we discuss, and I tell him I need a bit of compensation for the
hassle... I'm thinking 100 bucks, he thinks 50 bucks. my work partner thinks
screw him completely and make him follow thru...
so I'm curious about the board's thoughts.......
--Sherpa

fundeck24
07-09-2007, 06:30 AM
I buy all my cars used from private parties. The deposit is non refundable. Did you give him a receipt that had that verbage in it?

DSW
07-09-2007, 06:31 AM
Thats why deposits are a bad idea. Bring Cash or go home. I would give him his money back. Hassle is part of selling things these days.

sellsman11
07-09-2007, 06:33 AM
A deposit takes the truck off of the market. It means it is SOLD unless other agreements are made ahead of time. Tell him to find a new girlfriend and come get his truck!!!!:D

HocusPocus
07-09-2007, 06:41 AM
you got the cash.. if you feel keeping $100 is fair, then only give him $400 back, if he doesn't like it then keep it all. maybe this will teach him a lesson the next time he tries this.

SummerBreeze
07-09-2007, 06:44 AM
Looks like we might get this in "Judge Judy" Court Room

hoolign
07-09-2007, 06:47 AM
From the time he gave you his deposit until he backed out, did you turn down any other buyers? If so keep 50%! If not, you weren't out anything anyways and refund his cash. My .02

Xlration Marine
07-09-2007, 06:48 AM
I was selling my boat, guy comes over and said, "I'll buy it". Leaves me a $200.00 deposite. Calls me back 2 days latter and said he couldn't get the rest of the money. At this point he says to keep the deposite. I didn't want to, and I didn't know were he lived so I kept it. He has $200.00 worth of credit with me if I ever see him again. Sounds like you have a boy for a buyer, and he needs a little help manning up. 100 bucks sounds fair.

Old school Ultra
07-09-2007, 06:49 AM
I am pretty sure a deposit is non-refundable or else it wouldn't have any meaning..... If were that easy to get it back I wouldn't be so open to just take the deposit and take the item off the market....
I say if you feel generous give him a few bucks back, Maybe split it in half.
The question is did you give him a receipt with the deposit and terms of the sale? did he have a certain amount of time to come back and get the truck? Was the deposit non refundable? was it sold as is?
Good Luck

RitcheyRch
07-09-2007, 06:49 AM
Agree as others. A deposit means is SOLD and come get it when you get the rest of the money. Only downside if you dont give him the money back now that he being a POS and backing out is that he knows where you live and could retaliate.

Not So Fast
07-09-2007, 06:53 AM
Check the legality of keeping it first. NSF PS and not from the gurus here:D

Jyruiz
07-09-2007, 06:54 AM
If you lost a sale because of it, then I would keep the deposit, otherwise, I would give it all back.

Tremor Therapy
07-09-2007, 07:01 AM
If you lost a sale because of it, then I would keep the deposit, otherwise, I would give it all back.
Exactly what I was going to say. If you did not loose a sale, keep karma on your side and give it back. I know its sounds easy, but thats what I would have done.

ratso
07-09-2007, 07:04 AM
Keep $100... I can't stand a Fukkin' Flake... a spineless one at that!

boats&bars
07-09-2007, 07:14 AM
A deposit is exactly that, keep it ............

Baja Big Dog
07-09-2007, 07:14 AM
I run tours in Baja, and we on occasion have customers back out. I adopted a simple policy years ago, and it has paid off very well. It is my policy to keep ONLY the money I am out, in my business that would be very little, depending on the cancellation date.
My opinion...
What money are you out?
Did you loose a sale because of the back out?
If you can say that you never screwed up, or got shit from your better half for spending money (if any one answers NO ......well you know!!) then you have been in his shoes.
Finally, What goes around comes around........doesn't sound like the guy was being a dick, and because you posted a rather "honest" scenario I'm sure you will do the right thing and give him the money back......
My .02

Cigalert
07-09-2007, 07:22 AM
Give him the money back.....in $500 worth of Lane Bryant gift cards (if you are unfamiliar with lane bryant I strongly suggest a quick walk down google lane).

yopengo
07-09-2007, 07:23 AM
From the time he gave you his deposit until he backed out, did you turn down any other buyers? If so keep 50%! If not, you weren't out anything anyways and refund his cash. My .02
I run tours in Baja, and we on occasion have customers back out. I adopted a simple policy years ago, and it has paid off very well. It is my policy to keep ONLY the money I am out, in my business that would be very little, depending on the cancellation date.
My opinion...
What money are you out?
Did you loose a sale because of the back out?
If you can say that you never screwed up, or got shit from your better half for spending money (if any one answers NO ......well you know!!) then you have been in his shoes.
Finally, What goes around comes around........doesn't sound like the guy was being a dick, and because you posted a rather "honest" scenario I'm sure you will do the right thing and give him the money back......
My .02
I agree.

Sherpa
07-09-2007, 07:31 AM
Give him the money back.....in $500 worth of Lane Bryant gift cards (if you are unfamiliar with lane bryant I strongly suggest a quick walk down google lane).
the best reply so far............ LMAO.......
--Sherpa

TRUMP TIGHT
07-09-2007, 07:48 AM
Convence him he can keep from throwing away the deposit if he just buys the truck. If not its just a stepping stone.....
Lets have a moment of silence for the mans manhood........:D:D:D

centerhill condor
07-09-2007, 09:37 AM
deposit...what deposit? have we met?

79centurion
07-09-2007, 10:39 AM
If he is backing out because of his problems then keep the money. If there was something wrong with the truck then I would say give him the money back. I got screwd out of a deposit I made on a truck. I really wanted the truck and he wouldnt hold it without a deposit. I told him I would buy it as long as it was good. Had a mechanic look at it and found the front axle tube was cracked along with other things like the tires had plugs in the sidewalls(had the tire switched around so they were on the inside). I told him there was problems to see if he would lower the price he said no and wouldnt give me back the deposit.:mad:
Dan

Magic34
07-09-2007, 10:55 AM
If you incurred an expense from working the deal for him, then deduct that expense. Cancel an ad, the fee to replace it would be fair. Other than that, give it back. Life is too short to sweat the small stuff.

H20 Toie
07-09-2007, 10:59 AM
When ever i have given someone a deposit it is becuase i am agreeing to buy the item. if i back out i would not expect to get the deposit back unless there was a problem with the product.
He should not have given you a deposit if he was not ready to buy it.
If you are giving the deposit back then why bother taking a deposit in the first place.

Roaddogg 4040
07-09-2007, 03:46 PM
Life is too short, I agree. What would you do with the $50 or $100 dollars anyway? It's good karma to be nice anyway...
Steve

bear down
07-09-2007, 03:57 PM
If you lost a sale because of it, then I would keep the deposit, otherwise, I would give it all back.
that is what I would do. if you told one person it's been sold then keep the money. if no one else called or really has been calling about the truck then give it back.

Nord
07-09-2007, 04:06 PM
I agree. If you lost a sale because you held the truck. Then keep the money. If not give him the dinero.......

ratso
07-09-2007, 04:21 PM
I agree. If you lost a sale because you held the truck. Then keep the money. If not give him the dinero.......
I want to put about $5000 of Western wear on layaway and put $500 toward it. In the next couple of weeks I'm gonna come in and demand my money back because my bitch wife says I can't buy it...http://www.***boat.com/ubb/graemlins/idea_2.gif

Sherpa
07-09-2007, 04:45 PM
his plead for backing out was it doesn't have electric windows, which he fully
knew about when he drove it...... lame... his "girlfreind" was pissed at him
most likely because he spent money....
and technically yes, I Might* have lost a sale due to this guy since I called
3 people back, and replied to about 4 total emails telling them it was already
sold.....
it'll sell I'm sure............ but the whole purpose of the "deposit" was to hold
for balance upon pickup.......
the more I think about it, I want to inform him he's either choking up the
balance and will own a pickup, or inform him his re-think just cost him 500
bones....
I'll be most likely sending him back 400......
--he's a grown man, over 50, not a punk kid......... time to man up, and
mind his own sack for stuff like this..
--Sherpa
now the next guy is fully gonna get a lecture of sorts...........ha.

2Driver
07-09-2007, 04:45 PM
I never take deposits for that reason. 1st person with the cash gets it and it creates a sense of urgency too. I'd give it back, who knows what kind of guy you may be dealing with.

ratso
07-09-2007, 04:46 PM
his plead for backing out was it doesn't have electric windows, which he fully
knew about when he drove it...... lame... his "girlfreind" was pissed at him
most likely because he spent money....
and technically yes, I Might* have lost a sale due to this guy since I called
3 people back, and replied to about 4 total emails telling them it was already
sold.....
it'll sell I'm sure............ but the whole purpose of the "deposit" was to hold
for balance upon pickup.......
the more I think about it, I want to inform him he's either choking up the
balance and will own a pickup, or inform him his re-think just cost him 500
bones....
I'll be most likely sending him back 400......
--he's a grown man, over 50, not a punk kid......... time to man up, and
mind his own sack for stuff like this..
--Sherpa
now the next guy is fully gonna get a lecture of sorts...........ha.
I'm with you on that...

Jbb
07-09-2007, 05:09 PM
Spend his $500 on Strippers booze and cigars.......take a polaroid at the strip club and mail it to him..:D

MBlaster
07-09-2007, 05:39 PM
I have bought and sold a lot of stuff over the years.
I've neither taken nor given a deposit on ANYTHING.
When buying I always came up with the cash.
When selling it was still for sale until the full cash payment was in hand.
Sure keeps things form getting messy
You know what messy is now.
Give the money back.

vmjtc3
07-09-2007, 06:03 PM
I say if you are out nothing then return the money. If it cost you something then return the portion left. That would be the right thing to do.

ratso
07-09-2007, 06:27 PM
I have bought and sold a lot of stuff over the years.
I've neither taken nor given a deposit on ANYTHING.
When buying I always came up with the cash.
When selling it was still for sale until the full cash payment was in hand.
Sure keeps things form getting messy
You know what messy is now.
Give the money back.
I took a thousand dollar deposit on a Suburban last October. The guy was waiting on a settlement that was coming to him within the next few weeks. I told him interest was 200 per month until he either got the money or got financed. He would send an email every few weeks saying he was still waiting on the settlement and always promising more money, but never sent any. I started using it again for a work vehicle in March. Thinking about maybe trying to sell it again...http://www.***boat.com/ubb/graemlins/idea_2.gif
http://www.hotboatpics.com/pics/data/500/3036burb.JPG

vdriver4ever
07-09-2007, 06:36 PM
This is a moral issue and not a legal issue, and frankly I hope private party sales don't have to become legal issues.
If it was your intentions to keep his deposit then you should have stipulated when you took it, that he realize it was non refundable. Since you did not do that, then I would say give the money back so you feel good looking in the mirror in the mornings.
Oh and if you had other folks interested then you should tell them that you have a deposit and they have until ______ day to come up with the balance.

ratso
07-09-2007, 06:41 PM
This is a moral issue and not a legal issue, and frankly I hope private party sales don't have to become legal issues.
If it was your intentions to keep his deposit then you should have stipulated when you took it, that he realize it was non refundable. Since you did not do that, then I would say give the money back so you feel good looking in the mirror in the mornings.
Oh and if you had other folks interested then you should tell them that you have a deposit and they have until ______ day to come up with the balance.
If I give someone a deposit, I'll be damned if I'm gonna have the balls to ask for it back. It isn't moral or legal... It's just plain and simple good business... What the hell good is a deposit if you don't intend to buy the item??? That's how I look at it... Ratso (not a flake)

scooooter7
07-09-2007, 06:41 PM
My take on this is...He has put a deposit down to buy your truck. Do NOT return it until the truck is SOLD. Then, technically, since you are not out any $$$, refund his deposit in full. He still has the chance to buy the truck if he chooses, but the first one with the moola takes it.

scooooter7
07-09-2007, 06:43 PM
Also, if he acts like a moron and tries to retaliate, keep it all for damages. If he's a gentleman, return it the same way he gave it to you. Once it's sold that is.

ratso
07-09-2007, 06:45 PM
Sounds like his bitch wears the pants... you'll probably be hearing from her next!:jawdrop:

scooooter7
07-09-2007, 06:47 PM
Deduct $10 per contact about it...or per minute of conversation.

blown65
07-09-2007, 06:57 PM
If I give someone a deposit, I'll be damned if I'm gonna have the balls to ask for it back. It isn't moral or legal... It's just plain and simple good business... What the hell good is a deposit if you don't intend to buy the item??? That's how I look at it... Ratso (not a flake)
agree 100%. If I commit and give $$ as a deposit and get cold feet its my loss.
However, being on the other side I guess it would depend if the person needs the money or not IMO. If the dude is hurting for money I'd feel bad and probably just give it all back. On the other hand, if money really isn't the issue with the guy then ya know, he should of been sure of his commitment when he put that money in your hands.

vmjtc3
07-09-2007, 07:26 PM
The other question you have to ask is, is it worth the problems created should he decide to take the deposit back one way or another. :idea:
$500 may be no big deal to you. It may be a big enough deal to him to remove a wallet from your carcass and reacquire his deposit.:eek:

beernut
07-09-2007, 07:43 PM
tell the buyer you may have lost a sale waiting for him to come through,ask him what he would do in your shoes and see if you can work it out ,a little cheaper price,?(he may not have all the dough)to get the deal done, and move on

meaniam
07-09-2007, 07:51 PM
This is a moral issue and not a legal issue, and frankly I hope private party sales don't have to become legal issues.
If it was your intentions to keep his deposit then you should have stipulated when you took it, that he realize it was non refundable. Since you did not do that, then I would say give the money back so you feel good looking in the mirror in the mornings.
Oh and if you had other folks interested then you should tell them that you have a deposit and they have until ______ day to come up with the balance.
look deposit up. it is an item or amount used to secure another item. it does not need to have any verbage other then the word deposit. i dont care what the reason is. it is non refundable. the only way your getting that back is if you send me a police report stating the woman kicked your ass. and had to be removed. or if i know something tragic happened. and then it would far exceed my needs. funny thing is bitch ass people like this dont quit shopping once they have come to an agreement. i had to look up the word deposit for a buyer of some of my classic auto parts after waiting 6 months for the final amount. when i had it in writing from him stating 15 days. i even offered to resell the items. (which wouldnt have been a problem.) then refund it back to him. as long as he made the dissisions and i was paid in full. he then said he would sue me for the amount. i told him to lick my sack. he fualted and lost all his money.
100 dollars is by far fair. actually more then fair.
when i agree to a deposit you best choke up 50%. if you cant you are not a serious enough buyer. as far as the person who stated they were burned by seller over defective truck. that is f@cked up. i would have hung that ahole. every transaction i do over $100 has a contract. i try to be fair. but now i fully explain the terms. cuase i dont want no whiners.
none of this has anything to do with karma. he shouldnt have bought the truck without the true buyer there. dumb ass. i damn well know the shit im steppin into with the wife when i buy more cars. my problems will never be someone elses, just becuase a women carries my balls in her purse. if i screw up. i complete the deal then i turn around and sell it. whats the diffrence

RiverPirate
07-09-2007, 09:21 PM
My question would be.......Did your ad state "NO TIRE KICKERS PLEASE"???
If so he is out his...... Just kidding, a deposit is just that a deposit, kind of like a promise. Selling shiat is sometimes a pain in the arse and he is one of the reasons why. If your worried about karma, I like the full refund in the future after it has sold. On the other hand, you keeping the deposit is the karma god's teaching him a valuable lesson for not following through with his commitment to you. Karma goes both ways.

upsman105
07-09-2007, 11:03 PM
My take on this is...He has put a deposit down to buy your truck. Do NOT return it until the truck is SOLD. Then, technically, since you are not out any $$$, refund his deposit in full. He still has the chance to buy the truck if he chooses, but the first one with the moola takes it.
I like this idea. Makes sense, he can have all his deposit back when it sells... basically you already sold it to him, now you are selling it for him.

fatboy95
07-10-2007, 06:15 AM
A deposit takes the truck off of the market. It means it is SOLD unless other agreements are made ahead of time. Tell him to find a new girlfriend and come get his truck!!!!:D
Tell him to send the girlfriend over. If she is hot work out a deal for the $500 and make a video.

Sherpa
07-10-2007, 06:54 AM
so many great replies......
I do kind of want to kick myself about this whole thing.... The guy did have
the whole amount with him at the time of his offer...........
since he didn't have a way to get it home at that time, I told him I needed
a deposit for good faith.... he asked what was I thinking about.. I said 500
bucks is a serious good-faith agreement on the deal...
I should have said pay the whole amount, we'll sign over the papers, and you
get the keys, basically it's his truck, just happens to be parked at my house.
I bet he would sort of freak if I said I'm keeping the deposit until it sells...
my other thought was to keep his deposit, and when it sells, if it sells for the
same amount he gets all his cash back... if it sells for 200 less than agreed
to, then I keep his 200 and send the rest back...
--I hate this crap.........
--Sherpa[/I]

moneypit
07-10-2007, 06:54 AM
All deposits are refundable unless you sign a legal document stating otherwise. A private seller is no different than a dealer in this situation. You can hold a vehicle at a dealership and not buy it, then get you full deposit back.
Don't be a dick. Give the guy his cabbage back. I hope I don't buy something from the most of you guy...

Cigalert
07-10-2007, 07:19 AM
I sold a guy one of my ysr 50's for $500 a few years back. He came into the bar I bounced almost a month later and wheeled the bike all the way down to the front door where I was standing. He said he needed me to buy the bike back because his mom wouldn't let him keep it. I said no and started doing my job again. After his verbal attack he then tried a physical assault.
A few months later I sold the bike for $600
...profiting $1100.
I don't care about your mom, girlfriend, soggy cereal or man boobs. Deposit is final unless stated otherwise. If it was agreed at the begining that the deposit was to be held until inspection or pending test drive...whatever the case may be, you have every right to do what you want with it.
On the other hand. Life is too short to sweat the small stuff. As you can see from the story above I have a lot.....A LOT of karma to wipe off my record. If it were me, now, a little older, a lot more wiser....I'd give him the full ammount back and consider it a lesson learned.
Or you could just kick his ancient dinasour dust farting turd cutter from here to kentucky.
But remember......choose.....................wisely

SB
07-10-2007, 11:04 AM
All deposits are refundable unless you sign a legal document stating otherwise. A private seller is no different than a dealer in this situation. You can hold a vehicle at a dealership and not buy it, then get you full deposit back.
Well a deposit can be refundable or non-refundable.
A down payment is not refundable.
If you are going to sell something, before the first person shows up, write out a (very short) contract with the make, model, and VIN. Leave the date, sale price, and dwn pmt. amount blank.
When you make a deal, fill out the contract, with date the buyer must pay the balance.
Then if your buyer goes to court, he has only a piece of paper stating that he breached a contract.
Now, the reasoning is that the seller is out his time and effort.
So, what's fair? IMO about $100.