Car Sale - Interesting.

[Success]

Hi all, I recently advertised my car for sales on carsales site.

Had a person come on the weekend, inspect, negotiate price and put a $250 deposit.

They mentioned that they needed a few days to arrange financing. I received a call yesterday evening saying that in order to obtain financing for lease they needed the car to be inspected. I have no issues with this.

Car inspector rang yesterday and arranged a time to meet me this afternoon and inspect car. He mentioned it would take 30mins.

My question ... If buyer decides to pull back on sale based on something that potentially appears on report should I keep the deposit given that I have turned back other buyers ?

Appreciate others thoughts here on what they would do ... I have never had this situation when selling a second hand car.

 

[Television]

Hi all, I recently advertised my car for sales on carsales site.

Had a person come on the weekend, inspect, negotiate price and put a $250 deposit.

They mentioned that they needed a few days to arrange financing. I received a call yesterday evening saying that in order to obtain financing for lease they needed the car to be inspected. I have no issues with this.

Car inspector rang yesterday and arranged a time to meet me this afternoon and inspect car. He mentioned it would take 30mins.

My question ... If buyer decides to pull back on sale based on something that potentially appears on report should I keep the deposit given that I have turned back other buyers ?

Appreciate others thoughts here on what they would do ... I have never had this situation when selling a second hand car.

That's exactly what the deposit's for, isn't it? (Not being a smartarse, just to be my understanding).

 

[Ideo]

I recently sold my car.

I'm $1000 richer from 2 deposits who decided to pull out from the sale because of finance.

I only refund the money if an inspection finds fault with the car. But that is just my personal approach.

 

[devank]

I claimed my deposit back based on NRMA's report.

It was a one year old car. Seller said that it never had any accident or modification. So I paid the deposit with subject to 'satisfactory NRMA report'. Based on the NRMA report, that car's front bumper area (body area under the bonnet) was replaced due to an accident.

 

[The Fence]

I'm $1000 richer from 2 deposits who decided to pull out from the sale because of finance.

Reminds me of a recent thread involving deposit on a property.

The hysterics were incredible...

 

[Success]

I only refund the money if an inspection finds fault with the car. But that is just my personal approach.

I think this is fair ... let's see how we go. Appreciate the replies.

 

[Ideo]

Reminds me of a recent thread involving deposit on a property.

The hysterics were incredible...

I don't get the hysterics.

I am happy to refund the money if there is something wrong - and the receipt I wrote said as much.

Not getting finance in order before arranging to buy something? Not my problem, whether it is house or car.

Bizarre attitude to have. We're grownups. We need to act like them and take responsibility for our actions.

 

[VYBerlinaV8]

I don't get the hysterics.

I am happy to refund the money if there is something wrong - and the receipt I wrote said as much.

Not getting finance in order before arranging to buy something? Not my problem, whether it is house or car.

Bizarre attitude to have. We're grownups. We need to act like them and take responsibility for our actions.

I tend to agree. There's a big difference between making a verbal agreement on the basis that you need to get finance and actually progressing the formal process by signing contracts.

 

[VaSSagO]

I disagree, the sale wasn't subject to an inspection as such if they decide to pull out due to the findings I wouldnt give them back their deposit.

I will always take a lower price for someone that will take it as is or for cash, just less hassle.

 

[datto]

If buyer pulls out, keep 50% of deposit to pay for readvertising.

this happened to me once. the buyer paid deposit and I didn't hear anything for several days. Then, the buyer's mum rings me and tell's me her son has been locked up and wants the FULL deposit back ($300). Bit rude. I declared car sold on the net.

No way I say. I gave $150 back and buyer's mum was happy. felt like keeping the lot but dealing with a crim can be unpredictable. Discretion being the better part of valour.

 

[The Fence]

I don't get the hysterics.

I am happy to refund the money if there is something wrong - and the receipt I wrote said as much.

Not getting finance in order before arranging to buy something? Not my problem, whether it is house or car.

Bizarre attitude to have. We're grownups. We need to act like them and take responsibility for our actions.

Absolutely, I agree.

I was referring to the hysterics created by one particular poster in another thread related to the taking of a deposit (huge $$) from a buyer who couldnt get their finance sorted.

 

[Ideo]

Absolutely, I agree.

I was referring to the hysterics created by one particular poster in another thread related to the taking of a deposit (huge $$) from a buyer who couldnt get their finance sorted.

Wow. Missed that thread first time around.

So, can we find something to fight about in this, or are we just going to have to agree to agree for once?

 

[VYBerlinaV8]

What's the point of taking a deposit of you are going to return it when the buyer changes their mind (unless the item fails reasonable inspection/testing)?

 

[Ideo]

What's the point of taking a deposit of you are going to return it when the buyer changes their mind (unless the item fails reasonable inspection/testing)?

Exactly.

That kind of mindset just leads to unreasonable expectations.

 

[Success]

Glad to report that inspection was fine and financing now been processed.

Hopefully payment in by this Friday !

All part of a grand plan to finally 'simplify' my life and remove all the unecessary luxury items eating away at my hard earned $$'s

 

[datto]

Glad to report that inspection was fine and financing now been processed.

Hopefully payment in by this Friday !

All part of a grand plan to finally 'simplify' my life and remove all the unecessary luxury items eating away at my hard earned $$'s

Woo Hoo..your shout this Friday !

 

[geoffw]

As long as it's not a scam.

A bloke I know got scammed selling a car. It turned out it was a rebirthing, but thanks to info he provided they got caught.

 

[MickStephens]

When selling a car privately, first in best dressed.

ie If im selling a car and someone agrees to buy it subject to anything and they take days to finalise, the car stays on the market and if someone else offers cash in the meantime and can do the deal quicker, they get the car and the first person gets a phone call saying they missed out.

Its harsh but too many time wasters out there ruin it for everyone else.

P.S. I do not do this when selling a car at work (I sell cars for a living)

 

[LoneWolf]

Guys, on the same note of selling motorcycles.

I am currently considering selling my super bike.
Now, how do you go about selling?

I mean, super bikes are clearly higher risk compared to a car.

If someone comes and say they want a test ride, I don't think I can say no?
And I don't think I would want to sit on the bike of my bike during the test ride.
Given the skill level of the rider, if he/she say have a little incident, how will I be covered?

Thoughts??

Has anyone overcome this sort of thing and have sold a bike?

I read from somewhere that people take upfront cash for test rides, anything happens, you keep the cash? But I don't think anyone would come and hand over 5 digit cash to you for a test ride?

 

[Blacky]

If the sale is "subject to finance" then yes, return the deposit.
If it is a "cash" offer, how they come up with said cash isn't your issue. If they fail to hit the deadline... the deposit is forfeited.

I don't know much about bikes, but when ever we purchase a boat we make it "subject to satisfactory sea trial". This basically means that everything runs as it should. Most people won't do a sea trial without a purchase commitment. Otherwise you spend every weekend driving people around in the boat to see if they like the model - then buying someone else's (usually site unseen off the web). You could do the same with the bike. Yes - you can take it for a ride if you are going to buy it. Otherwise - bugger off.

Blacky