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Proper protocol for taking deposits on cars

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    #1

    Proper protocol for taking deposits on cars

    Hey guys,

    I'm curious as to what proper protocol would be for taking deposits on a car you're selling.

    I took a non refundable deposit on a car I'm selling, and agreed in writing that the buyer had a couple weeks to pick it up and pay the balance. Long story short, we are quickly coming up on the deadline, and it doesn't look like it's happening before then. I've done nothing but made myself available, and it keeps getting pushed back.

    We did not negotiate what happens at the end of the two weeks. So I ask, what do I do from here?

    Do I put it back on the market and tell him to take his chances? Do I charge a daily storage fee on top of the price paid for the car? I'm in a position where I have leverage because well I have his deposit and I don't have to refund it per our agreement.

    I don't want to totally dick the guy, just instill a slight sense of urgency to make it happen. What I don't want to do is take another deposit to hold it for longer...because that doesn't seem to work.


    Any insight or experiences?
    sigpic
    "The best argument against democracy is a five-minute conversation with the average voter." - Winston Churchill
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    #2
    How was the deposit given to you? Cash? Check? If it was a personal check, I hope you have already cashed it.
    tasty

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      #3
      Paypal. Not the best but it could be worse.
      sigpic
      "The best argument against democracy is a five-minute conversation with the average voter." - Winston Churchill

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        #4
        Inform him that you're charging him to store it when the time is up.

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          #5
          he can get the money back. paypal sucks.

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            #6
            I got a deposit on the 7 series I sold and the guy backed out. I kept the deposit.
            BimmerHeads
            Classic BMW Specialists
            Santa Clarita, CA
            www.BimmerHeads.com

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              #7
              Even though you have a document proving the money is yours I think 325is is right by saying he could probably weasle the money back through Paypal. Cash would have been far better. Other than that, if the 2 weeks is up I'd tell him that he has a couple more days to come up with the money or the car is going back on the market.

              RISING EDGE
              Let's drive fast and have fun.

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                #8
                Fair enough. He seems like an honest guy so I have no reason not to show some courtesy. Like I said, I dont want to pull a fast one or get the guy on a technicality. I just want to make it happen and get it over with.

                Thanks for the input guys.
                sigpic
                "The best argument against democracy is a five-minute conversation with the average voter." - Winston Churchill

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                  #9
                  Originally posted by shiftbmw View Post
                  Fair enough. He seems like an honest guy so I have no reason not to show some courtesy. Like I said, I dont want to pull a fast one or get the guy on a technicality. I just want to make it happen and get it over with.

                  Thanks for the input guys.
                  IMHO, your best bet is to simply be honest with the guy. Tell him you just want to get the deal done ASAP, and that while you're willing to work with him, HE needs to come up with a plan and stick to it- one that both of you can live with. Maybe it's as simple as giving him a couple of extra days.

                  Also, I can't think of very many circumstances where I, as a seller, would actually keep a "non-refundable" deposit- unless the potential buyer was just a complete ass, or totally tried to screw me over somehow.



                  Bret

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                    #10
                    My method has always been "I will take a deposit for 100% of the car up front, you can then follow me over to get the title signed over".

                    Fuck this "partial deposit" crap, do I look like a bank?

                    -Charlie
                    Swing wild, brake later, don't apologize.
                    '89 324d, '76 02, '98 318ti, '03 Z4, '07 MCS, '07 F800s - Bonafide BMW elitist prick.
                    FYYFF

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                      #11
                      Originally posted by Charlie View Post
                      My method has always been "I will take a deposit for 100% of the car up front, you can then follow me over to get the title signed over".
                      -Charlie
                      I agree 350%. But that's neither here nor there right now. You agreed to hold the car for 2 weeks with his deposit. Tell him that you are putting it back on the market per the agreement. And then depending on what you sell the car for and how soon you sell it, will determine how much you give the guy back. That way, you get compensated for your trouble without screwing the guy over. If the car is currently insured and has tags on it, and if you have to pay taxes on the car, pro rate your ownership expenses on a daily basis.. and add a few more dollars for the inconvenience factor and you should be able to work out a daily rate for him.

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