Any problems taking a deposit?

[drum]

I'm selling the wife's car. A buyer wants to put down a deposit pending the sale of their own car. I know this happens with house sales but have any of you done this with a car? My concern is that their car won't sell quickly - theirs is a corsa and not up for sale yet.

 

So far after about 3 weeks I've only had traders offering me peanuts so I want to get rid soonish. It's a 55 plate Astra estate with cosmetic issues and i'm asking £1600 ono.

 

What would you do?

[dollywobbler]

Take a deposit but explain that if the full price is not paid within a reasonable time frame, you'll put the car back on the market and keep his deposit. A deposit does not mean you can stop someone selling a car indefinitely.

[chaseracer]

/\/\ Wise words from Ian. And a "reasonable timeframe" is what YOU decide it is, not the other bloke...

[Tayne]

.

[Cavcraft]

Another one for the above and would only add that you should keep it advertised. Give him ten days at the absolute most and if anyone enquires about it in the interim tell them you still have the car but are away for ten days. Once you tell people someone's left a deposit and you end up re-advertising it because the first buyer cocked on the deal, they won't be interested as they'll assume it's fucked.

[Guest]

Totally in agreement.

 

-Timescale

-Balance due

-Deposit not returnable

 

All in writing and a signed copy for both parties.

Don't get me started on the amount of people who can't grasp a desposit is not just to secure their stance as a buyer but to cover the seller for wasted time and having to re=advertise and poss depreciation in the interim plus storage plus inconvenience.

[sporty-shite]

Alternatively, offer to take the Corsa in PX at a low price, so you can punt it on easily to recover your money. Would probably be easier to shift something small and economical than an estate with, as you put it, "cosmetic issues".

[The Reverend Bluejeans]

I'm selling the wife's car. A buyer wants to put down a deposit pending the sale of their own car.

What would you do?

 

Tell them to fuck off, politely. If they haven't sold their car, they are not in a position to buy another one. That used to boil my piss - after 45 minutes and a test drive, 'well, we need to sell ours first'. Wankers.

 

Taking a deposit and then, for some reason not returning it because their Dog dies of bum cancer/sister needs money to go to Australia/bought a Rover 620i instead etc etc (or you actually sold the car to someone with ready cash) just opens a can of worms to be avoided.

[Spiny Norman]

 

Tell them to fuck off, politely....

Taking a deposit and then, for some reason not returning it because their Dog dies of bum cancer/sister needs money to go to Australia/bought a Rover 620i instead etc etc (or you actually sold the car to someone with ready cash) just opens a can of worms to be avoided.

 

This.

 

No matter what you get them to sign at the side of the road it's not legally binding and if they decide to be an utter twat about it afterwards they know where you live. It's just not worth the hassle IMO.

What happens if you take the £100 (or whatever he's offering) then an hour later you get a phone call from someone who's willing to pay full asking in readies there and then?

 

Tell him if he's serious to phone you back when he's got the readies, and if you sell the car in the meantime you'll let him know. I bet a steak dinner you phone him before he phones you.

[Bren]

I'm with the reverend on this one.

 

It's not as if it's a £20 k car and he is waiting for a lump sum to mature. The buyer may be genuine, however you could be waiting weeks.

 

I thought "being in the chain" was for selling houses, not old motors.

[Mr_Bo11ox]

Tell them to FRO and come back when they have money to spend on a fucking used car, the feckless shits.

[Lankytim]

Take a £1600 deposit . Got any pics of this astra? Just out of interest like.

[Cheggers]

Just tell 'em that if you've still got the car when they have the money, you'll sell it to them for whatever price you've just agreed. Simples.

[The Reverend Bluejeans]

Tell them to FRO

 

as much as I chortled at your entire post, this bit is PFG*.

 

 

 

 

 

 

*pure fucking genius.

[mharrell]

I'm also a proponent of cash, in full, at the time of sale. Not some of the money, not most of the money, not some sort of financial instrument that's "just as good as" money. Cash. In full. Then hand over the keys and paperwork (or however it works where you are) and wish them well. I've never yet had a problem buying or selling a car that way.

 

I've looked at cars only to come back later and I've had people say they were coming back later for one of my cars, but in both directions it has always been with the explicit understanding that if someone else comes along with cash in the meantime, then that someone else is getting the car. If the person making the offer is serious, you'll get your money just as fast (and probably a good deal faster) than if you take the pressure off by accepting a deposit.

[drum]

Thanks to all for the sound advice. I'm slightly reluctant to tell the potential buyer to FRO as nobody else has even viewed the car. My advert either undersold or over priced? Whatever I do I' m better armed for the face to face on Sunday. I'll let you know the outcome.

Here's the car

[blackburied]

Thanks to all for the sound advice. I'm slightly reluctant to tell the potential buyer to FRO as nobody else has even viewed the car. My advert either undersold or over priced? Whatever I do I' m better armed for the face to face on Sunday. I'll let you know the outcome.

Here's the car

 

Needs a wash! Bit of tyre black slapped on etc

[Lankytim]

Looks OK! we are so impressed with our Mk4 Astra estate that it's replacement will be another Astra estate, but a newer model*. We just need to wait for this one to blow up, which it doesn't seem to want to ATM.

 

*unless something else turns up at the right price.

[Parky]

Personally I would be reluctant. Next thing you know is he won't have got as much for his car and will you accept less money, or can he pay you the rest over the next 6 months etc.

 

I speak from experience. I did a similar thing years ago, the next thing was I had the guy offering me three old car stereos as a repayment because I could sell them in a local pub to get the cash. Seriously not worth the bother.

 

If it was a mate I would consider it, but otherwise it's too risky IMHO. Your call though, the bloke might be sound but surely having the cash in your hand is the purpose of the exercise?

[CortinaDave]

Tell him to FRO. Deposits are fine if the buyer is coming back the next day to pay in full but a deposit on the basis of "as and when I sell my car" will likely leave you waiting weeks if not months, while they decide they're just going to keep the car they've got cos they can't sell it either.

 

I dont think its overpriced for what it is , but this is the worst possibe time of year to try and sell a car. No one has many readies to flash about in late december/january so you need to either lose money by making it an OMG bargain, or wait it out for a few weeks til things naturally pick up again when I think it'll go quite easily.

[Mr Lobster]

I'd agree with the FRO side of the argument. What if he gives you £100 and then takes three months to sell his Corsa, are you supposed to just sit and wait? Plus he'll likely as not change his mind about the Astra and then come with some sob story about why he needs the deposit back.

 

Bin him and in the meantime do what you can to tidy the Astra without spending much - good clean, replace the missing piece of trim with one from a scrapyard etc and readvertise.

 

Once we get into the new year you should have a better chance of selling it.

[purplebargeken]

Mr. Lobster gets my vote for the right thing to do. Deposit is a waste of time unless it is to hold the car for a couple of hours until the readies appear. The way the 'potential' buyer wants it is fraught with fuckwittery and should be avoided at all costs.

[Mr_Bo11ox]

Its impossible to turn an unserious buyer into a serious one so you will be losing nowt by telling him to FRO. He obvs hasnt got the money to buy your car, so you're not going to scupper a deal cos there isnt currently one to be had. Tell him you'll keep it for a week or two against a non-refundable deposit, or alternatively just play it cool and tell him sorry, you're after a hassle free cash sale so dont want to get involved in the sale of his car full stop, its perfectly reasonable. If he's serious and really wants it, he'll find a family member to lend him some sponds (or a payday loan or some such).

[dollywobbler]

Having thought about this a bit longer, I think FRO does make sense if you want a stress-free life. Better pics will help. Give the car a good clean and take it somewhere nice for photos - a plain car park with trees or scenery in the back ground usually does the trick.

[HMC]

FRO all the way

[Cavcraft]

£1600 seems a bloody good for a 55 plate estate car. I can only further what other have said/implied, he's obviously a dreamer. I'd be well happy with that if I had the money.

[FredTransit]

Alternatively, offer to take the Corsa in PX at a low price, so you can punt it on easily to recover your money. Would probably be easier to shift something small and economical than an estate with, as you put it, "cosmetic issues".

 

I actually thnk this is a good plan B if you don't get a better offer. If you go for this and he doesnt' hes a dreamer! At that point take the deposit as none refundable. He won't come back and you will end up with the car and a bit of cash!

[drum]

Turns out the seller had an auto corsa 06 plate and was expecting to get 2.5 maybe £3k for it

They were still interested but I could foresee a long wait on that corsa shifting.

 

I wished them luck and shoved it on gumtree last night for 1400 as the tax runs out today and I have no room on my drive (4 series land rovers, a disco and an Alfa 147). Half a dozen enquiries by lunchtime and sold it to the first to view.

 

I probably should have fixed it up and sold it 'The Doctor' style but too many projects, not enough time, blah, blah....