Retrieving deposit from private seller
05-27-2010, 01:20 AM
#11
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Originally Posted by joefish1298,May 27 2010, 01:26 PM
Now I try to organise to finalise the transaction. The car is under finance, so I suggest we go to the bank where the finance account is held, I deposit cash into the finance account and take the car. Simple right?
No, he tells me that the funds wont be cleared and I can't take the car till the next day. So I explain again, I'm paying cash with him as a witness and it does not need time to clear and he tells me no he works in finance and it does need time to clear.
If you have the details you can simply make this deposit yourself. He is right that in some instances, that the process of paying out his finance can take time to clear. Clear in a legal sense. Whilst his financial account might be zero'd, there needs to be a closing of the arrangement and notification sent (to him) letting him know the contract is complete (legal stuff). Until the financial contract is complete he can still be liable under the contract (more legal stuff).
If he gave the car up, and it was destroyed and if insurance was to not cover his arrangement he can be in default of his financial contract. Impacting on his credit rating.
If you're going to pay out the his finance, you should obtain a copy of the final payment notification pay it out and be happy having confirmed that payment has processed.
You should always obtain copies/proof of documents in relation to the sale of a vehicle. The first thing make sure you get a receipt for your deposit.
Is he still willing to proceed with the deal?
05-27-2010, 06:02 AM
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Originally Posted by tak_one_77,May 27 2010, 07:40 PM
Plus what difference would a day have made?
Joe, your doing the right thing, this guy sounds like a dick, might be worthwhile to offer him to pay for the cost of his car ad to compensate for his time, as you have both cannot agreed to sale terms. By the way this guy thinks, he will never sell this car !
05-27-2010, 04:38 PM
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Originally Posted by Vuey,May 27 2010, 10:02 PM
Well if Joe pays the balance, the seller can just tell him to f'off and not have to give him Jack! I purchased my jazz under finance, once I agreed on a sale price with a buyer, I disclosed the balance owing on the car from my finance co. The buyer made out 2 cheques, one for me and the other to my finance co. We completed the sale then and took the car home that day. It took upto 10 business days for the finance to officially clear and a letter was sent out to me from the finance co. To state the car was no longer emcumbered, I made a copy and emailed it to the buyer for his records. By the sounds of it, this guy will probably wait the 10 days .
Joe, your doing the right thing, this guy sounds like a dick, might be worthwhile to offer him to pay for the cost of his car ad to compensate for his time, as you have both cannot agreed to sale terms. By the way this guy thinks, he will never sell this car !
Joe, your doing the right thing, this guy sounds like a dick, might be worthwhile to offer him to pay for the cost of his car ad to compensate for his time, as you have both cannot agreed to sale terms. By the way this guy thinks, he will never sell this car !
My reference was, the buyer told Joe he could have the car the nex tday. How many people have bought cars from private sellers or dealers and taken the car that day?
05-27-2010, 10:34 PM
#16
Originally Posted by joefish1298,May 27 2010, 10:02 PM
Anyways, what I meant in the OP, was what can I do to get the deposit back, not what can I do now in general. Sorry if that wasn't clear.
although, when i went to get a bank check to buy my S, the teller wanted to sell me insurance so i would be protected against sellers like this bloke.
i know this is a loooonnnngggg shot but it's worth a shot..
05-27-2010, 10:44 PM
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Originally Posted by tak_one_77,May 28 2010, 10:38 AM
How many people have bought cars from private sellers or dealers and taken the car that day
05-31-2010, 04:31 PM
#19
I have always held the opinion that a deposit is your guarantee to the seller that you will purchase the vehicle. They can stop advertising it and turn away other buyers because they have a guarantee that you will buy it. And if you don't the deposit is forfeit.
As to the terms of purchase, once you have handed over payment in full the vehicle is yours. Any hiccups with the finance company are the seller's concern.
As to the terms of purchase, once you have handed over payment in full the vehicle is yours. Any hiccups with the finance company are the seller's concern.
05-31-2010, 04:36 PM
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Originally Posted by AusS2000,Jun 1 2010, 10:31 AM
I have always held the opinion that a deposit is your guaranty to the seller that you will purchase the vehicle. They can stop advertising it and turn away other buyers because they have a guaranty that you will buy it. And if you don't the deposit is forfeit.
However, change of mind/failure to obtain finance etc will result in potential buyer losing deposit . too many looney's out there these days, so always best to get something in writting in case things go pear shaped .
As to the terms of purchase, once you have handed over payment in full the vehicle is yours. Any hiccups with the finance company are the seller's concern.