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Old 03-23-2012, 12:01 PM
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Default Need your opinion re: returning a deposit on a car transaction

Hey Guys,

Need honest opinions here. Backstory is I recently sold a car that is in high demand - low mileage 1996 Porsche C4S. Found a buyer very quickly and executed a bill of sale on Mar 10. Received a $250 deposit via Paypal the day before. We had agreed on a $500 deposit, but Buyer stated that's all he had in his PPal account. Balance was to be paid via bank wire. Buyer stated daily that the wire was going out the next day for a week. Even had me re-send wire instructions twice. I had my banker on the look out for the wire every day. According to the Banker none was rejected. I gave the buyer various wire trace numbers he could use with his bank to determine where it went. I was never told what the results of the trace was, if ever conducted.

Buyer leaves the country. Sends me emails and texts from the UK but then drops off the map. This is after daily phone calls/emails prior. Last Friday, with no direct communication from him for a few days and no $$$, I send him an email to get in touch with me and let me know we are still on or I will move on. Still no communication from Buyer #1. Sell the car Sunday to the first guy that comes to look at it. Notify Buyer #1 it was a pleasure doing business but I have sold the car to someone else.

I should also mention Buyer #1 is a broker that sends these cars back to Germany as they have higher value there. I even spoke to his 'buyer' so I suspect he was 'floating' the transaction. I care not, as long as he pays me as we agreed.

Last Wed Buyer finally emails me back. Feathers ruffled. Totally confused on why I sold the car to someone else. Kind of comical at this point. This was after he dropped off the map for a week with no communication, even after my last note to him saying 'get in touch or I'm going to sell the car to someone else.'

I have email trails and text messages to back all this up.

He wants his $250 deposit back. I'm of two minds here. A deposit on a car is to hold it and consumate the deal. He did not execute. OTOH, I'm not into taking someone's $$$$, but everyone I speak with says his loss.

What say you??
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Old 03-23-2012, 12:06 PM
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Wow. That's BS. Keep the deposit. Unless it was clearly stated as refundable, I believe it is yours to keep. Did the BOS state anything about the deposit being refundable or non-refundable?

And paypal isn't like a bank account... if he says he had only $250 in his paypal account, that translates to either he has a $250 limit on his credit card or only $250 in his checking/savings account linked to that paypal account. Total BS.

Although, if he really pursues this hard (likely not, since it's only $250) and starts giving you trouble, you could just give it back to make it all go away. But I would def make him work damn hard to get this $250 back.
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Old 03-23-2012, 12:27 PM
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No brainer Ron. If you were to return the deposit you'ld be doing him a favor. I say hold out and think about it if you decide to give it back to him. Make him piss, moan, and stomp his feet for awhile.
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Old 03-23-2012, 12:29 PM
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pull money out of paypal before he tried to get them to freeze it.

I'd keep the $250 and be done
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Old 03-23-2012, 12:30 PM
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Quote:
Originally Posted by Flash68 View Post
Wow. That's BS. Keep the deposit. Unless it was clearly stated as refundable, I believe it is yours to keep. Did the BOS state anything about the deposit being refundable or non-refundable?

And paypal isn't like a bank account... if he says he had only $250 in his paypal account, that translates to either he has a $250 limit on his credit card or only $250 in his checking/savings account linked to that paypal account. Total BS.

Although, if he really pursues this hard (likely not, since it's only $250) and starts giving you trouble, you could just give it back to make it all go away. But I would def make him work damn hard to get this $250 back.
Thanks DG - BOS makes no mention of the deposit. It does state car is to be paid in full within 24 hours of execution. He missed that timeframe by a mile.

I agree on the PPal deposit amount. Sounded fishy, but I had some $$$ and a BOS so I thought the transaction was secure. Second buyer gave a $5k deposit if that tells you anything about intent...
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Old 03-23-2012, 12:34 PM
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Quote:
Originally Posted by Track Junky View Post
No brainer Ron. If you were to return the deposit you'ld be doing him a favor. I say hold out and think about it if you decide to give it back to him. Make him piss, moan, and stomp his feet for awhile.
Thx Bro!

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Originally Posted by jy211 View Post
pull money out of paypal before he tried to get them to freeze it.

I'd keep the $250 and be done
I've been doing some parts selling lately so I had a nice PPal balance. Buyer has initiated a dispute and the two fiddy is frozen. I responded w cut/paste of email trail.
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Old 03-23-2012, 12:37 PM
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I'll bet he has played this game before...

$250 deposit on a car is not much intent as you mentioned... I'd think $1000 minimum is really the mark.
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Old 03-23-2012, 12:38 PM
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Whatever you do Ron, just make sure that this doesn't head over to paypal dispute claims. $250 is nice to have in your pocket, and probably worth the hassle of dealing with buyer #1, but that money isn't worth the hassle of paypal dispute b.s.

Glad you were able to move the car quickly though!

Matt
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Old 03-23-2012, 12:45 PM
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Sounds like a retarded buyer and the scenario I've always been worried about having when accepting a deposit.

This is why I always try to explicitly state (in writing or verbal depending on $$) if the deposit is refundable or not and the length of time the deposit buys. I'm not in the business of storage. If you don't complete the transaction in a reasonable time I'm selling it to someone else and keeping the deposit...
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Old 03-23-2012, 12:45 PM
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You earned the money dealing with a flaky buyer. Deposits are generally understood to be non-refundable.

Now you have to decide if $250 is worth dealing with all the bitching and moaning. Also, do not count on Paypal to do right by you. That money will probably be frozen for months. They are not looking out for your interests, only theirs.

At least you did sell the car without issue the second time around .


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