Williams motors on Rogue Traders
Discussion
I have used escrow before, and it works well.
Buyer deposits money with escrow.
Escrow confirms it has the money.
Seller ships goods.
Either:
Buyer is happy with goods and so instructs escrow to forward money to seller.
Or:
Buyer is unhappy with goods, and returns them. Escrow only returns money to buyer when seller confirms goods returned.
https://escrow.com/
Buyer deposits money with escrow.
Escrow confirms it has the money.
Seller ships goods.
Either:
Buyer is happy with goods and so instructs escrow to forward money to seller.
Or:
Buyer is unhappy with goods, and returns them. Escrow only returns money to buyer when seller confirms goods returned.
https://escrow.com/
One thing I would be wary of is a dealer calling you only to offer SOR. They should always be offering you an outright purchase with SOR as an option. Any dealer just punting for SOR cars is IMO not serious and probably doesnt have much cash behind them. This would be a company more liable to go pop with you P&J in their flashy showroom.
I only offer SOR either to customers to whom I have sold the car in the first place or for people where I was not able to offer a high enough purchase price. SOR doesnt earn its keep as well as owned stock so other than the smoke an mirrors effect of making small dealers look bigger its not that attractive a model to traders. Well not for me anyway.
I only offer SOR either to customers to whom I have sold the car in the first place or for people where I was not able to offer a high enough purchase price. SOR doesnt earn its keep as well as owned stock so other than the smoke an mirrors effect of making small dealers look bigger its not that attractive a model to traders. Well not for me anyway.
Obviously this guy was taking it to the nth degree BUT exactly when do you expect him to pay for the car?Clearly if he sells it he would be mad to with no warranty but more and more in threads I see people saying 'Oh you can take that back, you have X period cooling off' so if he HAS to return money for no other reason other than great Aunt gladys doesnt like the sunvisor, then he has to hold the money till that period has expired.
robinessex said:
DEFINITION of 'Escrow'
A financial instrument held by a third party on behalf of the other two parties in a transaction. The funds are held by the escrow service until it receives the appropriate written or oral instructions or until obligations have been fulfilled. Securities, funds and other assets can be held in escrow. And, as mentioned previously, the seller will not have any ORIGINAL documents, only copies.
I believe solicitors/accountants will undertake such a service
The whole point of the SOR is the dealer doesn't need to tie up their own money. If he is going to put money into the escrow when the car is taken in as stock he may as well just buy it. SOR helps the cash flow and removes the risk of depreciation on non moving stock.A financial instrument held by a third party on behalf of the other two parties in a transaction. The funds are held by the escrow service until it receives the appropriate written or oral instructions or until obligations have been fulfilled. Securities, funds and other assets can be held in escrow. And, as mentioned previously, the seller will not have any ORIGINAL documents, only copies.
I believe solicitors/accountants will undertake such a service
Edited by robinessex on Sunday 29th November 11:44
Mr10secs said:
Obviously this guy was taking it to the nth degree BUT exactly when do you expect him to pay for the car?Clearly if he sells it he would be mad to with no warranty but more and more in threads I see people saying 'Oh you can take that back, you have X period cooling off' so if he HAS to return money for no other reason other than great Aunt gladys doesnt like the sunvisor, then he has to hold the money till that period has expired.
A good point raised, as mentioned the guy from Cardiff Is a first class turnip but how would this work if the buyer came back?Buff Mchugelarge said:
Mr10secs said:
Obviously this guy was taking it to the nth degree BUT exactly when do you expect him to pay for the car?Clearly if he sells it he would be mad to with no warranty but more and more in threads I see people saying 'Oh you can take that back, you have X period cooling off' so if he HAS to return money for no other reason other than great Aunt gladys doesnt like the sunvisor, then he has to hold the money till that period has expired.
A good point raised, as mentioned the guy from Cardiff Is a first class turnip but how would this work if the buyer came back?Of course, if he's running a decent business he'll have kept plenty in the coffers to deal with the odd issue in a used car.
Some might say though he's spunking every penny on flash motors living a lifestyle he can't afford, to the detriment of his business. He's got a Lamborghini with money he's extracted from the business, however his business can't afford to source cars properly - he gets them SOR.
Avoid like the plague.
hornetrider said:
No not really, the business would still be liable for any costs involved just the same as if he bought the car from any source. He simply applies his margin to the car and sells it on - the same is due in an SOR transaction.
Of course, if he's running a decent business he'll have kept plenty in the coffers to deal with the odd issue in a used car.
Some might say though he's spunking every penny on flash motors living a lifestyle he can't afford, to the detriment of his business. He's got a Lamborghini with money he's extracted from the business, however his business can't afford to source cars properly - he gets them SOR.
Avoid like the plague.
Like I said I presume he will have included an all encompassing warranty to cover any mecanical defects so that should not effect him, he has returned the seller more than he would off had he purchased the car so why should he be out of pocket on a 'cooling off' technicality? We had a car a while ago, a small 2005 Peugeot of some sort, on e owner, drove as it prob should, what a terrible car!!! If Id purchased it and after 2 weeks someone said you know you could just take that back and you have to be given money back etc I would it was just a horrible car and I presume all are.Seemed fine when you first drive then everthing annoys you.Of course, if he's running a decent business he'll have kept plenty in the coffers to deal with the odd issue in a used car.
Some might say though he's spunking every penny on flash motors living a lifestyle he can't afford, to the detriment of his business. He's got a Lamborghini with money he's extracted from the business, however his business can't afford to source cars properly - he gets them SOR.
Avoid like the plague.
robinessex said:
Tony 1234 said:
robinessex said:
Isn't the solution to have an Escrow account set up for a SOR deal ?
Please explain?A financial instrument held by a third party on behalf of the other two parties in a transaction. The funds are held by the escrow service until it receives the appropriate written or oral instructions or until obligations have been fulfilled. Securities, funds and other assets can be held in escrow. And, as mentioned previously, the seller will not have any ORIGINAL documents, only copies.
I believe solicitors/accountants will undertake such a service
Edited by robinessex on Sunday 29th November 11:44
SJK said:
robinessex said:
DEFINITION of 'Escrow'
A financial instrument held by a third party on behalf of the other two parties in a transaction. The funds are held by the escrow service until it receives the appropriate written or oral instructions or until obligations have been fulfilled. Securities, funds and other assets can be held in escrow. And, as mentioned previously, the seller will not have any ORIGINAL documents, only copies.
I believe solicitors/accountants will undertake such a service
The whole point of the SOR is the dealer doesn't need to tie up their own money. If he is going to put money into the escrow when the car is taken in as stock he may as well just buy it. SOR helps the cash flow and removes the risk of depreciation on non moving stock.A financial instrument held by a third party on behalf of the other two parties in a transaction. The funds are held by the escrow service until it receives the appropriate written or oral instructions or until obligations have been fulfilled. Securities, funds and other assets can be held in escrow. And, as mentioned previously, the seller will not have any ORIGINAL documents, only copies.
I believe solicitors/accountants will undertake such a service
Edited by robinessex on Sunday 29th November 11:44
Tony 1234 said:
robinessex said:
Tony 1234 said:
robinessex said:
Isn't the solution to have an Escrow account set up for a SOR deal ?
Please explain?A financial instrument held by a third party on behalf of the other two parties in a transaction. The funds are held by the escrow service until it receives the appropriate written or oral instructions or until obligations have been fulfilled. Securities, funds and other assets can be held in escrow. And, as mentioned previously, the seller will not have any ORIGINAL documents, only copies.
I believe solicitors/accountants will undertake such a service
Edited by robinessex on Sunday 29th November 11:44
robinessex said:
Tony 1234 said:
robinessex said:
Tony 1234 said:
robinessex said:
Isn't the solution to have an Escrow account set up for a SOR deal ?
Please explain?A financial instrument held by a third party on behalf of the other two parties in a transaction. The funds are held by the escrow service until it receives the appropriate written or oral instructions or until obligations have been fulfilled. Securities, funds and other assets can be held in escrow. And, as mentioned previously, the seller will not have any ORIGINAL documents, only copies.
I believe solicitors/accountants will undertake such a service
Edited by robinessex on Sunday 29th November 11:44
berlintaxi said:
robinessex said:
Tony 1234 said:
robinessex said:
Tony 1234 said:
robinessex said:
Isn't the solution to have an Escrow account set up for a SOR deal ?
Please explain?A financial instrument held by a third party on behalf of the other two parties in a transaction. The funds are held by the escrow service until it receives the appropriate written or oral instructions or until obligations have been fulfilled. Securities, funds and other assets can be held in escrow. And, as mentioned previously, the seller will not have any ORIGINAL documents, only copies.
I believe solicitors/accountants will undertake such a service
Edited by robinessex on Sunday 29th November 11:44
robinessex said:
Nothing is perfect. 99.99% are honest, and the fee's can be quite nominal, it's hardly rocket science to accept a payment into an account, and then forward it to two recipients in the correct proportions, is it ? take a secretary about 2 minutes I reckon.
Can you have a chat with my bank, they charge a fortune for 2 minutes work by a secretary.MattyB_ said:
Almost bought an SLK55 from him - but he didn't seem interested in talking to me about it despite how far I'd travelled. His description of the S/H was less than accurate too.
Me too!I said after the deal that if the car wasn't a rarity I wouldn't have purchased from him. A complete and utter cock of a man, obnoxious to the extreme. The car was advertised as just having the front brakes done (an expensive job as you'll know) yet when I did the deal and asked him where the documentation was it was a case of there wasn't any to back it up, just what the previous owner told him.
After offering me a pisstake amount for my car, he then offered to sell it for me and I told him no, lucky escape by the look of things.
Edited by RowntreesCabana on Monday 30th November 14:21
Edited by RowntreesCabana on Monday 30th November 14:24
I know the following will be unpopular with those in the trade, however they're simply an expression of my opinion.
If I walked into a dealer and he had a brand spanking new Aventador outside the showroom, I'd instantly be making a mental assessment of what mark up he was making on each sale, and judging the cars and their screen prices accordingly.
Not saying it's wrong to make a successful living, however possibly poor judgement to advertise to your customer's what they're funding with their purchases.
This person was a thoroughly unscrupulous liar, and the programme was a great piece of exposure to his unethical dealings.
Hopefully trading standards will follow up.
If I walked into a dealer and he had a brand spanking new Aventador outside the showroom, I'd instantly be making a mental assessment of what mark up he was making on each sale, and judging the cars and their screen prices accordingly.
Not saying it's wrong to make a successful living, however possibly poor judgement to advertise to your customer's what they're funding with their purchases.
This person was a thoroughly unscrupulous liar, and the programme was a great piece of exposure to his unethical dealings.
Hopefully trading standards will follow up.
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