Sale or Return Query

[Caps4444]

BlackWidow13 said:

Ignore what someone else said about the effect of an agreement that they haven’t read or seen.

What. Does. The. Agreement. Say?

Very simple question. You were asked for it twice in your other thread and said that you’d read it carefully. If you’re now asking for advice again, see the line above.

He is coming over tomorrow to take photos and a video of the car and will then give / email it to me.

[Camelot1971]

Why wouldn't you see the agreement before they come to take pictures?

[Caps4444]

I’m going to tell him when he comes over that I won’t be signing a sale or return agreement, simply because it will probably say in it that I agree to leave the car with the dealer for a given period of time etc….which I don’t.
If he wants to work on commission then an email or letter from me will have to suffice that he can advertise it for a given price.

[Caps4444]

I’m going to tell him when he comes over that I won’t be signing a sale or return agreement, simply because it will probably say in it that I agree to leave the car with the dealer for a given period of time etc….which I don’t.
If he wants to work on commission then an email or letter from me will have to suffice that he can advertise it for a given price.

[Milner993]

Signing up to a sale or return isn't a legally binding document, just an agreement in principle, if the dealer sells your vehicle for the agreed price you will then release the vehicle to them and sign over the ownership of the car.

If you decide after a couple of days that you no longer want to sell the car irrespective of a buyer being found or not you can cancel your agreement and the dealer will remove the listing.

Legal title will always remain with you until its changed via the DVLA which you can only do with the log book.

Edited by Milner993 on Saturday 20th November 08:52

[anonymous-user]

Milner993 said:

Legal title will always remain with you until its changed via the DVLA which you can only do with the log book.

Edited by Milner993 on Saturday 20th November 08:52

Wrong, wrong, wrong! How many times?!!

[Milner993]

MercScot said:

Milner993 said:

Legal title will always remain with you until its changed via the DVLA which you can only do with the log book.

Edited by Milner993 on Saturday 20th November 08:52

Wrong, wrong, wrong! How many times?!!

OK, OK, OK! Registered keeper on a log book yes but the dealer isn't buying the vehicle so has no legal right to the car.

Still you keep the logbook in your name as the registered keeper and don't hand this over until the dealer has found a buyer and taken a deposit.

[Trevor555]

How well do you know this dealer?

I only ask as sale or return can go wrong in so many ways.

Are they going to return you more than WBAC, Cazoo, Motorway etc??

[Wacky Racer]

You are opening yourself up to a potential whole heap of trouble here, just for the sake a few extra K.

SOR can go so wrong, I have experience with my motorbike, luckily in the end it worked out OK.

I would just sell it to Cazoo or similar.

[vaud]

Caps4444 said:

I’m going to tell him when he comes over that I won’t be signing a sale or return agreement, simply because it will probably say in it that I agree to leave the car with the dealer for a given period of time etc….which I don’t.
If he wants to work on commission then an email or letter from me will have to suffice that he can advertise it for a given price.

Tell him now. Draft agreement first before he sees your car.

[Fat hippo]

vaud said:

Tell him now. Draft agreement first before he sees your car.

I may have come across negative on my previous post but the point is go in with your eyes wide open.
You are assuming the trader is not in an insolvent trading position, that’s where your risk lies.

Alarm bells should be ringing if the trader is not prepared to let you read the draft contract in good time before seeing the car.

[Caps4444]

So he’s coming over tomorrow. It won’t be SOR. It will be something along the lines of him advertising it and if he can sell it he will take £1k + whatever he makes on Finance.
Car will stay with me.
I’m aiming to get £3k more than what indies have offered and £6k more than Cazoo

[CRA1G]

Caps4444 said:

So he’s coming over tomorrow. It won’t be SOR. It will be something along the lines of him advertising it and if he can sell it he will take £1k + whatever he makes on Finance.
Car will stay with me.
I’m aiming to get £3k more than what indies have offered and £6k more than Cazoo

So six pages in....! And your thread title is wrong...?

[vaud]

CRA1G said:

So six pages in....! And your thread title is wrong...?

To be fair you can't edit thread titles it needs a mod.

[Trevor555]

Caps4444 said:

So he’s coming over tomorrow. It won’t be SOR. It will be something along the lines of him advertising it and if he can sell it he will take £1k + whatever he makes on Finance.
Car will stay with me.
I’m aiming to get £3k more than what indies have offered and £6k more than Cazoo

If the car will stay with you will you be showing potential buyers the car at your house?

I'm assuming that won't be the case, so at one point you'll have to let the dealer have your car in their control with a view to them selling it?

It sounds like you have a specialist car due to the price difference between dealer and WBAC so a potential buyer will want to see all the paperwork. Are you going to trust the dealer to have the car, and paperwork V5 at any point? Doing so is like giving the dealer a totally unsecured loan.

Insurance for test drives?

All things to consider, and sort out, when he comes over tomorrow.

I've done lots of SOR over the years, but only with dealers I'd call friends, or specialist dealers that I knew were trustworthy/been around for ages.

Please be careful.

I learnt my first lesson back in 1992 when I lost £3,300 to an SOR dealer.

[vaud]

Trevor555 said:

If the car will stay with you will you be showing potential buyers the car at your house?

I'm assuming that won't be the case, so at one point you'll have to let the dealer have your car in their control with a view to them selling it?

It sounds like you have a specialist car due to the price difference between dealer and WBAC so a potential buyer will want to see all the paperwork. Are you going to trust the dealer to have the car, and paperwork V5 at any point? Doing so is like giving the dealer a totally unsecured loan.

Insurance for test drives?

All things to consider, and sort out, when he comes over tomorrow.

I've done lots of SOR over the years, but only with dealers I'd call friends, or specialist dealers that I knew were trustworthy/been around for ages.

Please be careful.

I learnt my first lesson back in 1992 when I lost £3,300 to an SOR dealer.

It could be that the trader just wants to reduce their exposure. Once they have a fully qualified customer, who has taken out finance (or has committed to) then he will buy the car from the OP, prep it, etc and turn everything around in a few days, instead of 50k of stock sitting on a forecourt. 50k tied up for 7 days instead of weeks?

[Trevor555]

vaud said:

It could be that the trader just wants to reduce their exposure. Once they have a fully qualified customer, who has taken out finance (or has committed to) then he will buy the car from the OP, prep it, etc and turn everything around in a few days, instead of 50k of stock sitting on a forecourt. 50k tied up for 7 days instead of weeks?

Hopefully for the OP this is the way it'll go.

[Caps4444]

vaud said:

It could be that the trader just wants to reduce their exposure. Once they have a fully qualified customer, who has taken out finance (or has committed to) then he will buy the car from the OP, prep it, etc and turn everything around in a few days, instead of 50k of stock sitting on a forecourt. 50k tied up for 7 days instead of weeks?

This is exactly that….it’s not as if it’s a 3 year old car, it’s only done 1650 miles and is less than a year old hence why the potential buyer will not need to test drive etc.
I objected to sale or return, and just want him to advertise. He will take 1k if it sells and hopefully he will make something in the finance.

[anonymous-user]

Caps4444 said:

hence why the potential buyer will not need to test drive etc.

I know that covid remote buying has changed peoples attitudes, but I expect a lot of people would want to test before spending £50k+ with a random dealer

[Abdul Abulbul Amir]

Caps4444 said:

This is exactly that….it’s not as if it’s a 3 year old car, it’s only done 1650 miles and is less than a year old hence why the potential buyer will not need to test drive etc.
I objected to sale or return, and just want him to advertise. He will take 1k if it sells and hopefully he will make something in the finance.

Make sure the funds come from the dealer and not the financing house. Also make sure you have a receipt from the dealer proving they have purchased it with no right of return.