Large deposit, unseen car, 7 weeks

[WhyNotEh]

Hello PH

I am selling my car for £12k. Not in a rush to sell because I have a new car already, Current car is insured and parked on my drive.

I have someone very interested. Spoke to him over the phone and he doesn't seem like a scammer, seems legit and knows his stuff. I've had the car up for 3 weeks and he seems genuinely interested and very keen.

He hasn't seen the car in person, but is happy to leave a large £2-3k deposit if I hold the car for him for around 7 weeks, I think due to not having enough cash at the moment (ETA: I believe he is saving up)

What is the best way to go about this for both of us? I'm pretty certain that should the deal not go ahead in 7 weeks, the car will be much harder to sell due to rising energy prices and Christmas looming.

I was thinking if we timebox it (e.g. i will hold it for 7 weeks only), specify that the deposit is non-refundable that should be enough?

Thoughts? TIA

Moderator edit: no advertising

Edited by WhyNotEh on Tuesday 27th September 13:22

[covmutley]

Only way I would do this would be if you agree a proportion (£500?) Was non returnable,or the whole deposit, if you can get him to agree to that

[deckster]

Wish him well and to come back when he has all the money.

[anonymous-user]

I’d be very wary of someone willing to give a large deposit on a car they have not seen.
Very easy to sound genuine on the phone.

[Giulia Jon]

WhyNotEh said:

Spoke to him over the phone and he doesn't seem like a scammer, seems legit and knows his stuff

The best scammers are the ones that don't seem like scammers .
I'd avoid this .

[Truckosaurus]

deckster said:

Wish him well and to come back when he has all the money.

This. No deposits, whoever pays in full first gets the car.

[sixor8]

Everywhen said:

I’d be very wary of someone willing to give a large deposit on a car they have not seen.
Very easy to sound genuine on the phone.

I recently sold a Honda Prelude via an eBay classified. Chap sent me a bank transfer of £150 after we agrred a price, followed by another £500 the next day on the strength of photos, description and a telephone conversation. And another £1k the day before coming to collect it!

He collected it a week after the initial deposit and paid the balance by another transfer. There are genuine buyers out there, but I must admit, it seems to be getting harder.

[Pistom]

I wouldn't but it's your decision.

Whenever I sell a car, it goes to the the first person who puts the funds into my account.

I've taken a deposit to hold a car whilst they travel to see me but 7 weeks is a bit ridiculous.

Is it a special car which doesn't come available often?

[r1ch]

I wouldn't either...first person who turns up with the full amount for me.

[PositronicRay]

Sounds unusual.

What training and why are you paid on completion?

[coldel]

Selling a car, chap from Ireland called (no emails or anything) and asked a load of questions...I almost hung up. He paid me 50% up front and said he was flying over to collect it. Went through all the permutations and decided to run with it. Picked him up from Heathrow, he brought the rest in cash, paid into my account before handing over the keys and hey drove off to the ferry a happy bunny. The car was only one of a couple for sale at the time in the whole UK so puts a different spin on it, but there are genuine people out there.

[WhyNotEh]

Pistom said:

I wouldn't but it's your decision.

Whenever I sell a car, it goes to the the first person who puts the funds into my account.

I've taken a deposit to hold a car whilst they travel to see me but 7 weeks is a bit ridiculous.

Is it a special car which doesn't come available often?

I had mentioned the model in the original post but a mod removed it due to advertising rules. The car is highly modified

[WhyNotEh]

PositronicRay said:

Sounds unusual.

What training and why are you paid on completion?

Welding, admittedly I'm not sure if it's paid on completion though - I believe he's just saving up

[Canon_Fodder]

OP I'm not sure non-refundable deposits are easy / possible to enforce if the amount is above what you have incurred in expenses / losses.

[Pistonheader101]

No chance

[S600BSB]

Sounds like a scam.

[ro250]

It sounds either risky because he might be genuine but flaky, or a scam.

You might find he pays you the money then quite quickly says there's been a change in circumstances and asks for the money back. Take care here as there are various scams involving uncleared funds which appear cleared leaving you out of pocket.

[MDMA .]

ro250 said:

It sounds either risky because he might be genuine but flaky, or a scam.

You might find he pays you the money then quite quickly says there's been a change in circumstances and asks for the money back. Take care here as there are various scams involving uncleared funds which appear cleared leaving you out of pocket.

This is more than likely the scam. Ask him to come and view the car and pay a non refundable deposit in cash (£2-3k) with a written agreement that he pays the balance in 7 weeks from day of deposit or the sale is cancelled and you will keep the deposit.
See if he agrees to that

[VeeReihenmotor6]

What have you got to loose if he buys it in 7 weeks time? Nothing. You might even sell it to someone else in that time.

What have you got to loose if he gives you £2k today and god knows what in 7 weeks time? A car still on your drive and had been messed about for 2 months as I would assume the car goes off market.

[ChrisDT]

Personally I wouldn't take a deposit for that amount of time.

If he was travelling down at the weekend, then yes (in fact I just have).

Couldn't he get a loan and then pay it off in 7 weeks? He would then be charged very little in interest.