private sale - holding deposit - can I still use the car?
Discussion
morning - prospective buyer said he would like to leave a deposit but due to work couldn't collect and pay in full for another 4-6 weeks.
not ideal but he was a decent chap and would leave 10% to secure the car.
I assume as long as I don't rack up excessive mileage I can still use it rather than let it sit on the drive or would you SORN it and maybe just start it once a week?
not ideal but he was a decent chap and would leave 10% to secure the car.
I assume as long as I don't rack up excessive mileage I can still use it rather than let it sit on the drive or would you SORN it and maybe just start it once a week?
If he wants to wait that long to collect then you should insist on full payment rather than just the deposit. Then you park the car up as it is no longer yours.
With only the deposit you can rightly claim that you are unable to buy your replacement vehicle so will have to keep on using it. Not that I would be happy doing that for weeks.
With only the deposit you can rightly claim that you are unable to buy your replacement vehicle so will have to keep on using it. Not that I would be happy doing that for weeks.
Never take a deposit. First person with the full selling price gets it.
Tell them if the car is still unsold in six weeks they can have it.
Maybe you'd hold the car for someone who seems genuine over a weekend but not a month to six weeks - even if you SORNed it you'd still be paying insurance on it.
Tell them if the car is still unsold in six weeks they can have it.
Maybe you'd hold the car for someone who seems genuine over a weekend but not a month to six weeks - even if you SORNed it you'd still be paying insurance on it.
I agree, the buyer is the first person to pay in full and collect the car, not in 4-6 weeks.
The flip side is that If you carry on using it you'll run into problems if you crash the car or someone hits you. What happens if there's a breakdown - is the buyer on the hook for 10%?
I had a strange interaction earlier on in the year; Found a nice Shed, was about to pay the seller, tax and insure it and leave it on the road to collect via a train trip that evening, when the seller said I couldn't take the car until he bought his new(er) car as he still needed to get to work and he needed my money to pay for the new(er) car. Explained to him that wasn't how it worked and I wasn't a bank. It's still for sale.
The flip side is that If you carry on using it you'll run into problems if you crash the car or someone hits you. What happens if there's a breakdown - is the buyer on the hook for 10%?
I had a strange interaction earlier on in the year; Found a nice Shed, was about to pay the seller, tax and insure it and leave it on the road to collect via a train trip that evening, when the seller said I couldn't take the car until he bought his new(er) car as he still needed to get to work and he needed my money to pay for the new(er) car. Explained to him that wasn't how it worked and I wasn't a bank. It's still for sale.
vikingaero said:
I agree, the buyer is the first person to pay in full and collect the car, not in 4-6 weeks.
The flip side is that If you carry on using it you'll run into problems if you crash the car or someone hits you. What happens if there's a breakdown - is the buyer on the hook for 10%?
Surely in that scenario you just fix the car at your cost before completing the sale, or give the buyer his deposit back. It's not complicated to me.The flip side is that If you carry on using it you'll run into problems if you crash the car or someone hits you. What happens if there's a breakdown - is the buyer on the hook for 10%?
Agree taking a deposit then waiting weeks to complete is odd.
If it was me and it was stopping me buying a replacement I would not take a deposit and would leave it up for sale, if its still there when he is ready than fine he can buy. If I was able to fund a replacement without having the funds from the sale then I would take a deposit but state it will not be refundable, that will then tell you if he is genuine or not.
I had this once selling a classic, young lad turns up wants to leave a deposit but can't afford to pay for the car till next month. Did the non refundable deposit thing. 6 weeks later I contact him as he has not decided to turn up and collect. Turns out he cant get the funds after all and would like the deposit back. I refer him to the receipt he signed saying non refundable. That cost £1k for that experience.
I had this once selling a classic, young lad turns up wants to leave a deposit but can't afford to pay for the car till next month. Did the non refundable deposit thing. 6 weeks later I contact him as he has not decided to turn up and collect. Turns out he cant get the funds after all and would like the deposit back. I refer him to the receipt he signed saying non refundable. That cost £1k for that experience.
Zarco said:
vikingaero said:
I agree, the buyer is the first person to pay in full and collect the car, not in 4-6 weeks.
The flip side is that If you carry on using it you'll run into problems if you crash the car or someone hits you. What happens if there's a breakdown - is the buyer on the hook for 10%?
Surely in that scenario you just fix the car at your cost before completing the sale, or give the buyer his deposit back. It's not complicated to me.The flip side is that If you carry on using it you'll run into problems if you crash the car or someone hits you. What happens if there's a breakdown - is the buyer on the hook for 10%?
Agree taking a deposit then waiting weeks to complete is odd.
A contract is just that, you promise in law to sell the vehicle, so whilst uncommon, the buyer could sue for his wasted time, expenses and additional money to find a similar car.
Personally I wouldn't touch 4-6 weeks. Why take all the risks - cars fail, accidents happen - why would OP want the cost of sorting it out?
If OP does, he should draft a very clear contract of sale detailing what happens if things go wrong.
Thanks some great advice.
To clarify the reason I am selling is to reduce the number of cars I have so I don't need the money for another car but at the same time I would rather have the money earning interest or available for an emergency.
It also runs me close to insurance renewal if it ends up being six weeks...
Think I may readvertise and let him know.
To clarify the reason I am selling is to reduce the number of cars I have so I don't need the money for another car but at the same time I would rather have the money earning interest or available for an emergency.
It also runs me close to insurance renewal if it ends up being six weeks...
Think I may readvertise and let him know.
OverSteery said:
Zarco said:
vikingaero said:
I agree, the buyer is the first person to pay in full and collect the car, not in 4-6 weeks.
The flip side is that If you carry on using it you'll run into problems if you crash the car or someone hits you. What happens if there's a breakdown - is the buyer on the hook for 10%?
Surely in that scenario you just fix the car at your cost before completing the sale, or give the buyer his deposit back. It's not complicated to me.The flip side is that If you carry on using it you'll run into problems if you crash the car or someone hits you. What happens if there's a breakdown - is the buyer on the hook for 10%?
Agree taking a deposit then waiting weeks to complete is odd.
A contract is just that, you promise in law to sell the vehicle, so whilst uncommon, the buyer could sue for his wasted time, expenses and additional money to find a similar car.
Personally I wouldn't touch 4-6 weeks. Why take all the risks - cars fail, accidents happen - why would OP want the cost of sorting it out?
If OP does, he should draft a very clear contract of sale detailing what happens if things go wrong.
In practice on a private sale, is it really going to become a discussion about contract law?
Zarco said:
OverSteery said:
Zarco said:
vikingaero said:
I agree, the buyer is the first person to pay in full and collect the car, not in 4-6 weeks.
The flip side is that If you carry on using it you'll run into problems if you crash the car or someone hits you. What happens if there's a breakdown - is the buyer on the hook for 10%?
Surely in that scenario you just fix the car at your cost before completing the sale, or give the buyer his deposit back. It's not complicated to me.The flip side is that If you carry on using it you'll run into problems if you crash the car or someone hits you. What happens if there's a breakdown - is the buyer on the hook for 10%?
Agree taking a deposit then waiting weeks to complete is odd.
A contract is just that, you promise in law to sell the vehicle, so whilst uncommon, the buyer could sue for his wasted time, expenses and additional money to find a similar car.
Personally I wouldn't touch 4-6 weeks. Why take all the risks - cars fail, accidents happen - why would OP want the cost of sorting it out?
If OP does, he should draft a very clear contract of sale detailing what happens if things go wrong.
In practice on a private sale, is it really going to become a discussion about contract law?
vikingaero said:
I agree, the buyer is the first person to pay in full and collect the car, not in 4-6 weeks.
The flip side is that If you carry on using it you'll run into problems if you crash the car or someone hits you. What happens if there's a breakdown - is the buyer on the hook for 10%?
I had a strange interaction earlier on in the year; Found a nice Shed, was about to pay the seller, tax and insure it and leave it on the road to collect via a train trip that evening, when the seller said I couldn't take the car until he bought his new(er) car as he still needed to get to work and he needed my money to pay for the new(er) car. Explained to him that wasn't how it worked and I wasn't a bank. It's still for sale.
I tried to buy a car a few years back. The seller, wanted me to wait 3 weeks whilst he found a car. I gave him my number, and said, if I was still looking when he was ready to sell it and if nothing had changed, I'd probably come back and buy it. The flip side is that If you carry on using it you'll run into problems if you crash the car or someone hits you. What happens if there's a breakdown - is the buyer on the hook for 10%?
I had a strange interaction earlier on in the year; Found a nice Shed, was about to pay the seller, tax and insure it and leave it on the road to collect via a train trip that evening, when the seller said I couldn't take the car until he bought his new(er) car as he still needed to get to work and he needed my money to pay for the new(er) car. Explained to him that wasn't how it worked and I wasn't a bank. It's still for sale.
He seemed genuinely surprised when I told him, 4 weeks later, that I no longer was looking to buy a car as I'd bought one the day after. When I say surprised, I meN abusive.
Personally, if I don’t need to money nor space I’ll hold it for the guy on the proviso that if he doesn’t collect in the time period, he’ll loose his deposit. You’ve got to consider what happens if you don’t sell in the period if you refuse? He’ll have the upper hand and can negotiate a lower price.
I once sold a car to a guy who didn’t collect if for a month for the same reason, in my case, I asked for a deposit to hold the car to which he said he wants to pay in full. The agreement was I’ll continue to advertise the car until a deposit is paid or payment in full. A week later, full payment landed in my account. Car was collected a month later.
We’re all enthusiasts here.
I once sold a car to a guy who didn’t collect if for a month for the same reason, in my case, I asked for a deposit to hold the car to which he said he wants to pay in full. The agreement was I’ll continue to advertise the car until a deposit is paid or payment in full. A week later, full payment landed in my account. Car was collected a month later.
We’re all enthusiasts here.
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