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View Full Version : been a while since i bought a car...advice



Seks
12-11-2012, 09:25 AM
Just yesterday (mon) afternoon, I looked at a car and test drove it. After we came back to his place, I gave him an offer. The seller refused my offer (I even flashed him an envelope I had with me that contained cash for deposit)...mentioning that someone else that came on sat gave him a higher offer (but no deposit). He said he would talk to the fellow and get back to me.

Later on last night, he called me back saying the other fellow is now dealing and wheeling with another seller so the deal with him is dead. He said he would accept my offer. I've agreed to go see him again later on today (tues) in the afternoon to put down a deposit.

The seller is going to be out of town for some time starting tomorrow (wed). He mentioned that he's wiling to just let it sit in his garage until he returns ...at that point, we would finish the transaction.

This seller is a retired old gentleman who lives with his wife.

How can I make sure that I cover my ass, in terms of the deposit and etc?

The all seasons and rims are in his garage while the winters are on an extra set of rims on the car. I figured maybe I should grab 1 or 2 of the all seasons with me just for collateral?

Advice?

G-ZUS
12-11-2012, 09:28 AM
Get him to write you a receipt for the deposit

Boosted131
12-11-2012, 09:37 AM
Yeah get the rims and tires worth whatever your deposit is. Then if he tries to screw you, you have his rims.

lilmira
12-11-2012, 10:22 AM
Why don't you type up a contract for the deposit stating when you will pick up the car and finalize the purchase? Print two copies, when you give him the deposit, you both sign each copy as agreement and keep one copy each. Since you are typing the contract, you can even put in whatever condition you want, worst case, he doesn't like it, you don't give him money.

thepurpleandgold
12-11-2012, 12:27 PM
Get the bill of sale signed stating that only the deposit has been received at this point; the rest of the cash will be given when the car is handed over.

Sugarphreak
12-11-2012, 12:28 PM
...

Disoblige
12-11-2012, 12:37 PM
Originally posted by lilmira
Since you are typing the contract, you can even put in whatever condition you want, worst case, he doesn't like it, you don't give him money.
Sounds backwards to me. If I was the seller, I'd be the one making the contract instead, saying the deposit is non-refundable, and full payment needs to be finalized by "x" date.

If OP does this, in addition to what he already did (flash cash), I wouldn't be surprised if the seller just told him to gtfo.

G-ZUS
12-11-2012, 12:39 PM
Originally posted by Sugarphreak
Maybe it is just me, but I would never give a private seller a deposit :confused:




I really hate when people do that actually



Originally posted by Disoblige

Sounds backwards to me. If I was the seller, I'd be the one making the contract instead, saying the deposit is non-refundable, and full payment needs to be finalized by "x" date.

If OP does this, in addition to what he already did (flash cash), I wouldn't be surprised if the seller just told him to gtfo.


Why? What if someone came to buy your car, had cash in hand and would buy it right there?

Disoblige
12-11-2012, 12:41 PM
This is not the case though. He's not buying it immediately. He's putting a deposit down to show he's a serious buyer, and so the product(s) are not sold to someone else. In which case, even if the seller made the contract, there shouldn't be a problem unless he decides to flake.

I was just replying to lilmira's comment, where he suggested "you can put in whatever condition you want" on the contract. If I was the seller, I'd be offended.

Kloubek
12-11-2012, 12:43 PM
The contract needs to protect both parties.

OP: Write a contract, and print it up twice so you can both sign both copies, as suggested.

State in the contract what the vehicle is (including VIN if you want to be safe), what it includes (extra rims/tires), that the vehicle is to be in the same state as seen when the final payment is made (just in case it gets damaged beforehand), and details on the deposit, outstanding balance, and when the transaction is to be completed.

G-ZUS
12-11-2012, 12:43 PM
Woops, reading > me :facepalm:

sputnik
12-11-2012, 12:46 PM
What exactly is the point of leaving a deposit for a used car?

How long do you need to hold the car to get to the bank and get some cash and return to buy the car?

Sugarphreak
12-11-2012, 12:50 PM
...

lilmira
12-11-2012, 01:09 PM
I didn't imply writing up a ridiculous contract that puts a disadvantage to the seller. What I was saying is that since he's the one writing up the contract, he knows what the situation is, what the condition is regarding the deposit, final purchase date, extra wheels and tires and what not. It's a pretty simple document to type up, if its all fair to both parties, I don't see why the seller would have problem with it, you can let him add conditions too.

rc2002
12-11-2012, 01:14 PM
Originally posted by sputnik
What exactly is the point of leaving a deposit for a used car?

How long do you need to hold the car to get to the bank and get some cash and return to buy the car?

+1. The deposit just complicates things. Make things easy and just do the transaction all at once.

max_boost
12-11-2012, 01:24 PM
Originally posted by richardchan2002


+1. The deposit just complicates things. Make things easy and just do the transaction all at once.

:werd:

Boosted131
12-11-2012, 01:30 PM
Originally posted by richardchan2002


+1. The deposit just complicates things. Make things easy and just do the transaction all at once.

Seller is leaving for a while

Op- doesn't want car to be sold to someone else

rc2002
12-11-2012, 01:56 PM
Originally posted by Boosted131


Seller is leaving for a while

Op- doesn't want car to be sold to someone else

If OP is meeting up with the seller to give a deposit anyway, just bring the full amount instead.

Disoblige
12-11-2012, 02:01 PM
richardchan, WTF 337 trader rating LOL. :eek:

lilmira
12-11-2012, 02:13 PM
I sold my old car recently. I didn't even ask for deposit. You come back when you are ready with the money. In the mean time, if there is another buyer with the money right away, the car is gone.

Cos
12-11-2012, 04:34 PM
.

bourge73
12-11-2012, 05:28 PM
^^ I do exactly as the above posters. You want the car? buy it and in full. You can always have them sign over the Reggy and do a Bill of Sale? . Leaving a deposit? that means to me your sort of interested. Until I receive the full amount, and see the tail lights leave, sorry the car is NOT sold.

WhippWhapp
12-11-2012, 09:26 PM
Originally posted by Sugarphreak
Maybe it is just me, but I would never give a private seller a deposit :confused:

I'm with SP- who leaves a deposit in private sale for a used vehicle?!

EK69
12-11-2012, 09:53 PM
U said he's leaving town for a while...how's he suppose to sell it to someone else? Unless ur asking for a period of time longer than he will be gone...?

I wouldn't give a deposit on a private sale either...nor would I take one.
Once u start giving/taking collateral it becomes a pita lol.

Seks
12-13-2012, 09:09 AM
We drew up an agreement on duplicate copies of the bill of sale. Won't be picking up the vehicle till he gets back.

Tnx for the help

Skyline_Addict
12-13-2012, 01:26 PM
Originally posted by lilmira
I sold my old car recently. I didn't even ask for deposit. You come back when you are ready with the money. In the mean time, if there is another buyer with the money right away, the car is gone.

yup. same thing with inspection reports. don't ask the seller to take the car for an inspection report and then not buy the car even when the report comes back 100% clean. speaking from personal experience...just ranting lol.

G-ZUS
12-13-2012, 01:30 PM
Originally posted by Skyline_Addict


yup. same thing with inspection reports. don't ask the seller to take the car for an inspection report and then not buy the car even when the report comes back 100% clean. speaking from personal experience...just ranting lol.


+1 :facepalm: