buyer wants to back out of a car deal AFTER giving me the cash. #whatwouldbeyondo

[rage2]

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I find it really strange that the buyer sent the funds without having a signed copy of the bill of sale. I wouldn't be sending funds to someone without knowing that we actually had a deal (as indicated by the seller's signature on the contract). Kinda weird he already even had your wire instructions at that stage...

It’s a matter of trust and due diligence. I wired a guy in Hong Kong $40k for a watch that I didn’t pick up in person for 3 weeks.

[Masked Bandit]

There was an offer & acceptance plus payment. The car is his, deal is done.

[you&me]

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It’s a matter of trust and due diligence. I wired a guy in Hong Kong $40k for a watch that I didn’t pick up in person for 3 weeks.

And I've seen even crazier things. The point is, in the normal course of business / a car deal where a buyer and seller aren't physically meeting, typically agreement is drafted with terms, the buyer signs, sends payment info (i.e. wire instructions) along with signed agreement, buyer signs and then pays... It might not be unheard of, but it's certainly not normal.

[Buster]

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And I've seen even crazier things. The point is, in the normal course of business / a car deal where a buyer and seller aren't physically meeting, typically agreement is drafted with terms, the buyer signs, sends payment info (i.e. wire instructions) along with signed agreement, buyer signs and then pays... It might not be unheard of, but it's certainly not normal.

In the absence of working through lawyers in trust, I have never signed a bill of sale prior to getting the cash. Cash up front before documents and before transport. Or no deal.

[tonytiger55]

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It’s a matter of trust and due diligence. I wired a guy in Hong Kong $40k for a watch that I didn’t pick up in person for 3 weeks.

Not to derail the thread. But can we have a pic or link to the watch please?

[Thaco]

i'd send him the car, not worth the chance of fraud.. give him some BS excuse like you've already committed that money to your new car and the dealer wont let you back out.

[D'z Nutz]

Why do you guys feel like Buster needs to provide an excuse to keep the money? The only reason he should give is the only one he needs: a deal's a deal.

[googe]

Well in the minority here, but if you have no damages and there was realistically no opportunity cost, and you haven’t shipped it yet, I’d just give the money back. It’s not worth it. If you have damages, I’d subtract them. If it’s priced reasonably, you’ll get another offer, and maybe even a better one.

Sure if he’s buying a 100k car he can’t be hurting, but the same can be said for the seller. Nobody is hurting here.

I wouldn’t just keep an arbitrary amount though. Kinda comes across as a shady cash grab and probably more trouble than it’s worth. If you want to go that route, I’d ask him what he thinks is fair compensation. Maybe he’ll volunteer to toss you something. Especially since he will realize you don’t have to give him anything back.

[Thaco]

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Why do you guys feel like Buster needs to provide an excuse to keep the money? The only reason he should give is the only one he needs: a deal's a deal.

because its a little less dickish... its not difficult to make someone's life hell for being an asshole....

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Well in the minority here, but if you have no damages and there was realistically no opportunity cost, and you haven’t shipped it yet, I’d just give the money back. It’s not worth it. If you have damages, I’d subtract them. If it’s priced reasonably, you’ll get another offer, and maybe even a better one.

Sure if he’s buying a 100k car he can’t be hurting, but the same can be said for the seller. Nobody is hurting here.

I wouldn’t just keep an arbitrary amount though. Kinda comes across as a shady cash grab and probably more trouble than it’s worth. If you want to go that route, I’d ask him what he thinks is fair compensation. Maybe he’ll volunteer to toss you something. Especially since he will realize you don’t have to give him anything back.

this is textbook scam, send someone a ton of money and then ask for it back, then the first payment bounces back a couple weeks later.

[Team_Mclaren]

A deal is done.

btw: It's funny how many people say the deal is done here, what if buster was a dealer, what would people say? lol

[Buster]

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because its a little less dickish... its not difficult to make someone's life hell for being an asshole....

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this is textbook scam, send someone a ton of money and then ask for it back, then the first payment bounces back a couple weeks later.

i confirmed with my bank that the wire is irreversible.

[rage2]

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A deal is done.

btw: It's funny how many people say the deal is done here, what if buster was a dealer, what would people say? lol

I'd still say the deal is done.

[Buster]

Question: what if he refuses to actually COLLECT the car.

[dj_rice]

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Question: what if he refuses to actually COLLECT the car.

At the dealership, in 2013, customer purchased and paid for a 2014 C63 but never came and picked it up. Believe he was an over-seas customer from China/HK. Sat on the storage lot for years. Not sure the details in the background, but they sold it again in 2018 as used.

[Buster]

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At the dealership, in 2013, customer purchased and paid for a 2014 C63 but never came and picked it up. Believe he was an over-seas customer from China/HK. Sat on the storage lot for years. Not sure the details in the background, but they sold it again in 2018 as used.

Does an abandoned car eventually revert to the storage owner?

[lilmira]

Didn't some people used to buy cheap cars and drive it for a bit without registering and then abandon. The car would get towed and the city would send notice to the last registered owner. You can get off the hook as long as you can prove that you no longer own the car. I don't know what the city would do to the car. Of course, it would be a bit unusual for a 100k car.

[Xtrema]

Given you have done this deal during country wide lockdown, has the value of your GT dropped significantly? Can you hold on to the difference, say when the deal was signed until today, drop is 8%?

Or can you sell it again and keep refund only what you get from the new sold price?

But if it's legally his, shouldn't that be his problem?

[Thaco]

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Does an abandoned car eventually revert to the storage owner?

i think there is some clause for reasonable storage fees and when that exceeds the value of the goods then the storage lot can sell it to recover costs

[Kloubek]

The first sale of my corvette went to a younger kid who, as soon as he brought it home, his parents said no way. He asked to bring it back and get his money back.

It was entirely my right to say too bad, but the idea of keeping a small deposit seemed reasonable. He offered me a grand to take it back. We settled on 500.

Seems you take a small fee for your trouble, and move on.

[90_Shelby]

Can you give him the option to either:

a) take the care, you could even cover the shipping cost, and if he doesn’t want it, he can resell it.

Or

b) you keep the money and hold it until the car sells to a different buyer. If it doesn’t sell for the same amount, you keep the difference.

You have cash in hand, the car is sold. The above recommendations are reasonable solutions to protect yourself from him reneging on the deal.