How long to hold a deposit?

In late May I posted a car on Craigslist for sale. Couple days into June a guy calls me and strikes a deal. He mailed out a deposit saying he would be here to pick up the car "around June 28" When the 28th came close I moved the car from Nebraska where I had it stored to my Driveway in Denver. Let him know that the car was here and ready. He moved his pickup date back and said he would call to let me know details of his arrival.
Got another email from him saying he would be here to pick up the car between July 1 and July 6. That week has came and gone now too...
Last week I emailed and called the guy, no reply on email, phone was "out of service"

So now I sit with an ugly car in my driveway wondering how long it is until the code enforcement crew is after me for a "junk" car in my driveway.
The same day he sent the deposit I had another contact from an interested party. I told them the car was pending sale.

How long until I move onto the next potential buyer? I need the parking space and dont want the city on my case.

 

Sounds like you have held it long enough, and are justified in keeping it. I would send him one more email give him 24 or 48 hrs to contact you, keep the email, keep the deposit and move on to the next buyer.

 

i'd give him another week and then list it again. up to you whether to return the deposit or keep it. you have travel time to get it and gas expense, so it may be used up.

 

I agree x2......

 

Send him a registered letter stating that as of (ie;July 15) you will begin charging X amount of dollars for daily storage charge..
Even if he has moved and the letter is returned you will have PROOF that you tried to contact him.
Same thing happened to me a few years ago,since then I always add a "must be picked up by or deposit will be forfeited" date.

 

Man, next time I would really spell out the terms of the deal as far as deposit amount, how long the deposit will hold the car, and when the car needs to be picked up by. In this case I would contact him and let him know that he has a few days to come get it or he is losing his deposit. After that, I would re-list it. I have kept deposits before in just this exact scenario but I spelled out the terms ahead of time.

 

I had the same trouble about 25 years ago. Last time I called the guy he told me he was too busy to talk. That was the LAST time I took a deposit for anything. You want it bring ALL the $$ at one time.

 

He said he'd pick up by July 6th. I'd tell him the $35 a day storage began on the 7th, since he inconvenienced you having it now in your driveway. Wait 1 week from the 7th to relist or sell to the other guy

 

He Blew It! NEXT.

 

I thought the whole point of giving a deposit was to say, "I really want this car. If I screw up, here's some money for your time."

 

You've held it long enough.
Sell it to the next buyer.

Judgement call if you want to use his deposit against storage fees or return it.

**** happens to people, but you've done enough.

 

What he said....its been over a month

Is it a big deposit? Or like $50?

 

I'd relist it and move on. You have waited quite some time already and brought the car home too. It doesn't sound too good if now his phone isn't even working. Good luck.

 

I got one in the drive that is paid in full .
WTF
B.B.

 

Yes... forget storage charges, if you go to court he could say he was willing and able to pay them but you sold the car out from under him.

To take Hawk's idea one step ....

Say you have it for sale for $10K and the deposit is $1,000...
Your receipt to him should read:

In consideration of $1,000 payment received I agree to hold my (**x car) until (date) for him on or before which date he may purchase it for $9,000
The payment received is to hold the car, is not to be applied to the purchase price, and is not refundable under any cir***stances.
If the purchase price is not paid on or before said date the parties agree that the owner of the vehicle may sell it to any other buyer without recourse to (name of supposed buyer).

 

Had the same issue once, talked to a good friend that was a lawyer and he told me 30 days from the pick up period and keep the deposit and go on... So that would mean July 28th?... But personally i would send him registered mail stating he has 7 days from post mark to pick up the vehicle or forfeit the car and the deposit... Sounds like he doesnt have the money

 

I would have held it until around the 28th and been done. You had to move the car again because of that, so the deposit should cover that move.

 

He's already In Breach of Contract. You have no deal! A man's word is his bond. If his word is no good, his bond is no good. In California a deposit on a car only guarantees the selling price of a car.

 

Ya haven't sold it 2 the next guy yet?
What ya waitin 4 ?

 

I only take non-refundable deposits and the buyer signs and understands if its not picked up and paid for on agreed time he loses his money. Short and to the point. Had a guy drive 70 miles yesterday to look at a trailer I'm selling,wanted to pay with check,no way so then he asks could he give me a check for a deposit,no way. Money talks and ******** walks.

 

You can do what ever you want with the car as long as you return his deposit. Just make sure the check he mailed has cleared. A bank can take up to 2-4 weeks to say a check is bogus even though they make the funds available to you within a couple of days.

 

was a $100 deposit on a car thats less than 2k total.
I've left him a couple emails regarding wether or not he is going to pick it up. I'll give him the week to respond, if not I'm moving to the next.
If he whines about it and it sells maybe i'll refund the deposit. Though hauling it out here ate that up.

 

Keep the deposit-it's the only way to teach guys like that a lesson. Maybe you'll save one of us from him later on.

 

I had a relative sell a house that was to be removed from the property by a set date. The first guy paid the money and never returned. He sold it a second time and the second guy never came back either. He finally burned the house in the middle of the winter. I asked why he didn't keep selling it as it seemed a very lucrative venture.

Another has sold a bar on a land contract 6 times since 1975. He retains ***le to the property, gets a big payment up front, and monthly payments with the balance due after 10 years. If any payment is over 30 days late, the contract is void and he keeps everything. Most of the buyers remodel it so he doesn't have to spend any money on it. He'll run it until he finds another buyer. He just sold it again the first of July and got $60,000 down.

You can make money if you cover the legal angles. If you just want to sell it, advertise it as full payment up front, no deposit and set a date to remove it.

 

I hate Craigslist for that reason........lots of BS you have to put up with to make a sale.

Generally, I am overly generous with trying to accomodate a buyer and it also bites me in the **** a lot. I am learning late in life that money talks and BS walks, so any more I try to lock down firm details and make sure I do it in writing.........even an email with the details is ok legally.

As to your dilema, I would send him an email and spell out that he keeps on dragging his feet and it is going to cause you some problems with the City, so you are giving him 14 days to either pick it up or he forfeits the deposit. By it's definition a deposit is non refundable and is given to make sure the seller holds it for you. There have been other sales you p***ed up that you may never regain.

Don

 

forget storage fees,it will only end up messy.Send him one more email that you intend to keep the deposit if no correspondence. Still no contact,then contact the other interested party.

my weekly metal work blog www.themetalsurgeon.com

 

the heat and high winds can effect cell phone service for a few days, or he ran out money on the phone, you both redid the deal for a july 6 pick up, so 2 days after is not long enough, 30 days after last agreed/broken date is fair. you can not charged him storage until you speak to him.

 

You say,''now i've got to sit with this ugly car in my driveway''maybe the guy turned up,thought the same thing and kept driv'n, Gaz!

 

I agree. The deposit says you will honor the deal you made. If he's avoiding you he loses.

 

I would have already spent the money,,he dropped the ball. HRP