Maybe I am just getting old but I would give the deposit back. I try to price things I sell fairly and if the first deal falls through, so what. I will be able to sell the item to someone else. Keeping the deposit only makes for hard feelings and generally isn't worth the aggravation. Do you really need the money that bad to keep the deposit? I can understand keeping part of the deposit to cover actual "out of pocket expenses" but unless I am out a lot of money, which is unlikely, I would still give the deposit back. It is almost impossible to develop a reputation for being "fair" when you have a "hard nosed attitude". To me, it is just not worth keeping the deposit.
From the perspective of a buyer, if I put down a deposit and change my mind, I would expect to lose the deposit. If I respond to an ad for a car I haven't seen in person, offered by a stranger at a location that I am not familiar with, there is no chance that I would roll up with a large wad of cash in my pocket ... that's just asking to get rolled. If the car checks out and a deal can be made, I'd offer a deposit with the understanding that the full amount would be paid within a day. Case in point: within the past year or so in suburban Los Angeles, 3 guys reponded to a car-for-sale ad and brought the asking price in cash. The car was at a bogus location and the buyers were robbed and shot to death. The murderers were eventually caught, but that did nothing for the victims.
X2 (and to all the other posters who echoed the same sentiment) It doesn't protect you as a seller near as much as some people like to think.
Deposits are good faith money. I tell them up front the deposit is non refundable. Honestly if you back out of a sale at the last second, it takes a lot of balls to ask for it back. you're definatly in the right imo.
I took a non-refundable deposit on an o/t full exhaust system on the agreement that he would pay for and pick up the following week. I didn't hear back from the bloke for 2 months, when he finally called he made up an excuse that he "wrote his daily driver off drifting". His lack of communication lost him his money, had he called me back his money would have been returned. I could have sold it 10 times in that 2 months but instead was stuck tripping over it in the shed.
Once on my way home from work on a Friday night I stopped to look at a motorcycle. I gave the guy a $50 deposit , got a bill of sale with the balance due , and said I would be back with the balance as soon as I could get to my bank. I went back that evening with the cash only to find that the guy had sold the bike to another guy for $50 more. Could have taken the guy to small claims and made him return the bike to me , but it would have been more trouble than it was worth. Learned a valuable lesson though, if you are really in the market for something, when you look , have the cash in pocket.
I had a guy give me a $500 deposit on an off road race pre runner I used to have. I had tons of other people call me after I "sold" it to him, then a couple weeks later he back out and says he wants his deposit back. I told him to get lost, and told him he cost me a bunch of other sales now. He threatened to sue me.....not sure how much right he had to do that, but being only 23 at the time, it scared me so I told him I'd give him half and he caved in to that.
I made a deal to buy a car but advised the seller there is a very good possibility of me not being able to complete the deal in a timely manner because of the health of a family member. The seller agreed to this...no deposit was made by me and he had the opportunity to sell to someone else. As predicted my father passed away a couple of days later and 2 weeks after his funeral my brother in law died. A double whammy like that is a tough one. I apologised to the seller and advised him that due to funeral expenses I was no longer able to commit. He understood completely and no hard feelings (I hope) were portrayed. If a non refundable deposit is part of the deal...too bad, the seller keeps the deposit unless extenuationg circumstances dictate othewise and he is sympathetic.
The problem is, there ARE dishonest people that WILL tell you there whole family was murdered just to try to get there deposit back. Are you going to be a pushover and believe EVERYTHING you have "heard" ???
I always say I'm gonna keep the deposit , but , I never do....I want to , but , theres something in me that says not to , the way I see it , if they can live with it , I can live without it , I never lost a meal for returning the deposit , and , if kharma is going to rear it's nasty head , let it rear it in the opposite direction of where I'm at , cuz you never know the situation the other guy is in.....just sayin....
Well, I have bought and sold w/deposits, especially with long distance sales. I've always said, on either side of the sale, if I/you back out, I/you will get your deposit back after I/you have another buyer. Did this with my avatar when I bought it as a project - he's in MN, I'm in VA - I sent a $500 deposit so I could have someone "look the car over" for me while I was "first on the list" to buy it. If nothing happened within 10 days, he keeps the money. If after the inspection the car is not what I wanted, just return my deposit after you've sold the car to someone else. If I want it I'll be there within 10 days of my saying so with the balance in cash - if not, the seller keeps my deposit. This way if someone backs out, they get their money back once the car is sold to whomever. It's worked every time so far for me - maybe I've been lucky rather than smart - who knows, but I figured I'd throw it out there ....
I have sold many cars in the past and if someone looks at them and they don't have the money they can go get it or the car is still for sale. I don't need a deposit from them. I sold 2 cars here on the hamb to long distant buyers. I send them all the pictures they want plus anything that I feel they need. I talk to them on the phone and I believe in giving an honest discription and they can have someone come look at the car if they want. We agree on a price and they send me the money. I send them the title and they arrange for the shipping. I do not take deposits.... It's that simple.....
With over 35 years in the car business I've taken alot of depsoits on cars to hold them. I've given some back and I've kept a few when the deal went south, depends on the reason. Whenever I sell something of mine (private sale stuff, ie cars, parts etc.) I never take a depsoit nor do I hold anything for anyone, If you go to look at something and don't take the cash to buy it, move over, let the next guy in.
I've sold 40+ cars, trucks, and big parts over the last 10 years, and run at least twice as many ebay auctions. I've had at least a dozen "deaths in the immediate family", half a dozen "just lost my job", two or three "just got handed divorce papers" and countless "just had a big random expense come up/my DD just crapped out". I had a '55 Chevy two door that my wife and I nicknamed "the Bad Luck Chevy", for all the tragedy that befell those who wished to buy it. It even bit Rocky, when he tried to buy it(he tried to send a deposit on it for my trouble, after the sale fell through, just 'cuz he felt so bad). I made $750 on it from deposits that guys walked away from. Funny part was, the guys who sent $$, I never heard from again. No call, email, nothing. I finally let it go for half of what I was asking just so I didn't have to deal with it anymore. I also had a '56 F100 cab that I sold three times. I'd get the money, and never hear from the guy again. It almost went a fourth time, but the guy appeared on the 30th day of the 30 days I gave him to get it out of there. Now I make the terms of the deal explicit. Once you give me the deposit, it's now MY MONEY, regardless of what happens to you/your friends/family/possessions, and when the balance is due. Not to say I won't make exceptions, but they always try to weasels out via email or text, never even call, much less face to face. I've had a lot less trouble since I instituted this policy.
Leaving a deposit is your word to follow thru in a contract to buy, not to hold something until you decide if you really want it or not. Back out for any reason and you lose the deposit as you just wasted my time which I can not get back. I had one ebay sale go south as the buyer bought on impulse at the last second to be a "winner" and then didn't want to follow through. Too bad, I don't sell things for your amusement. I gave him the choice of sending me $100 for wasting my time or he legally bought a car and full payment was due. He sent the $100. When you "leave" a deposit, you do just that. It gets left with the seller either toward the total payment or for backing out of the deal.
This is what James McMurtry's Uncle Slayton does: " He's cut that corner pasture into acre lots, He sells "em owner financed, Strictly to them that's got no kind of credit 'Cause he knows they're slackers, When they miss that payment, Then he takes it back." An example of the mentality you need to deal with Weenies. (from "Choctaw Bingo")
This thread shows what a mullered up world we live in at times. Deosits are indeed contracts. That CA judge needs a foot in his ass and I'd have appealed the whole decision. As far a "...man of his word..." "...karma and what goes around..." yeah right. In a BUISNESS DEAL? Spell it out, be CRYSTAL CLEAR, and have the courage in your convictions. Everybody makes their deals what they are be it good or bad. I insist on a NON-REFUNDABLE DEPOSIT on any be-back sale. I specify the return date and allow a change if it's mutual and in person ONLY. No phone call bullshit. That non-refundable part, I always say "make it easy on yourself, but $XXX dollars will show me you're serious." and everyone has always agreed and either completed or forfieted their deposit with ZERO hassel. Why is this shit so hard for some people? SPEAK UP OR KEEP IT. FWIW, I've also sold and purchased cars in excess of $100K with a hand shake and mutual understanding of a deadline for transfer of funds. No money by "X" date, no deal, you/I lose. Nobody's lost yet. Have I ever returned a deposit? Yes. Some folks had landed a personal problem and couldn't buy my daily, said they knew I was entitled to their deposit but they just couldn't swing it with their problem. I didn't want to know what it was. I had several calls and another buyer that was hot for it and ready to strike if anything went south with the 1st couple. He showed up the next day and took off with his new car. I called the people back and had them come by and get their $400 deposit. He handed me a $50 bill for my trouble and I refused it. Karma? Fuck that, I did it because it made me feel good and made them feel even better. I don't even care if they lied, but it didn't seem like it. You just know sometimes. There's always room for compassion, but buisness is buisness. Yeah, real hard stuff...
Amen, brother. If I leave a deposit and can't complete the deal, I expect to lose that deposit and I wouldn't have any hard feelings about it either, because I would be the one that was unable to hold up my end of the deal. It's compensation to the seller for time, trouble, and potential sales that were lost. I once "sold" a car three times on ebay and each go around was a 10 day auction. I needed to have the car off of the property as soon as possible, so the clearly stated terms were a $500 non-refundable deposit within 3 days, balance within 10 days, car removed within 30 days. The first two times I received the deposit, the buyers weren't able to complete the deal and they didn't even ask for their deposit back because the terms were clear. The third sale went through. I don't feel there was any "bad karma" on either end because we both stuck to the agreement. I don't want to sound like a hard ass because I'm not. If someone had a genuine hardship happen I would try to work with them and either return all or part of their deposit. That being said, if it were me on that end I wouldn't even think of asking for my deposit back, no matter what the circumstances. A deal is deal and it's a matter of honor, even if I had to eat Top Ramen for 6 months because of it.
I got an $800 downpayment, I don't call it a deposit. The guy says i get the rest in 1 1/2 to 2 weeks..3 weeks later I call and he wants his money back. I say NO, you owe me the balance. He came over,,even brought his father who threatened me LOL,,. I don't back down,,the guy was pissed so I figured I would stir the pot and told him Life is tough,,It's tougher if you're stupid. (something from a movie i think) They left empty handed. However I did offer this...Once the vehicle sells and I receive the balance owing I would give him whatever is left over,,they were still not happy but they know they don't have a leg to stand on. Everyone I have spoken to says keep the deposit
I have sold several cars. The deposit is good faith money. You keep it if the deal is not completed because of the buyer's fault. Look at it this way, you may very well have missed a cash buyer while you were holding the car for a non-paying buyer. When I do business like that I always put it in writing too.
In the end a deposit is just that. If the buyer doesn't finish the deal, the money is yours. Yet, it's how you feel in your heart that counts. Some of us are hard assed business people in it only for the money. Others try to be fair. If the story and excuse sound right and the person is really in a bind, why not give him some slack? There will be another buyer.
So kids the lesson for the day is as follows: Don't accept a deposit, if the buyer is serious and can afford what your selling then he should have no problems producing the money. If not, and the item sells to someone else well then you've still achieved your goal of selling said item. Very simple, problem avoided before it ever becomes a problem.
moral of the story: there's two. don't buy what you can't afford and don't sell what you can't lose. i've had completely unknown characters pay full price for what i had to sell and never heard from them again, and i've had local well-known assholes bitch and whine like pussies about the condition of the car and never hear the end of it after they buy, even if i knock the price down. so, i don't usually SELL stuff, i trade, or even GIVE it away. even then, i get shitstorms sometimes. i'm not in the old car hobby for money; i have a JOB for that. funny how this hobby is more work than fun to some people.
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