getting a deposit back
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Thats why you ask for a deposit when selling a item and they buyer doesn't have the money to pay you for a few days/week.
I do the same thing with large part orders when the customer isn't someone I know well, take at least half down so if he bails on it I have the money to cover the restocking fees to send stuff back or to cover the hit I'll take selling them else were.
If he offered you $300 back I'd shut up, take it and run. If it were me you wouldn't even get that back.
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beachbum_jon;306547 wrote:
So i went to deal on a enclosed car trailer Sunday night, and i told the guy i was going to buy it. So we went inside and i signed 2 copies of a bill of sale, one for me, and one for him. We both signed it, but there is no witness signature on either copy. I gave him $500 for a deposit being i didnt have the full $3700 on me at the time and i would pull the rest of the money out and then pickup the trailer on Monday.Monday i decided i didnt want the trailer anymore, for a couple reasons, one, i realized i was paying to much for what i was getting and secondly, i found a nicer trailer for cheaper that i will be going to look at and more than likely buy tomorrow.
So Monday i called the guy and told him i couldnt buy his trailer anymore and asked for my deposit back and he got all butt hurt, talking about how he could have had the trailer sold 4 times just today and bunch of rambling on and on. I told the guy i was sorry and i needed my deposit back as polite as possible. He told me that if he didnt sell the trailer he would only give me $300 back, but if he does sell the trailer he would give me the full $500. Which i thought is complete bullshit, because you know he is going to sell the trailer either way and just pocket the rest. The used trailer market here in Phoenix is retarded, used trailers bringing just as much as new trailers, i know he wont have a problem selling the trailer, he had a shit ton of people looking at it, i was just the first caller.
In the bill of sale it clearly states both parties name, full amount, deposit amount, and amount i was going to bring when i picked up the trailer. If needed i can scan and post up the bill of sale.
So what i am asking here is: Is it legal for him to do what he is doing? I know i signed a bill of sale and give him a deposit, but there is no witness signature, so would this be a loop hole for me?
Thanks, jon
You are exactly what's wrong with people. Selfish POS. -
Well i dont know about in AZ, but i do know that it is ILLEGAL to take a "non-refundable" deposit on anything in MN.
Obviously the guy who is selling it is a liar, if he coulda sold it 4 times in less than 24 hours, then he probably still can and he should have no problem giving your money back.
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RidinRails;306573 wrote:
Well i dont know about in AZ, but i do know that it is ILLEGAL to take a "non-refundable" deposit on anything in MN.Obviously the guy who is selling it is a liar, if he coulda sold it 4 times in less than 24 hours, then he probably still can and he should have no problem giving your money back.
Where did you hear that? I sold cars in MN, and we also took deposits for that reason. We are taking the vehicle off of the market, because you are giving a commitment to buy. I agree with the others in saying that if he is offering anything back you should be content with that.
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btleier;306580 wrote:
Where did you hear that? I sold cars in MN, and we also took deposits for that reason. We are taking the vehicle off of the market, because you are giving a commitment to buy. I agree with the others in saying that if he is offering anything back you should be content with that.Yeah, agree with you, where did you hear this? Like I said, mine basically erupted into a legal battle until the kids dad realized I wasn't a dumb 21 yr old. I called his lawyer in Minneapolis, and had supraforums lawyers offering to take the case pro bono. I had enough evidence against the guy, he just stopped calling me once he found out he was fucked.
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btleier;306580 wrote:
Where did you hear that? I sold cars in MN, and we also took deposits for that reason. We are taking the vehicle off of the market, because you are giving a commitment to buy. I agree with the others in saying that if he is offering anything back you should be content with that.PSiedTSi;306588 wrote:
Yeah, agree with you, where did you hear this? Like I said, mine basically erupted into a legal battle until the kids dad realized I wasn't a dumb 21 yr old. I called his lawyer in Minneapolis, and had supraforums lawyers offering to take the case pro bono. I had enough evidence against the guy, he just stopped calling me once he found out he was fucked.I heard this from NUMEROUS Car/Boat/Trailer dealerships in MN.
For Example:
2 years ago i ordered a 2008 Sti from muscatell and gave them a $2000 deposit, i went in the next day and said i wanted to change the color of the car from dark grey to white, (i was paying $40k for a car so i think i should be able to change the color less than 24 hrs later), they didnt want to change the color, nor give my money back, so i called St. Cloud Subaru, Ordered a white sti from them, they informed me that it was illegal to take a non refundable deposit from a buyer, so i went back into muscatell in moorhead and they gave me my $2000 deposit back no questions asked.The only thing they can keep from your deposit at any place really is a "restocking fee" and if they plan on doing that, they have it posted somewhere on the receipt or in-store.
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I can't believe what I am reading....
You made the commitment to buy the property by giving a 'deposit'
You THEN researched and found it might not be the best deal
You want your money back and screw the seller by making him miss other potential sales.This is just wrong.
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some interesting comments. I wasnt trying to screw the guy, i told him id relist the add for him. And like sated a couple times above, if he had other chances for to sell it that day, im sure it wouldnt be hard to sell it again.
anyways i dont care, he called me today and said he is going to give me my full deposit back, i guess he found someone to buy the trailer. And there was nothing stated about a "re-stocking fee", it is just a private party sale. And no where did it say anything about it being "non-refundable". Yeah i know it was wrong for me to commit to buy then back out, but i wasnt going to pay 3700 for a enclosed trailer built in 1983. The only reason i said i would take it is because the originally the guy told me he would hold it to the next day with no deposit until i could get to the bank on monday. Then 3 hours later he called me and said someone else was going to go and buy it that night. So i raced to his house to beat the other guy and told him i would take it without thinking i guess. On the drive home i thought to myself on how it was a bad decision and should wait for a better unit to come around. Anyways, when i go to pickup my money, im gonna bring him a case of beer, hopefully to try and show him that i actually am sorry and was not trying to cause him trouble.
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I'm pretty sure ND laws state that until the vehicle/trailer/whatever is driven off the lot, the new owner has not taken possession and the deal is not complete, regardless of whatever paperwork has been signed. That is why when you go into a car dealer to purchase a vehicle and sign the paperwork they ALWAYS make sure you drive the vehicle off the lot.
Until you take possession the vehicle can be returned and the deal becomes null & void and any money deposited must be returned.
I'm not saying it isn't a douche move to back out of a deposit, but legally you are in the right (at least by ND laws).
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btleier;306600 wrote:
it's cool that you're doing that...just need to realize for the future that when you give a deposit and sign paperwork, that is a commitment to buy. just because you get buyer's remorse doesn't mean it's ok to back out of the deal.
yeah i realized that it was in fact a douche move to do so and will remember this in the future, not remembering as in i can back out of shit, but remembering that i almost lost $500 and it was a dick head move on my part and what if i were in his shoes.
but if push came to shove, i would have just bought both trailers and flipped the one that i didnt want, probably could have made a couple hundred, but i didnt want to go through the hassle.
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So can anyone explain the purpose of a deposit to me??
Apparently it is just a guarantee to the buyer that the seller can't sell it, but no guarantee to the seller, and you can just ask for the deposit back whenever??
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It is a showing of good faith that you will purchase the item.
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