sale fell through on the LCR- would you give the deposit back?

Jez said:
I have never refunded even part of a deposit, i am totally with Fox and Lucero etc. There is no reason to even consider this, nor consider that this should create any issue at all. A deposit is a deposit, there are no morals to consider. The reason for leaving a deposit and the meaning of the term is very clear.
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And on those occasions where the deal did not go through, how did the buyer take it when you told him you wouldn't refund the money?

Assuming this scenario is the same as the OPs - i.e. not at a dealer and the grey area of deposits in which this and many other private sells occur.

We are not all Terry Tibbs.
 
Its not a grey area. Ive never had any issues with deposits although i am not woolly when i agree a deal i guess...
 
EddScott said:
So the owner holds the car incase they get other interested parties.

It's hardly rocket science to take a mobile number of potential buyers and give them a call if the 1st buyer can't complete.
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And if the potential buyer buys another car in the meantime? Your time waster has just meant you've lost the sale.

Taking a refundable deposit has absolutely no purpose.
 
If I put a deposit down on a car, and then changed my mind I would not expect to get my deposit back, I wouldn't even ask for it.
 
EddScott said:
Not in fear so much but if it was me losing out £250, I wouldn't exactly just walk away. You can hardly expect the buyer to just put up and shut up? Bit of a pussy if he did.
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I think that says more about you than it does someone who would keep the money.

If I was the buyer I would understand the purpose of a deposit and not commit to laying one down unless I was confident I was going to complete the sale.

Seems pretty simple to me. I guess the sort of people who would march around there and demand the cash back (aka thug) would be the sort of person with an IQ lower enough to not understand the purpose of deposits.
 
Jez said:
Its not a grey area. Ive never had any issues with deposits although i am not woolly when i agree a deal i guess...
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It is when you haven't specifically said this deposit is non-refundable. As you say though, don't be woolly about the facts and what is exactly expected of both parties in the deal.


Basher said:
And if the potential buyer buys another car in the meantime? Your time waster has just meant you've lost the sale.

Taking a refundable deposit has absolutely no purpose.
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And keeping his £250 because the other buyer bought another car in between time solves what? The seller still has the car?

A bit extra money? shrug.

As I've said in previous posts, I wouldn't bother with deposits in the first place.
 
EddScott said:
And keeping his £250 because the other buyer bought another car in between time solves what? The seller still has the car?

A bit extra money? shrug.
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If it's clear you're not going to give it back if the sale doesn't go through, it means that it's much more likely the time waster wouldn't have committed to the sale, thus you could have sold it to person B.
 
Similar thing happened to my ex gf. We put a £100 deposit on a 200sx with a view to coming back and buying it, but she changed her mind overnight. I phoned up and apologised but didn't even ask for the deposit back!
 
Deposits to me are something you willing put down as proof you will purchase. So really you are entitled to keep it and tell him to go home.
 
Basher said:
If it's clear you're not going to give it back if the sale doesn't go through, it means that it's much more likely the time waster wouldn't have committed to the sale, thus you could have sold it to person B.
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This is true. Although perhaps person B was a timewaster and it turned out that person A was able to get affordable insurance on the car yet because you didn't accept the deposit they went and bought another car and you were left with person B - who in this case turns out to be the timewaster?

I would completely agree though. If it's clear the deposit won't be refunded then it will either send them away or have them reaching in their pocket.
 
EddScott said:
This is true. Although perhaps person B was a timewaster and it turned out that person A was able to get affordable insurance on the car yet because you didn't accept the deposit they went and bought another car and you were left with person B - who in this case turns out to be the timewaster?
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I've read that a few times and can't make any sense out of it.

What my point is - is that if it's clear a deposit isn't refundable, you will get less people wasting your time.
 
What a bizarre thread :/ Can't believe that people don't understand the principle of a deposit.

To the people saying it should be refundable, how would you feel if you put down a deposit, then the seller sold the car to someone else anyway and gave you your deposit back? Its exactly the same principle - ie completely pointless!
 
Basher said:
I've read that a few times and can't make any sense out of it.

What my point is - is that if it's clear a deposit isn't refundable, you will get less people wasting your time.
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But it wasn't clear the deposit was non-refundable.

I think that just assuming the buyer accepts the deposit won't be refunded without being explicit about it is asking for trouble - a hassle that £250 probably wouldn't cover.

I've not once said a deposit should be refundable.
 
[TW]Fox;19837423 said:
Yes it was - thats the point in a deposit.

Dictionary says..



What exactly is the 'security' if the seller gives it back in full and is left with nothing?!
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You are assuming the other party understands the meaning of deposit. If they don't and they can't complete the deal and come round asking for the money what do you do?

Hand the money back, put it down to experience and get on with the rest of your life. Foxtrot did this and probably what I would do.

Wave a dictionary at them, tell them they are a dullard for not understanding the meaning of deposit and earn an enemy in someone you have no idea how far they'll go to get you back for pinching £250 of them. (likely how thay will see things)
 
A refundable deposit is absolutely pointless.

If you're just going to give them the deposit back if they ask, why take one in the first place?

You may as well just 'hold' the car out of goodwill, as the deposit is serving absolutely no useful function at all, it's just a pointless exchange of a wad of notes back and forth.

Anyone who would assume a deposit is refundable is an utter moron frankly.
 
Unless he is the kind of fool that thinks it's in the same catagory as a deposit at a hotel incase you break anything and get it back when it's ok then I see no reason as to why it should be given back.

If he gives you the line of "Well I thought I would get it back/that's what a deposit is for" Throw a dictionary at him and tell him to check insurance before buying a blooming car.
 
EddScott said:
You are assuming the other party understands the meaning of deposit. If they don't and they can't complete the deal and come round asking for the money what do you do?
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Explain it's a deposit and that it's non-refundable. If they do anything stupid, you know who they are, if they attempt to pursue through legal means, the nice magistrate chappy will explain to them what a deposit is.
 
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