Selling car, buyer pulls out

scheming_gypsy

ezzatoa wrote: »

this was my train of thought^

but IF he decided to try to take legal action to get it back where would i stand there?

The deposit was not stated as none refundable

I took the deposit as his insentive to buy the car, i.e. he loses it if he backs out. Im not sure there would be a point in a deposit otherwise?

the deposit is also so you don't sell it to somebody else. He's paid you £100 to reserve the car for him

normally, i'd expect a deposit to be refundable unless it says it isn't.

blacksta

i would return the deposit less the amount you need to re advertise the car on ebay - Save yourself the unnecessary hassle AND make sure you clearly state that the deposit is NON REFUNDABLE

ezzatoa

so a reservation is refundable?

like if you pay to reserve a table at a restraunt then dont turn up and expect your money back?

ezzatoa

The thing is i no longer have the deposit, i sold the car to fund my new project

blacksta

ezzatoa wrote: »

so a reservation is refundable?

like if you pay to reserve a table at a restraunt then dont turn up and expect your money back?

wHICH resturant do u pay to reserve a table - Please look for another example,

pitkin2020

ezzatoa wrote: »

this was my train of thought^

but IF he decided to try to take legal action to get it back where would i stand there?

The deposit was not stated as none refundable

I took the deposit as his insentive to buy the car, i.e. he loses it if he backs out. Im not sure there would be a point in a deposit otherwise?

Did you give him a receipt??? I presume not so how can he prove he gave you a deposit!!

The other side of the coin is he owes you the remaining balance of £500, as technically he has paid you £100 so far for the car.

BoGoF

ezzatoa wrote: »

The thing is i no longer have the deposit, i sold the car to fund my new project

That isn't the deposit payer's problem - it's yours

ezzatoa

mcdonalds?

No receipt was given no

I understand but if id had have known he would have pulled out i would have not taken deposit, or would i have to have kept the deposit incase he changed his mind?

pitkin2020

Just seen you sold the car, so he can't pay you the remaining balance as you no longer have the car lol

BoGoF

ezzatoa wrote: »

so a reservation is refundable?

like if you pay to reserve a table at a restraunt then dont turn up and expect your money back?

't'

If I don't turn up on the night I don't. But if I give notice then I do - they can 'sell' the table again. And stating a deposit is non-refundable doesn't make it so unless you can prove a loss