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Used Car Sale - Terms & Conditions
Comments
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clarkey3262 wrote: »I think the bold part sums it up well, both parties need to agree to it before hand, the OP is backing out, not the trader so they are entitled to keep the deposit
If forfeiture of the deposit acts as a penalty against the OP then it is returnable.0 -
Then surely all desposits are refundable, because which ever way you look at it they act as a penalty against the customer if they decide not to go through with the deal?0
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No its not, its a deposit - not any form of product payment. You 'virtually' get your deposit back when you complete the purchase - which is then used as part payment. This is the reason why its itemised as a deposit on a receipt for total payment - otherwise the receipt would just say 'total paid'.
It makes no difference if you are buying a car or an elephant, by default its not payment, its a deposit - otherwise it would be called part-payment - the only exception to this is if there is separately defined rules for the deposit which is given to secure the product.
It is a part payment. When the transaction is concluded and the contract formed, the monies already paid are deducted from the final balance. Ergo the deposit is a part payment.The greater danger, for most of us, lies not in setting our aim too high and falling short; but in setting our aim too low and achieving our mark0 -
and you know this based on what evidential fact?
The OP has said that the car is still up for sale. If that was the case then the dealer has not lost any sales opportunity. The OP has not said that they asked for any accessories to be fitted, so the dealer has lost nothing there either. The car has not been registered in the OP's name, so no loss there either. What other losses do you think the dealer could have incurred?The greater danger, for most of us, lies not in setting our aim too high and falling short; but in setting our aim too low and achieving our mark0 -
clarkey3262 wrote: »Then surely all desposits are refundable, because which ever way you look at it they act as a penalty against the customer if they decide not to go through with the deal?
Spot on.
...The greater danger, for most of us, lies not in setting our aim too high and falling short; but in setting our aim too low and achieving our mark0 -
It is a part payment. When the transaction is concluded and the contract formed, the monies already paid are deducted from the final balance. Ergo the deposit is a part payment.
Nope, like I said, the deposit is 'virtually' refunded to you at the point of completion - at the point of completion it becomes a payment -up until the point of completion it can't be a payment - otherwise anyone losing a deposit would have grounds to recevied products/services paid for.
Thats the difference between a deposit and a payment.0 -
The OP has said that the car is still up for sale. If that was the case then the dealer has not lost any sales opportunity. The OP has not said that they asked for any accessories to be fitted, so the dealer has lost nothing there either. The car has not been registered in the OP's name, so no loss there either. What other losses do you think the dealer could have incurred?
Do you know, for a fact, that the dealer hasn't turned away a buyer in the meantime for the car as a deposit has been taken?
Nope, so therefore you can't make such assumptions.0 -
In which case deposits are pointless as, assuming they don't place any obligation on the customer, they presumably don't place any obligations on the supplier either, should someone else come along and offer more.Spot on.
...Competition wins: Where's Wally Goody Bag, Club badge branded football, Nivea for Men Goody Bag0 -
Nope, like I said, the deposit is 'virtually' refunded to you at the point of completion - at the point of completion it becomes a payment -up until the point of completion it can't be a payment - otherwise anyone losing a deposit would have grounds to recevied products/services paid for.
Thats the difference between a deposit and a payment.
For it be funded, "virually," or not, it has to be done. It has to be shown as a refund on any invoice or order. As there are no dealers that I know of, who structure their invoices or orders in that way, it is a part payment.The greater danger, for most of us, lies not in setting our aim too high and falling short; but in setting our aim too low and achieving our mark0
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