Car Purchase Deposits?

Prothet_of_Doom

Under the distance selling regulations, you phone a dealer, about a rarish second hand car (when I was looking there were 7 within 80 miles for sale in the spec at the price and condition I wanted, and only one within 30 miles), and they'll say "put a deposit down" and if you don't like it we'll give you your money back.
Yeah right. How much ? £500 ........er no.
But if you go to a dealer, see the car you want that has a couple of faults that need fixing, that will be done prior to purchase and will cost the dealer £300 to sort, on a car costing £6K, I see no reason why I shouldn't give them a non-refundable deposit, of say £200, protected (if they go out of business) because I'm doing it with my credit card.

Prothet_of_Doom

motorguy wrote: »

I


Very annoying when you've had to tell other prospective customers that the car is sold (irrespective of any financial implications) only for the original buyer to ring up the night before handover and say they dont want it.

Ah, yes. Must be a pain, to loose 2 buyers because one is erm "Stupid"

SO I Ring up a large second hand dealer ref a erm Honda Accord. It's on my way home, I'll be passing it in 5 hours. Would I like to pay a deposit over the phone? ....er no.
I stop by, note that it's almost perfect but the boot carpet looks like a horses head might have been transported...
I say, I want to test drive it with my wife on Saturday Morning, so I make a booking, leaving 2 phone numbers.
We get there about 15 hours later, and "The car is sold"...okay thanks for letting me waste an hour of my Saturday morning.

Sunday Morning I drive 50 miles, put a £100 deposit on an identical but cheaper car, to pick up Friday on my way home, when they've got it 12 months MOT.

Friday, pick up car, drive home via the other place, see the 1st car is for sale. I go in and ask them why it's For Sale. "They couldn't get the finance" ..

5 weeks later, same place, different person phones me in response to an email I'd made earlier in the first week with a couple of questions that I eventually asked over the phone. Car is still for sale. :rotfl:

I guess knowing if a buyer is serious is impossible.

When selling secondhand cars, I am happy to take a deposit which is twice the cost of the advert. :rotfl:

motorguy

Prothet_of_Doom wrote: »

Ah, yes. Must be a pain, to loose 2 buyers because one is erm "Stupid"

SO I Ring up a large second hand dealer ref a erm Honda Accord. It's on my way home, I'll be passing it in 5 hours. Would I like to pay a deposit over the phone? ....er no.
I stop by, note that it's almost perfect but the boot carpet looks like a horses head might have been transported...
I say, I want to test drive it with my wife on Saturday Morning, so I make a booking, leaving 2 phone numbers.
We get there about 15 hours later, and "The car is sold"...okay thanks for letting me waste an hour of my Saturday morning.

Sunday Morning I drive 50 miles, put a £100 deposit on an identical but cheaper car, to pick up Friday on my way home, when they've got it 12 months MOT.

Friday, pick up car, drive home via the other place, see the 1st car is for sale. I go in and ask them why it's For Sale. "They couldn't get the finance" ..

5 weeks later, same place, different person phones me in response to an email I'd made earlier in the first week with a couple of questions that I eventually asked over the phone. Car is still for sale. :rotfl:

I guess knowing if a buyer is serious is impossible.

When selling secondhand cars, I am happy to take a deposit which is twice the cost of the advert. :rotfl:

Yes, definitely happens. I never offered finance when i was trading full time (and still dont) so that specific scenario never happened for me.

The biggest impact for me, being a small business as it were was cashflow. If i sold a car for say £5,000 to be picked up on Saturday, then to lose that was often a real pain in the bum from a cashflow perspective. I'd maybe commited to buying 2 cars on the back of that or was paying my monthly mechanics bill or something.

All the fun of running your own business though - dont have that hassle now thank goodness as i just do the odd car as a bit of a hobby.