Extract from kazbanz's post #48, "From MY pov if a person has put a deposit on a car then it is ALWAYS non refundable or I don't take a deposit. The buyer is committing to buy .I am committing to sell (subject to any conditions either of us put down)".
Please explain what part of this you consider unreasonable.
intrade,
Dec 14, 2:21am
what i see as a problem is the buyer was talked in to signe a purchase agreement under duress.
captaink,
Dec 14, 2:43am
Subtle difference in what Kaz is saying. 'or I don't take a deposit' . I believe Kaz wouldn't have put the pressure on the customer to pay the deposit if the customer had already asked for time to consider, he wouldn't have used a second party close (tho this may not be relevant in his case) to help put the pressure on and all I was inferring is that if I was the dealer I would refund on a 24 hr cancellation knowing full well I had been pushing the deal in the first place and then renegotiated the deal or tried to sell/source another vehicle keeping the customer onside. Taking the hard line doesn't make any sense to me especially given it was a Saturday sign, Sunday Buyers remorse. Don't think I used the word unreasonable tho I might have inferred it.
captaink,
Dec 14, 2:47am
]what i see as a problem is the buyer was talked in to signe a purchase agreement under duress.
+1 Clearest statement you have made in a long time
gman35,
Dec 14, 4:39am
Am amazed it took till post #27 for that "best expectation" in my opinion also. Very hard to argue with # 32 and #35. "Sales pressure" or not that you may have succumed to, to me it would be a $500 lesson , so are you at least willing to see if they will offer/find another possible option for you ?
kazbanz,
Dec 14, 4:52am
I have to ask. Would you expect anyone at anytime to spend money preparing a vehicle on your word alone? I can't speak for other dealers but I invest roughly $400 into a car once someone has committed to purchase. most of that once spent is a ticking clock as to how much of it can be recovered. ie the limit is 28 days/1 month on a WOF. Rego once done is ticking away on a daily basis. The days a mans word is his bond have long gone.
captaink,
Dec 14, 5:43am
So they sign on Saturday, ( vehicle has new WOF) and cancel on Sunday, your investment post sale is ?
cheapy11,
Dec 14, 6:37am
Going back to the OP, I would be interested to know what this part means.
"Wasn't in our favour" sounds to me like they got home & found one on the net for cheaper so then wanted to back out of the deal?
kazbanz,
Dec 14, 6:39am
Sorry dude bad example for ME. Deal done Saturday. deposits been paid. NO extra conditions of sale. By 9.00 am sunday Ive paid for a new WOF,Registered the car and done an oil/filter change.So investment is $400 ish. Customer decides to cancel the deal then Ive lost most of that $400 depending on how much longer the car takes to sell. To be honest though if a customer Is saying Ive got to think about it /sleep on it then I won't take a deposit. The reason being I don't want to commit in any way to a sale from the dealerships POV, Closest Ive come is on several occasions is late arvo Ive on a handshake agreed to not sell the car until 9.00 am the next day. -Its no major skin off nose "holding" a deal for what trading hours wise is effectively a couple of hours. In THIS case the OP has an easy out provided the sale is conditional to satisfactory inspection.
rojill,
Dec 14, 9:17am
Strange - - - no one has mentioned alternatives - - - eg. Option to buy where a nominal sum $20 or $50 is passed over and is credited towards the purchase price if the sale goes ahead; forfeited if it doesn't.
naki-lad1,
Dec 14, 5:49pm
Thanks everyone for your feedback.
My original post states it was our error and our mistake to sign it, and all I wanted to know was it legally enforceable the non-refundable deposit.
It's great to discover how many people out there take the opportunity to provide answers (whether it's the answer I want or not), and those who use it as an opportunity to become keyboard warriors, despite the fact I've already pointed out it was my error.
To answer those questions, basically we were trading a vehicle 2011 3.6L engine and buying a 2011 vehicle, different make 2.5L engine and paying them an additional $1k. So yes, we made a dumb decision when put on the spot at the Dealers. With regards to using the deposit for another vehicle there, that was never an option put to us by the Dealer, and I guess I'd rather lose $500 than deal with this dealer again.
clatty,
Dec 14, 6:03pm
2get1 needs help, all I want 2getfull to do is get off the 2tonne truck and better himself, I don't get it.
tgray,
Dec 14, 7:21pm
Its unfortunate it didn't work out and only you can ultimately decide what is right for you. Seems a shame to get nothing and lose your $500, when another $500 get's the other vehicle. You say you don't want to deal with this dealer again. Fair enough, but I wouldn't let pride stop you in achieving the better result for yourself. Hopefully you feel you have already done that. I can assure you the dealer is happy with your $500 for very little effort (in this case). Still, thanks for sharing your experience and there has obviously been a hard lesson learned.
kazbanz,
Dec 14, 7:32pm
nakilad-PLEASE answer the questions I asked you. Does the contract specifically say the deposit is non refundable? Does the contract specifically say that the sale is subject to a satisfactory PP inspection? In order to answer your questions I need mine answered.
kazbanz,
Jun 17, 2:05am
Only an idiot would accept $20 as a holding deposit. That's harshly phrased because $20 or $50 is an amount a lot of people are happy to simply walk away from so is a meaningless gesture.
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