How long would you wait for a buyer to pay for a car?
Discussion
I've agreed a sale on a car I advertised, it's 40k and the bloke gave me a £500 deposit and he's sorting finance. He reckons it's all been approved and so should be paid into my account now, the thing is that was 8 days ago. I could have sold this car 3 or 4 times in that period I reckon, is it time to refund his deposit and sell to one of the others?
Reading this back I think I already know the answer...
Reading this back I think I already know the answer...
He’s yanking your chain. Any finance that isn’t provided by the supplying dealer will not be paid directly to the seller especially if the seller is private. If he’s got finance, it’ll be an unsecured loan whereby he’ll get paid the money and he’ll then send it to you. The finance company won’t send the monies to you directly.
If it were me, I’d keep the money aside, pending receipt of his bank details and sell the car to someone else.
If it were me, I’d keep the money aside, pending receipt of his bank details and sell the car to someone else.
Taking it a step further...
The purpose of the deposit is to secure the car, stop you selling it elsewhere etc etc
You are at a loss already and it does beg the question if any re advertising costs should be deducted from the deposit
You need to formally enter into an agreement on timescale and at the end of such he either pays in full or leaves without his deposit refunded.
Or if he's so dure its all good then ask for a further amount that is non refundable following an agreed timescale
The purpose of the deposit is to secure the car, stop you selling it elsewhere etc etc
You are at a loss already and it does beg the question if any re advertising costs should be deducted from the deposit
You need to formally enter into an agreement on timescale and at the end of such he either pays in full or leaves without his deposit refunded.
Or if he's so dure its all good then ask for a further amount that is non refundable following an agreed timescale
I waited 5 days for payment and collection on a motorcycle sold via eBay for less than £2k. For the OP's amount, I'd be a bit more patient, but a week to 10 days should be ample for anybody who REALLY wants your car. I'd be tempted to contact him with a "hurry up" and retention of the £500.
KungFuPanda said:
He’s yanking your chain. Any finance that isn’t provided by the supplying dealer will not be paid directly to the seller especially if the seller is private. If he’s got finance, it’ll be an unsecured loan whereby he’ll get paid the money and he’ll then send it to you. The finance company won’t send the monies to you directly.
If it were me, I’d keep the money aside, pending receipt of his bank details and sell the car to someone else.
Agree this sounds odd, never heard of a finance company arranging payment to a 3rd party who was a private seller. They would have no comeback against you if you retained the money and failed to give the car to the buyer, as you wouldn't be a party to the loan agreement. Would expect it is much more likely that they would pay the money to the buyer and the buyer would need to pay you - but even so 8 days seems a long time. If it were me, I’d keep the money aside, pending receipt of his bank details and sell the car to someone else.
I only bought my latest car last month and didn't apply for the finance until I had viewed the car and confirmed that I wanted it. I then applied for the loan and had the money in my account within an hour of the application being approved (and it was approved pretty much instantly when I applied).
Admittedly that wasn't £40k, it was £8k - but still I can't see a £40k loan taking more than a week to be paid over.
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