Author Topic: Refund of Deposit (Read 6682 times)

victorypark · « **on:** July 21, 2008, 11:54:57 am »

Good morning all. Just wanted to float this situation and get some feedback, possibly via U2U with regards to a situation we were in approximately a month or so ago. We found a car we liked (Mustang of course) and were prepared to put a $500 deposit down on it which we did later that day having viewed it, via direct transfer (duly noted). It was agreed verbally between the parties that the deposit would be handed back/refunded if we changed our minds. A month was agreed upon. My partner and I had discussed it and we decided that we would not go down the path of purchasing this vehicle having weighed up our options. We informed the seller and to date we have had no luck with a refund of our deposit.

I thought the good Australia thing to do would be to happily refund the deposit and move on. I was keen on the car, but it was a decision that had to be made between both of us of which we declined to accept the car.

Even given nothing was in writing I think it comes down to a moralistic issue as to whether the money should be returned as opposed to the person being peeved that we didn't buy it. The car is still for sale as I believe.

If this is ok with the forum moderators/admin I would like to run this thread as it is an unfortunate situation.

No names will be mentioned as this is not our style We are welcome to U2U messages from any members who can assist or provide us with some feedback and advice in this situation.

Numerous text messages have been sent and no reply.

Thank u kindly members.

Frank70 · « **Reply #1 on:** July 21, 2008, 12:05:41 pm »

hi Victorypark.

In my opinion your deposit is forfeited - I would not give a deposit unless I was sure I wanted the car. Of course if there was a problem with the car that is different - but you do not state that was the case.

What you must remember is that after you gave the deposit, the car was effectively off the market and there was a chance the seller had to pass up on another seller.

Sorry, but I think your deposit is forfeited. I dont like the fact the seller agreed to give back the deposit, but perhaps there was some misunderstanding as to under what circumstances the deposit would be refunded.

Cheers,
Frank.

68Shelby · « **Reply #2 on:** July 21, 2008, 12:16:59 pm »

Did you get the agreement in writing and signed by all parties? If you did, there is an agreement - in the eyes of the law.

If not and it was a gentlemans agreement, I dont think you have a leg to stand on.

Regards

Rohan

fatso1 · « **Reply #3 on:** July 21, 2008, 04:49:16 pm »

I totally 100% agree with Frank70.
Sorry this is proberly not what you want to hear.

Good Luck.

nassi · « **Reply #4 on:** July 21, 2008, 06:26:35 pm »

Sorry mate, I have to agree with Frank70, the deposit is to secure the sale.
sorry

HEVEN67 · « **Reply #5 on:** July 21, 2008, 07:50:13 pm »

LOOK! .......................You have a choice,

1. You forfeit the deposit cause thats what the deposit bit means "you dont buy it and the deposit is payment for readvertising and general Frigging around.

OR

2. But the Mustang.

So buy it and come crusing!:f

nt0351 · « **Reply #6 on:** July 21, 2008, 08:07:37 pm »

what would you think if the seller went ahead and sold the car to someone else whilst holding your deposit ??

you would be jumping up and down ,correct ??

they have no legal or moral obligation to refund the deposit.

not what you wanted to hear i know but thats how it is.

Brent · « **Reply #7 on:** July 21, 2008, 08:25:21 pm »

Having just finished 41 years in retail, I DO NOT agree with the comments above.
I have given back dozens of deposits, the money is in luie of your circumstances staying the same. People buy on impulse, when they do their sums sometimes they just cant afford it. The Aussie handshake means your word, if it was spelled out that the deposit was non refundable, i dont think the buyer would have put the money down?Apparently there was not a time delay involved & I think if you went to the small claims tribunal you would get your refund, frankly I could'nt be bothered for $500.Buyer beware:*

BLKPNY · « **Reply #8 on:** July 21, 2008, 10:04:33 pm »

The purpose of the deposit is to place a hold on the car, while you seek finance/approval from your mum etc.
If he were to return it, what is the point of a deposit in the first place?

With all of my sales, I have a No Deposit, No Interest policy.

If a buyer doesn't leave a deposit, then he isn't interested in buying. I will not hold a car while there is no deposit.

I don't know why he suggested that it was refunable though..... sounds wierd.

victorypark · « **Reply #9 on:** July 21, 2008, 10:17:54 pm »

OK well this thread has given me enough to go on so admin or mods if u can delete now it would be greatly appreciated.

Funnily enough I will come back bigger and better from this anyways.

Not done yet. :[:[

6T9rustang · « **Reply #10 on:** July 22, 2008, 12:47:52 am »

Sounds like a crook. How many more hand shake deposits do you think he can tally up? Very sad when a gentlemens deal means diddly squat anymore. Everything has to be on paper, all legal bolony, to keep vultures like him straight.:[

victorypark · « **Reply #11 on:** July 22, 2008, 09:07:05 am »

Thanks 6T9. Perspective. From a legality perspective I well and truly know where I stand. From a good old fashioned Aussie, "sorry but I am unable to buy your car sir/madam, ok here is your money back" perspective it sucks.

6T9rustang · « **Reply #12 on:** July 22, 2008, 09:59:42 am »

Maybe we could organize a club charity run to raise your deposit back. We could call it: Victorypark's deposit returned charity cruise! he he Get your money back and keep ya keen on looking for another horse.

victorypark · « **Reply #13 on:** July 22, 2008, 11:25:42 am »

Hahaha thanks mate. Much appreciated but in all reality I should have been smarter. My loss, and I just have to cop it sweet.

Karma maybe?

Oh and put it this way things happen for a reason and I have bigger fish to fry anyways. ;2

IGALOP · « **Reply #14 on:** July 22, 2008, 05:29:19 pm »

VP, Hope your woes can be sorted with a change of heart by this person/s.
Have you thought anymore about The Nationals in Ballarat next Easter?
I have been looking at accomodation options and will book tomorrow most probably.
Hopefully you will have a steed by then and can enjoy the ride!

BLKPNY · « **Reply #15 on:** July 22, 2008, 05:49:31 pm »

Quote

Originally posted by victorypark

Karma maybe?

What was the purpose of the deposit then, if it is refundable? Is it to Lay-by the car?

If deposits are refundable, then there is no point to them....

HEVEN67 · « **Reply #16 on:** July 22, 2008, 07:11:11 pm »

What was the purpose of the deposit then, if it is refundable? Is it to Lay-by the car?

[/quote]

:w:w:w:w:w:w:w:w:w:w:w:w:w:w:w:w:w:w:w:w:w:w:w:w:w:w:w:w:w:w:w

jmd1 · « **Reply #17 on:** July 22, 2008, 07:18:50 pm »

Quote

Originally posted by HEVEN67
LOOK! .......................You have a choice,

1. You forfeit the deposit cause thats what the deposit bit means "you dont buy it and the deposit is payment for readvertising and general Frigging around.

OR

2. But the Mustang.

So buy it and come crusing!:f

Bugger the deposit,...was it a red car?:w:w

victorypark · « **Reply #18 on:** July 23, 2008, 09:29:40 am »

Quote

Originally posted by jmd1
Quote
Originally posted by HEVEN67
LOOK! .......................You have a choice,

1. You forfeit the deposit cause thats what the deposit bit means "you dont buy it and the deposit is payment for readvertising and general Frigging around.

OR

2. But the Mustang.

So buy it and come crusing!:f

Bugger the deposit,...was it a red car?:w:w

Haha, yep.

Ok ok play nice hev & blkpny......:+

I know I stuffed up, more frustrated with myself then anything else.

BLKPNY · « **Reply #19 on:** July 23, 2008, 06:08:19 pm »

Sorry mate, not having a dig, but it is the purpose of the deposit process.

But I don't know why he would suggest it was refundable.....

Yellow66 · « **Reply #20 on:** July 23, 2008, 08:09:30 pm »

Victorypark

I would have also suggested that you have lost your deposit, but after speaking to a fellow mustanger who has studied contractual law, i may be wrong. This workmate has stated that if an "agreement" is made, it is legal. It is just a matter of proving it and how far you are willing to go to get it back. My workmate has stated that you are able to get deposits back in most instances even if you decide to not go through with the purchase. The info took me be surprise.

Hope everything works out for you.

Cheers

BLKPNY · « **Reply #21 on:** July 23, 2008, 09:15:50 pm »

I would suggest it would be more un-gentlemanly to demand your deposit be returned, than to not return it.

It undermines the whole deposit process, and everything it stands for.

If that is the case, then there will be no holds, no deposits, nothing is sold or unavailable until the sale is final, and that is NOT how it is meant to be.

If Yellow66 is correct, the world has just become a slightly sadder place....

Frank70 · « **Reply #22 on:** July 24, 2008, 08:25:06 am »

I gotta agree 100% with BLKPNY. When you make a decision , you gotta stand by it. I just reread your initial post and if I understand it correctly, a month went by from the time you paid the deposit to the time you decided not to go ahead. In that time you dont know how many people might have showed interest in the car - the seller would have had to knock them back and then the prospective buyers probably were looking at another car by then.

Cheers,
Frank.

blackbox · « **Reply #23 on:** July 24, 2008, 08:39:18 am »

I think you guys are right. When someone sells something for as much as a nice car, sometimes they may have another purchase in mind, or worse may need the money to save their house or something like that and may really be counting on it. Although he did say it was refundable, so doesnt sound like he was starving...

I am in the process of selling my unit and buying a house.
As most of you will know real estate contracts are there for a reason, because once the deposit is paid the house is sold by law, no exceptions. People need to move on and make plans.

Plus theres nothing worse than being in limbo while selling something, waiting for a buyer to make up his mind. If I were the seller I would never offer a refundable deposit. Deposit means sold to me.

Another 2c worth...

James.

victorypark · « **Reply #24 on:** July 24, 2008, 01:10:59 pm »

Quote

Originally posted by Frank70
I gotta agree 100% with BLKPNY. When you make a decision , you gotta stand by it. I just reread your initial post and if I understand it correctly, a month went by from the time you paid the deposit to the time you decided not to go ahead. In that time you dont know how many people might have showed interest in the car - the seller would have had to knock them back and then the prospective buyers probably were looking at another car by then.

Cheers,
Frank.

Frank,

Just to clarify we decided TWO days later on the Tuesday after we had viewed it on the Sunday for memory (or Saturday).

A whole month had definately not passed by. Anyways it is a moot point now. I accept the deposit was placed as a means of securing the vehicle. We changed our minds two days later. That's the crux of it.

At the end of the day I posted the thread to obtain feedback, thoughts, opinions and the like and that's what I got and for the that I am most grateful.

Thanks all.

The best experience to be got from all this is to learn and not launch a full on assault on something until I am absolutely certain.

Cheers......:(:(:(

Nil sour grapes whatsoever....:2

Refund of Deposit

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Author Topic: Refund of Deposit (Read 6682 times)