the plot thickens....the seller seems to lack full disclosure about the car..you have just learned a valuable lesson about vetting a cars history..at least with the cu these iregularities came up...in the future try to buy a car from someone who is'nt so hurting that they need to keep your deposit.
Confused...
- Thread starter yoojeankim
- Start date
Being a dealer I would have given the deposit back, customer is always right especially in this case. He should at least offer his dealer services for your next purchase for free.
Very cut and dry. By Putting a deposit on a car you entered an agreement with the seller that he would not sell the car before an allotted time. You backed out on the deal because of you finance issue. Verbal or written he has every right to keep your money, and should not feel bad about it. It's his discretion to refund your money not yours. You took the risk, and you need to accept the consequences.
Is the car branded "True milage unknown" or "Milage exempt"?
If its "True milage unknown" you may have an argument.
If it's a 91 NSX they are all "Milage exempt" due to there age. At least in NY they are. I think 15 years is the cut off.
Is the car branded "True milage unknown" or "Milage exempt"?
If its "True milage unknown" you may have an argument.
If it's a 91 NSX they are all "Milage exempt" due to there age. At least in NY they are. I think 15 years is the cut off.
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Seems like a PITA process, Dan. Sux if you do not get back your deposit. Good luck searching for an NSX. What year?
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+1.
What did you think the deposit was for? Dealers selling used cars take deposits to hold cars as well. A good friend of mine made a $1000.00 deposit on a S2000 demo to hold it at the negotiated price. Later he changed his mind. The dealer told him that is the cost of holding the car from other potential buyers. He lost the deposit. Typically the deposit in these parts is $1000.00 no matter the value of the car. This shows commitment on both parties. It shows that you will buy the car and the seller cannot take other offers.
Sorry, but it is only $500.00. This isn't Sears or Costco. This is a priviate business deal.
After having a great thanksgiving. I just say "It is what it is" and move on. It sucks that it happened, i even texted the guy saying to have a happy thanksgiving. For me it's about morals but everyone is different. 
dawk - it was a 93 white/black with 89k miles he wanted 23k. pretty killer price if you know anyone local wanting it let me know guess i can help this guy sell his "BIG LOSS"
synth - i appreciate the kind words!
H-carWizKid - how's training going? My cousin is back from thailand
let me just say the NSX community is awesome . seriously.
dawk - it was a 93 white/black with 89k miles he wanted 23k. pretty killer price if you know anyone local wanting it let me know guess i can help this guy sell his "BIG LOSS"
synth - i appreciate the kind words!
H-carWizKid - how's training going? My cousin is back from thailand
let me just say the NSX community is awesome . seriously.
Yeah I understand but this is different. This is a person not a stealership with a bunch of old geezers wanting your $. Also I NEVER changed my mind... please get that fact, I tried everything I could to have this car.. Why wouldn't I want it? I instantly asked if I could come take a look at it the very next day he called. Then brang the deposit the next day after looking at it. If I was the seller I would notice the commitment.
Yeah it's "only" $500 but if it happened to you I'm sure you wouldn't be happy either..
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I live in Japan and The law here states that if the buyer backs out its the sellers money but if the seller backs out he has to double the money back to the buyer
So I have to say unless you have a written agreement, you just lost $500
So I have to say unless you have a written agreement, you just lost $500
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Training is going great (other than the fact that i was sick all of last week). I'm a 3 stripe now, and things are really starting to click when I am rolling.
Jesse is back to teaching again. it is great to have him back as he is very good at articulating the lessons- also he is generous with his time! I met up with him on a Sunday a few weeks back to work on escapes.
Hey, I hope this all works out for you. Seems like a pretty douche move to keep that deposit considering the circumstances.
P
After having a great thanksgiving. I just say "It is what it is" and move on. It sucks that it happened, i even texted the guy saying to have a happy thanksgiving. For me it's about morals but everyone is different.
dawk - it was a 93 white/black with 89k miles he wanted 23k. pretty killer price if you know anyone local wanting it let me know guess i can help this guy sell his "BIG LOSS"
synth - i appreciate the kind words!
H-carWizKid - how's training going? My cousin is back from thailand
let me just say the NSX community is awesome . seriously.
Great deal $23K! You always wanted white.
Escrow ( Being confused with deposit) You did not escrow...3rd party...
Deposit ( call it what you will... the goods were being held "off the open
market" for you to exclusively purchase... what would you think if the guy
sold "the goods" during your exclusive deposit period to someone else and
gave you your $500.00 back?...
Additionally, he could state how many other purchasers were turned away
during your exclusive "deposit" period of time)
Option ( I think you had an option to buy but didn't.) Full disclosure???
If you get anything back consider it a gift.
sorry,
:redface:
Deposit ( call it what you will... the goods were being held "off the open
market" for you to exclusively purchase... what would you think if the guy
sold "the goods" during your exclusive deposit period to someone else and
gave you your $500.00 back?...
Additionally, he could state how many other purchasers were turned away
during your exclusive "deposit" period of time)
Option ( I think you had an option to buy but didn't.) Full disclosure???
If you get anything back consider it a gift.
sorry,
:redface:
You have some valid points, but did you not read the part where the bank wouldn't loan on the car due to "exempt" mileage?
the OP wants the car- he would still buy it, but he needs a loan to do that. The credit union won't lend him the money due to the issue with the title.
How is the issue with the title the OPs fault? If the issue that breaks the deal isn't the fault of the OP, why would the deposit be non-refundable?
P
As stated above, here in New York, any car that is over 10 years old will have a mileage exempt status. I also understand that a bunch of financial institutions will not lend money for an older car. If your credit union used the mileage exemption status as a reason for not lending you the money it's probably because their policy is not to lend money for older cars.
Whenever I've gone to buy a car, from a stealership or private party, I've always had a receipt for the deposit. On the receipt I always put "purchase subject to financing" and the few times I didn't buy the car I always got my deposit back.
Now with all the facts it is quite clear that it is not your fault that the deal didn't go through. You absolutley deserve your deposit - and someone wrote earlier before this last bit came out on the exempt status of the mileage and said - "it's only 500 - chalk it up" or words to that effect. I'll say this to that - that is total bs - man I don't know who these guys are that think nothing of "throwing" away 500 bucks - fiirst of all that is crappy advice but without the whole story I guess he was just saying to chalk it up but where I come from 500 is still plenty of money. I wouldn't want to loose 500 on a bs deal like this - PERIOD or any other deal.
So I have a question - is this guy a Primer? If he is he should come to the table. I mean this is a family around here and he should be a better person than that - this is bad sport - this guy if all this is true oughta be banned from here. BUT not before he has a chance to respond. But if all this is true then he should be called to the carpet.
I'm sorry this has happened. Have you contacted him again and pointed out the issue of the mileage as being the "fly in the ointment" with your CU? That gets you off scott free imho. This guy is an A hole! Plain and simple if all this represents the facts in this case - he's actually dishonest.
Hope he gets a dose and realizes his mistake and gives you back YOUR MONEY! This sucks!
So I have a question - is this guy a Primer? If he is he should come to the table. I mean this is a family around here and he should be a better person than that - this is bad sport - this guy if all this is true oughta be banned from here. BUT not before he has a chance to respond. But if all this is true then he should be called to the carpet.
I'm sorry this has happened. Have you contacted him again and pointed out the issue of the mileage as being the "fly in the ointment" with your CU? That gets you off scott free imho. This guy is an A hole! Plain and simple if all this represents the facts in this case - he's actually dishonest.
Hope he gets a dose and realizes his mistake and gives you back YOUR MONEY! This sucks!
Is the car branded "True milage unknown" or "Milage exempt"?
If its "True milage unknown" someone messed up the paper work at some point. If you were not informed about this you may have an argument.
If its "Milage exempt" its due to age of the car.
Most banks don't give loans on +15 year old cars. The risk for the bank is to high.
Did you try a personal loan?
Did you try a different bank?
You want a stranger to take your word about the finance issue?
Its unfortunate for you but the seller has every right to keep your deposit.
"Banned from prime" LOL
I don't take deposits for this reason. People have regrets, change their mind or the wife finds out about it, and next thing you know they want their money back. In the meantime I have turned 5 customers away that could have potentially purchased the car.
If its "True milage unknown" someone messed up the paper work at some point. If you were not informed about this you may have an argument.
If its "Milage exempt" its due to age of the car.
Most banks don't give loans on +15 year old cars. The risk for the bank is to high.
Did you try a personal loan?
Did you try a different bank?
You want a stranger to take your word about the finance issue?
Its unfortunate for you but the seller has every right to keep your deposit.
"Banned from prime" LOL
I don't take deposits for this reason. People have regrets, change their mind or the wife finds out about it, and next thing you know they want their money back. In the meantime I have turned 5 customers away that could have potentially purchased the car.
Losing the $500 sucks.... tough call.
It seems the fairest thing would to be to at least split it, but he apparently had the impression the $500 was to hold the car & then to be applied to purchase which didn't happen.
The Exempt Mileage... here in Nebraska they also will title cars that are a certain age as Exempt on the mileage, unless you specifically tell them you want the actual mileage on the car.
I would think most CU's or loaning institutions would realize this.... I could see them balking on a "salvage title" but not so much on an 'exempt mileage car' (I can see where they may have a policy against it as there is no way of knowing if it is exempt because of the age or because it has well over 100k miles on it)... but like it is stated previously many banks and CU's won't loan money on cars that are collectibles or a certain age. They don't like the risk of having an asset that isn't quite as cut and dry as something that is fairly new.
Sometimes I have wondered if there isn't some type of conspiracy with car makers and loan institutions as the way the system is currently set up, it appears it is much easier to finance something brand new over something that is used. When it comes out to the difference in interest and payments, sometimes it seems crazy to buy something used, when you can get something new for relatively the same price, that comes with warranty, etc. That is just something that runs through my mind some times. I our whole economy seems to run better on consumerism. Keeps us all employed. :smile:
Did you check some of the other posts on Prime where members have suggested places that are willing to loan money on NSX's for good rates? I remember seeing some posts where members mentioned receiving very good interest rates and lenders very willing to write loans for NSX's.
Maybe it is too late to procede with the deal. I don't remember if you mentioned whether or not he sold the car.
If so, and he received the price he wanted for the vehicle, then the most honorable thing for him to do would be to return the deposit for sure. If not, then I can see him wanting to keep the deposit.
Tough call.... like you said on the post, it is confusing.
It seems the fairest thing would to be to at least split it, but he apparently had the impression the $500 was to hold the car & then to be applied to purchase which didn't happen.
The Exempt Mileage... here in Nebraska they also will title cars that are a certain age as Exempt on the mileage, unless you specifically tell them you want the actual mileage on the car.
I would think most CU's or loaning institutions would realize this.... I could see them balking on a "salvage title" but not so much on an 'exempt mileage car' (I can see where they may have a policy against it as there is no way of knowing if it is exempt because of the age or because it has well over 100k miles on it)... but like it is stated previously many banks and CU's won't loan money on cars that are collectibles or a certain age. They don't like the risk of having an asset that isn't quite as cut and dry as something that is fairly new.
Sometimes I have wondered if there isn't some type of conspiracy with car makers and loan institutions as the way the system is currently set up, it appears it is much easier to finance something brand new over something that is used. When it comes out to the difference in interest and payments, sometimes it seems crazy to buy something used, when you can get something new for relatively the same price, that comes with warranty, etc. That is just something that runs through my mind some times. I our whole economy seems to run better on consumerism. Keeps us all employed. :smile:
Did you check some of the other posts on Prime where members have suggested places that are willing to loan money on NSX's for good rates? I remember seeing some posts where members mentioned receiving very good interest rates and lenders very willing to write loans for NSX's.
Maybe it is too late to procede with the deal. I don't remember if you mentioned whether or not he sold the car.
If so, and he received the price he wanted for the vehicle, then the most honorable thing for him to do would be to return the deposit for sure. If not, then I can see him wanting to keep the deposit.
Tough call.... like you said on the post, it is confusing.
I hate hearing stories like yours. It is hard to get a true gentlemans agreement on deals like this.
Moving forward, do your best to square away financing first.You spare yourself agonizing over an unknown outcome, and you spare the seller of the same agony. It is easier to have everything set up front. If the price is out of range, keep your nose to the grindstone and build up more equity. You will be glad you did.
Moving forward, do your best to square away financing first.You spare yourself agonizing over an unknown outcome, and you spare the seller of the same agony. It is easier to have everything set up front. If the price is out of range, keep your nose to the grindstone and build up more equity. You will be glad you did.
Basically, the option period is just that... an exclusive option to purchase during a specified period of time for a specified price & terms.
I agree it does suck for this guy and hopefully the seller will give him a break, but he doesn't have to...
Get it in writing so everyone is on the same page... so everyone knows what the word "deposit" means to each of them...
I think the purchaser thought he had a protected 3rd party escrow and the seller thought he had an option.
The seller took the car off the "open market" for the purchaser with the "deposit" being received...
If the purchaser had cash he could have purchased the car.
If the purchaser had a bigger down payment????
The purchaser's credit union didn't approve the loan for him...
That's a problem between the purchaser and the credit union...
The excuse the credit union used is their own underwriting standards...
It's the purchasers present credit union... NOT the seller's refusing to sell
the car to him.
As far as I can tell, if the purchaser has the funds the car is still his...
The seller just wants to sell the car and get paid.
I agree it does suck for this guy and hopefully the seller will give him a break, but he doesn't have to...
Get it in writing so everyone is on the same page... so everyone knows what the word "deposit" means to each of them...
I think the purchaser thought he had a protected 3rd party escrow and the seller thought he had an option.
The seller took the car off the "open market" for the purchaser with the "deposit" being received...
If the purchaser had cash he could have purchased the car.
If the purchaser had a bigger down payment????
The purchaser's credit union didn't approve the loan for him...
That's a problem between the purchaser and the credit union...
The excuse the credit union used is their own underwriting standards...
It's the purchasers present credit union... NOT the seller's refusing to sell
the car to him.
As far as I can tell, if the purchaser has the funds the car is still his...
The seller just wants to sell the car and get paid.
I've personally bought/sold over 20 used vehicles and I've never heard of a "milage exempt" status for cars past a certain age. Perhaps it's not commin in CA, but isn't that something that should have shown up on a CARFAX report?
After reading your 1st post I was thinking that the seller was right to keep your deposit. However after hearing that your loan failed due the the "mileage exempt" status the the seller was unaware of and did not disclose, I think he should give you 1/2 if not all of it back.
I ALWAYS write up a full document detailing all the conditions of the deposit (covering financing, PPI results, etc...) and have both parties sign/date two copies.
After reading your 1st post I was thinking that the seller was right to keep your deposit. However after hearing that your loan failed due the the "mileage exempt" status the the seller was unaware of and did not disclose, I think he should give you 1/2 if not all of it back.
I ALWAYS write up a full document detailing all the conditions of the deposit (covering financing, PPI results, etc...) and have both parties sign/date two copies.
+1
Also consider fact like:
1. In theory the seller could sell his car his car the next day with no hassle
2. The seller is still paying for insurence - around $100 / month
3. The car is reseved for you so he is not driving it(I hope) so he is basically "renting you his garage space for a month"
4. Its late november, the guy wants this car gone before the winter comes.
5. The seller might be affraid that if he doesn't sell the car before winter he might be stuck with it untill spring comes.
6. The seller had money invested in this car so if he had it sold a month earlier he could maybe invest it somehow but he still has a car for sale and he doesn't know if he should hold it for you still. ( if he had this car financed he would be paying APR)
It would take a brutal seller and there are very few of them if any here on Prime that would consider all 6 points and that's what makes this community special but imho he has a right to keep the deposit.
Would I give you your 500 back if I was the seller? Yes! and it would be nice of him if he did but at the end he does not have to...
just my .02
P.S. I really hope you get the car!
wish i could get the car too! but i guess there's plenty more fish in the sea
haha yeah jesse is awesome! i'm very proud of him. Have you tried his sushi yet?
+2.
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