10% seems really high to just wire (Western Union? I hope not) to some random person for something like an M3 sight unseen. If the seller is a decent human being, a relatively low but non-trivial amount (say $500 or $1000) should be enough to show them that you're serious about actually purchasing the car. I wouldn't send $4k+ for something that may or may not exist.
Originally Posted by fongpi
I'm planning on engaging in a private party sale this week, and may be required to leave a deposit. If I leave a deposit what can I ask for in return that guarantees the seller won't run with my money? He's asking for a 10% deposit to be wired to him.
So is there a standard contract to stipulate that upon arrival, if the car was misrepresented, that I get my money back? Does something like this hold up in court? I'm flying across the state to go see it this week.