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      10-01-2012, 04:17 AM   #1
fongpi
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Standard contract for leaving a deposit?

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.
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      10-01-2012, 04:47 AM   #2
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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.


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Originally Posted by fongpi View Post
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.
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      10-01-2012, 05:02 AM   #3
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Originally Posted by fongpi View Post
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.
Regarding your username: yes, yes I did.
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      10-01-2012, 08:21 AM   #4
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The two cars I have purchase my deposit was a copy of my plane ticket to see the car. I told them that I invested $400-$500 on plane ticket to see the car which show I was serious about it.
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      10-01-2012, 09:33 AM   #5
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If he is asking you to send him 10% to via Western Union or to a personal bank account then it sounds like it might be a scam. I would definitely think twice about doing that... I agree with the other posters, 500$ should be enough to show serious interest.

I almost got burned on a scam like this when trying to buy a BMW S1000rr I found on Craigslist. The scamer even went as far as to create a fake PayPal invoice that instructed me to wire the money to the personal bank account of a "3rd party" who would hold the money until the transaction was complete. I called paypal to confirm the invoice and they told me it was fake and that they would never have a customer wire money to a third party.

That being said, I do believe that PayPal does offer some type of Escrow account where they will hold the money until the transaction is complete. If not, they will at least insure it if you do things from them. All the buyer beware websites always say to never send a Western Union and never send a bank draft to a personal account.

Just my 2 cents...
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      10-01-2012, 09:40 AM   #6
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private sale, do not pay a deposit...I wouldn't pay it, you have no easy recourse in case something goes wrong. Like others have said, you need to instill confidence in seller that you're not flaking out, that's it.

Let me get this straight, you're GOING there to see, test drive, and buy the car right? Please don't tell me you're paying it first, and then having the car delivered. If so, this is the oldest scam in the book.

Just arrange a meeting time and place, take your checkbook with you or a deposit slip. When everything checks out, go to your bank with the seller, and do a inter-bank transfer, the teller will confirm funds, and then it's done. No risk on seller or buyer side.
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      10-01-2012, 09:46 AM   #7
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dude.. RUN! this sounds like a scam... the mere fact that you want to fly over there to see the car should be enough for the seller. I would never give a private seller 10%.. (or any money at all really)
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      10-01-2012, 09:53 AM   #8
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DO NOT put a deposit.. most i would put is $500... but even with that.. 10% is freakin BS... WTF...
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      10-01-2012, 10:01 AM   #9
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I would not send a deposit to a private party seller.
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      10-01-2012, 10:03 AM   #10
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i sold my z06 with 13k on it . for 45k and I only took 1k deposit and that was after we agreed he was buying the car , he saw it in person, and signed some paperwork .

fuck that wiring money to people shit.
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      10-01-2012, 10:20 AM   #11
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Quote:
Originally Posted by 6spdg37s View Post
i sold my z06 with 13k on it . for 45k and I only took 1k deposit and that was after we agreed he was buying the car , he saw it in person, and signed some paperwork .

fuck that wiring money to people shit.
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      10-01-2012, 10:56 AM   #12
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Quote:
Originally Posted by 6spdg37s View Post
i sold my z06 with 13k on it . for 45k and I only took 1k deposit and that was after we agreed he was buying the car , he saw it in person, and signed some paperwork .

fuck that wiring money to people shit.
whoa, that's a great deal! 45k for a Z06 with only 13k?
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      10-01-2012, 11:02 AM   #13
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+1,000,000 to what everyone has said.

And a contract doesn't guarantee he'll sell you the car, it just means if he doesn't can sue him for breach of contract.

There are too many M3s for sale that you don't need to mess with this.
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      10-01-2012, 11:08 AM   #14
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whoa, that's a great deal! 45k for a Z06 with only 13k?
it was a fair deal. it was an 08 2lz non nav

I ended up knowing the person who bought it, thru other people i knew.

the front bumper needed a respray because it got scraped low but then started developing stress cracks.

book is 46-48. so i knocked off for that and some curb/pothole rash on the rims , etc;
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      10-01-2012, 11:09 AM   #15
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Originally Posted by Team Plutonium View Post
I only wire money to nigerian princes living in exile....
thats how my friend just sold his quad. it was only 3k but htey wired him 105k
and he fedexed the quad to nigeria .. and then transfered them back 102k



clearly kidding...but thats what they wanted him to do in the e-mail lmao
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      10-01-2012, 11:11 AM   #16
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I only wire money to nigerian princes living in exile....
Only if they are trying to sell a car for their son who is studying abroad...
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      10-01-2012, 11:59 AM   #17
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I would only make a deposit after I met the guy at his house and saw the car in person.
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      10-01-2012, 01:08 PM   #18
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If you absolutely must give a deposit, use a service like escrow.com. Basically, you give the deposit money to them and you and the seller agree ahead of time what the parameters are for the money to be released to the seller.

I used them once when I helped the owner of the company I work for sell his $100k Porsche 911 Turbo. In that case, the buyer put the entire amount into escrow.com. Once escrow.com told us they had the $$, we shipped the car. Once the buyer received the car, he verified that the car was as advertised, and then escrow.com released the funds to us.
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      10-01-2012, 01:28 PM   #19
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Quote:
Originally Posted by jimbethesda View Post
If you absolutely must give a deposit, use a service like escrow.com. Basically, you give the deposit money to them and you and the seller agree ahead of time what the parameters are for the money to be released to the seller.

I used them once when I helped the owner of the company I work for sell his $100k Porsche 911 Turbo. In that case, the buyer put the entire amount into escrow.com. Once escrow.com told us they had the $$, we shipped the car. Once the buyer received the car, he verified that the car was as advertised, and then escrow.com released the funds to us.
sounds like the correct service needed, question is, how much did it cost and who paid for it? For a $100k car and lots of busy parties, yes, it's useful, but for a used 08 valued at around $40k...I think buyer and seller can just come to an understanding on buyer's intent.
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      10-01-2012, 01:29 PM   #20
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80% of me tells me this is a scam. I've been scammed like this. Don't do it. Keep us updated!
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      10-01-2012, 01:31 PM   #21
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As others have mentioned, do not send a deposit for a car you have not seen in person.

10% deposit is rather large. You guys should settle on a smaller deposit and get it in writing where both of you sign the document saying you paid him a deposit and you can get it back later if the deal doesnt go through. I sold used cars in the past and the deposit is usually a couple hundred dollars as a gesture to hold the car until you can get financing.

Last edited by Z K; 10-01-2012 at 01:37 PM.
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      10-01-2012, 02:17 PM   #22
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WHen I took over the lease on my M3, i paid the guy 1000 dollar cash; but that's after the fact I had his information, his place of residing, and BMW financial was contacted with clear information from them (account number, vin number, etc...).
You don't get this lucky all the time. There are some legit sellers (few), and some are scammers. Just be really careful.
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