Deposit not received back!

Lazy Peac*ck EB · 15-12-2011, 04:02 PM

Hey guys, bit of advice. I put a $200 deposit on a car subject to finance and said that if I couldn't get the finance, I would get the deposit back. Hence the term subject to finance. Now my finance has fallen through, and I will not be able to purchase said car. He is refusing to give me back my deposit and I have a receipt which says subject to finance within two weeks. It's still within the two weeks by 3 days. Do I have a leg to stand on?

Mr Hardware · 15-12-2011, 04:04 PM

Private seller? Dealership? Receipt of deposit? Signed agreement?
More info required.

roberts · 15-12-2011, 04:30 PM

stringing somebody out for a week and a half, so you could get finance is a bit much to expect. I was selling a car once the guy was keen put a deposit in my account, said he was coming in a weeks time to pick it up he had to travel so was fair enough, could of sold it to 5 different people but i didn't because he said he was coming and paid a deposit, on the eleventh hour texts me and says he cant buy it, I didn't even respond to his message. Sold the car less the deposit amount to the next guy.
I wouldn't be surprised that he has done the same.
I would say learn your lesson, and don't be careless with you money

**Polyal** · 15-12-2011, 04:45 PM

Yeah wouldnt you get approved before buying a car?

flappist · 15-12-2011, 04:48 PM

Quote:

Originally Posted by Lazy Peac*ck EB

Hey guys, bit of advice. I put a $200 deposit on a car subject to finance and said that if I couldn't get the finance, I would get the deposit back. Hence the term subject to finance. Now my finance has fallen through, and I will not be able to purchase said car. He is refusing to give me back my deposit and I have a receipt which says subject to finance within two weeks. It's still within the two weeks by 3 days. Do I have a leg to stand on?

Yes you do but not for 3 days. Go and see him on Monday.

bobthebilda · 15-12-2011, 06:16 PM

Quote:

Originally Posted by Lazy Peac*ck EB

Hey guys, bit of advice. I put a $200 deposit on a car subject to finance and said that if I couldn't get the finance, I would get the deposit back. Hence the term subject to finance. Now my finance has fallen through, and I will not be able to purchase said car. He is refusing to give me back my deposit and I have a receipt which says subject to finance within two weeks. It's still within the two weeks by 3 days. Do I have a leg to stand on?

Depends exactly what is written on the documentation. Did the documentation say subject to finance (but you just verbally said if you cant get finance, you want the $200 back), or did the documentation cover the whole lot.

Most contracts that state "subject to finance" mean that if the finance doesnt get approved, then you wont be obligated to go thru with the contract (buy the whole car). But the $200 would be treated differently (ie its the cost that the owner / dealer bears by holding onto the car for those two weeks, and not sell it to someone else). Unless it is specifically covered (by the contract), then i would expect the $200 to be treated as a cost to you for asking the seller to hold off on selling the car for two weeks until you got your act together.

aussie muscle · 16-12-2011, 08:36 AM

unless it's specified beforehand as a 'no refund deposit', you should get it back. start by threatening to get lawyer involved.

Rodge · 16-12-2011, 08:42 AM

Quote:

Originally Posted by flappist

Yes you do but not for 3 days. Go and see him on Monday.

What he said is legally correct but getting it back could be easier said than done, some people are bloody bastards. If vendor is a licenced motor vehicle dealer you could threaten to make a formal complaint to their governing body. Not worth referring this to your lawyer, he'll change you more than that for the initial consultation.

TheyDontWantMus · 16-12-2011, 09:35 AM

Thats the whole point of a deposit.

So if you stuff the seller around, they have a small payment for the inconvenience.

How much was the car?

T3ts50 · 16-12-2011, 09:48 AM

Quote:

Originally Posted by TheyDontWantMus

Thats the whole point of a deposit.

So if you stuff the seller around, they have a small payment for the inconvenience.

How much was the car?

How did he stuff the seller around? He was keen on buying the car but finance had fallen through. Thats the whole point of the subject to finance clause.

To the OP, make sure you get a letter from your financier advising the loan was declined.

big_landau · 16-12-2011, 09:48 AM

hope this dosnt mean we are going to miss out on the self destructing eb?

TheyDontWantMus · 16-12-2011, 09:50 AM

Quote:

Originally Posted by T3ts50

How did he stuff the seller around? He was keen on buying the car but finance had fallen through. Thats the whole point of the subject to finance clause.

To the OP, make sure you get a letter from your financier advising the loan was declined.

the only way finance would fall through, is if you didn't have a permanent job, or had zero savings history...

in which case, you'd know you'd never get a loan without even having to go to the bank.

I'd never put a deposit on a car, expect the person to hold the car for 10 days, and then ask for my money back. Why would the seller bother holding the car at all then?

Smoke Pursuit · 16-12-2011, 09:57 AM

Quote:

Originally Posted by TheyDontWantMus

the only way finance would fall through, is if you didn't have a permanent job, or had zero savings history...

in which case, you'd know you'd never get a loan without even having to go to the bank.

Lol....

Are you sure about that??

So many people giving advice / opinions on things they know nothing about.

As Flappist said, you've got till monday.

And the seller obviously agreed to the 2 weeks.....

RAPID_BA · 16-12-2011, 09:58 AM

Quote:

Originally Posted by aussie muscle

unless it's specified beforehand as a 'no refund deposit', you should get it back. start by threatening to get lawyer involved.

get a lawyer involved for $200?

walk away from the transaction, $200 lost and tail between legs. If you cant get the finance, dont go out buying cars beyond your means.

302 XC · 16-12-2011, 11:08 AM

If im selling something its gotta be a 10 % deposit minimum,i mean your serious or not
So 10% is $200 bucks , the car wouldnt wanna be more than 2 grand tops ,i wouldnt except the deposit
That aside, depends on wether written argeement or verbal,verbal aint worth nothin

Lazy Peac*ck EB · 16-12-2011, 11:25 AM

No the EB will still be self destructing shortly.

And don't worry now, I went to the motor traders association and 5 minutes after I did, he got a call from them and said he would be delighted to give me my deposit back or hold the car til further finance was approved. Lol.

ratter · 16-12-2011, 12:53 PM

The problem with the clause "subject to finance" when dealing with a motor trader is, you may try to get your own finance and fail but the motor trader may be able to get you finance through his contacts, so technically finance is available, maybe not at the rates you may want but it would be available so it renders that clause not applicable. You are better off with the clause "subject to finance through GEC" as an example that way if GEC knock you back the clause applies to your case.

Good luck any way

**Professor Farnsworth** · 16-12-2011, 01:01 PM

i put a $100 deposit on a car, and ended up not being able to go through with it. I told the guy to keep it as it was a waste of his time in the end. And no, i am not rich.

edit: i see it was actually a dealer and sorted, fair enough. Thought it was private.

**Professor Farnsworth** · 16-12-2011, 01:05 PM

Quote:

Originally Posted by TheyDontWantMus

the only way finance would fall through, is if you didn't have a permanent job, or had zero savings history...

yes let's ignore:

wage on said job
employment duration
amount requested to borrow
number of previous credit aplications
previous defaults
late credit card repayments
old phone bill you forgot about, since moved house, now is a 7 year clearout notice default

and more, but hey

flappist · 16-12-2011, 01:09 PM

Quote:

Originally Posted by DASH GT

Lol....

Are you sure about that??

So many people giving advice / opinions on things they know nothing about.

As Flappist said, you've got till monday.

And the seller obviously agreed to the 2 weeks.....

Yep, and guess what DASH GT does for a living.....

Lazy PC maybe you should give Dash a PM and see if he can sort your finance.

GT0132 · 16-12-2011, 02:35 PM

Quote:

Originally Posted by ratter

The problem with the clause "subject to finance" when dealing with a motor trader is, you may try to get your own finance and fail but the motor trader may be able to get you finance through his contacts, so technically finance is available, maybe not at the rates you may want but it would be available so it renders that clause not applicable. You are better off with the clause "subject to finance through GEC" as an example that way if GEC knock you back the clause applies to your case.

Good luck any way

Right on.....The finance doesn't necessarily have to be obtained from the financier the prospective buyer has chosen unless that's part of the agreement.

Donny · 16-12-2011, 04:16 PM

Yeah, some car yards out there will give ya the ole infamous "bikie finance", where if ya default on the payments they come to ya house repo the car an bust ya kneecaps.. You dont want that kinda finance ever..

Kryton · 16-12-2011, 06:55 PM

Quote:

Originally Posted by Professor Farnsworth

i put a $100 deposit on a car, and ended up not being able to go through with it. I told the guy to keep it as it was a waste of his time in the end. And no, i am not rich.

I lined up buying an FJ40 in Bendigo a few years ago.
Found it on Ebay, we agreed to a price, was happy with what was presented online and said id be down to buy it on the weekend.
Booked a motel room, stayed the night, met the seller the next morning and was about to hand over the cash when he asked me if i wanted to drive it first.
Didnt really bother me but decided to anyway.
Had the drive, wasnt really happy with the ride of it (its an FJ - they werent designed for comfort) but was still going to buy it anyway.
He said that if i wasnt happy and i didnt want to buy it, i didnt have to.
Decided not to, gave him $100 for his troubles and left it at that.
He ended up selling it for $500 more than i was going to pay anyway.

Smoke Pursuit · 17-12-2011, 01:40 AM

Quote:

Originally Posted by flappist

Yep, and guess what DASH GT does for a living.....

Lazy PC maybe you should give Dash a PM and see if he can sort your finance.

Nah I don't do consumer.. Only Commercial finance for people like you Tony.

That Ford Credit contract must be nearly stuffed by now!

**Professor Farnsworth** · 17-12-2011, 10:04 AM

Quote:

Originally Posted by davway

I lined up buying an FJ40 in Bendigo a few years ago.
Found it on Ebay, we agreed to a price, was happy with what was presented online and said id be down to buy it on the weekend.
Booked a motel room, stayed the night, met the seller the next morning and was about to hand over the cash when he asked me if i wanted to drive it first.
Didnt really bother me but decided to anyway.
Had the drive, wasnt really happy with the ride of it (its an FJ - they werent designed for comfort) but was still going to buy it anyway.
He said that if i wasnt happy and i didnt want to buy it, i didnt have to.
Decided not to, gave him $100 for his troubles and left it at that.
He ended up selling it for $500 more than i was going to pay anyway.

yeah it's just the right thing to do in my book

TheyDontWantMus · 17-12-2011, 10:10 AM

whats the point in a seller asking for a deposit if they're just going to give it back anyway?

makes no sense.

flappist · 17-12-2011, 10:44 AM

Quote:

Originally Posted by DASH GT

Nah I don't do consumer.. Only Commercial finance for people like you Tony.

That Ford Credit contract must be nearly stuffed by now!

Long gone............

Jallopy · 17-12-2011, 05:35 PM

Quote:

Originally Posted by TheyDontWantMus

whats the point in a seller asking for a deposit if they're just going to give it back anyway?

makes no sense.

Yes a deposit may mean he knows that you are trying to get finance and not a tyre kicker around for a joy ride.

Or just plain window shopping....dreamers.
There are thousands of them out there wishing they had a better car to drive than the heap they are in now