Refunding deposit.

khaki

I'm selling my car and yesterday a couple came to see it and decided to take it. We agreed a price and they left a 10% deposit and they would take the car and pay the balance on Friday.
Just got a call from them and they've changed their mind because the size of the car doesnt suit them. They asked for deposit back and I said I'd drop it back today, but I'm not sure if they're entitled to the money back. Does anyone have any experience of anything similar?

wmpdd3

Legally I don't think you have a chance of keeping it, though I do think you should be able as you may have lost other buyers while holding the deposit.

Unless you got them to sign a letter saying the deposit was non refundable, then you haven't got a chance of keeping it.

khaki

Really? I always assumed that a deposit was non refundable if it was a case of them just changing their minds.

godtabh

khaki wrote: »

Really? I always assumed that a deposit was non refundable if it was a case of them just changing their minds.

Depends on what was agreed between the two parties

mad m

Would this go for a car dealer as well if it was only verbal?

GarIT

The point of a deposit is that it is a commitment to a deal, if a deposit was refundable why would it be any use?

khaki

GarIT wrote: »

The point of a deposit is that it is a commitment to a deal, if a deposit was refundable why would it be any use?

That's what I was thinking! The agreement was that I'd hold the car for them and they would pay the balance. I upheld my side of things so I don't see why they should be entitled to it back.

emeldc

khaki wrote: »

That's what I was thinking! The agreement was that I'd hold the car for them and they would pay the balance. I upheld my side of things so I don't see why they should be entitled to it back.

I'm kind of with you on this one, but would it make you feel any better about yourself to keep the deposit whether it's legal or not.

khaki

emeldc wrote: »

I'm kind of with you on this one, but would it make you feel any better about yourself to keep the deposit whether it's legal or not.

Yeah I'd feel like a bit of a b**** in fairness!! I'll drop it back this evening, I was just so annoyed that they pulled out at the last minute.

GarIT

There was a similar thread to this and the conclusion was to only give the deposit back if the car was sold for the price that the person with the original deposit agreed to.

athtrasna

How did they pay the deposit? If by cheque or draft make sure it cleared before you refund anything if you don't have the original. There was a scam along these lines a few years ago

Teagwee

athtrasna wrote: »

How did they pay the deposit? If by cheque or draft make sure it cleared before you refund anything if you don't have the original. There was a scam along these lines a few years ago

Good advice. Also, there's a risk of the money still being clawed back even if/when the cheque seems to have been cleared AFAIK. If it was by cheque, I hope you still have it to return to them OP.

JimsAlterEgo

even if cash, try and return same notes

Guy:Incognito

Are you actually travelling to them to return it? If so, why? It may be a small amount but not only have you not sold the car and are returning the deposit but it's costing you money to do so. If anything you should have said you'd give them a percentage back , say 75%.

khaki

I was going to use the money as deposit on another car but waited just incase. Lucky I waited! Anyway, dropped the money off yesterday and they gave me petrol money for driving in which was pretty decent. I feel guilty now for kicking off!
Thanks for the replies, anybody in need of a car?

Fred Swanson

This post has been deleted.

rubadub

GarIT wrote: »

The point of a deposit is that it is a commitment to a deal, if a deposit was refundable why would it be any use?

A seller might agree to take a refundable deposit if they needed some cash urgently.


http://www.citizensinformation.ie/en/consumer_affairs/consumer_protection/consumer_rights/deposits.html