Auto Sale - buyer withdrawn, question on deposit? Vehicle Repo problem ?

Edwards Finance > Repossess

Q. Auto Sale - buyer withdrawn, question on deposit? I have sold my vehicle to a buyer. He provided a $5,000 deposit and as a sign of good faith I delivered the vehicle to his house and kept the keys. Once I had the title I would deliver the title to him for the balance of the money. As I was driving to deliver the title he called and cancelled the deal. The situation as is stands now is that I have the keys to the vehicle, the title to the vehicle and the $5,000 deposit. He has the car in his garage. I am living in Massachusetts. Am I entitled to keep the deposit and retrieve the vehicle? If he refuses to relinquish the car, what are my options? Must I call the police at this point and report it stolen?

A. - Go to an automobile repossession company; repo-men. They'll have a form to sign and have notarized (generally in the office itself). Basic charge is probably around $150. The only way it'll go to court is if he complains- then you can fight it out, but you'll be in possession of the car. Return his deposit or be prepared to show why you want to keep it. - It depends upon the contract law in your state and the nature of your agreement. In many states contracts over a certain dollar value must be in writing. In most of those states the dollar value here would qualify. States also may require contracts of a certain nature to be in writing, regardless of dollar value. And finally it is entirely possible, indeed likely, that specific situations such as deposits will be subject to state rules governing how terms of deposits are created and enforced. The car is not stolen. You delivered it. Its a contract issue. If you report it stolen you could find yourself facing criminal charges. If you offer return of the deposit AND he refuses to relinquish the car that *might* be a different issue. Please don't try to recover the car AND keep the deposit without consulting with an attorney. You could get yourself into a very expensive position. Without knowing anything about the law in your state good legal advice isn't possible. However, I can offer good practical advice. Return the deposit. Maybe retain $100 or so to cover your costs in driving back and forth and readvertising the vehicle. Its just not a good scenario for a likely win on your part. - Take the car- use a repo company to do it. Let *him* go talk to a lawyer. Don't take his deposit money, but you can return only the balance after you have to initiate procedures to recover the vehicle and accrue costs. He may have forfeited his deposit entirely, but I don't know the specifics of your deal. Don't worry about a contract, he's in possession of a motor vehicle to which *you* own title. It is *his* responsibility to prove his interest in it. If a contract is needed, it's *his* responsibility to produce it. And, if the repo guys simply tear his garage door off with a tow truck, and drag the vehicle away sideways, his beef is with them.

Ask Edwards a Finance Question

Other Questions:

Why "Repo Man" is great!

Why "Repo Man" is great! I just saw a brief thread on Repo Man, and I had a question/comment. Did anyone notice all the modern directors ripping off this film? Not that it's "bad" ripping off... for ex: Pulp Fiction, the whole idea of ...

Bought a VA acquired repo home? I am looking at a vacant VA repo home and am wondering.how much lower to the VA asking price one can offer and still be considered a reasonable offer. Or must the offer be at the asking price or above to hol...

Repossessed Homes ? Can anybody tell me where I can get a listing of repossessed HUD and VA homes in the West Palm Beach Florida area? Are these listings online anywhere?- Steve start here- http://www.hud.gov/ They have links to a site map...

Vehicle Repossession Law Is their any such thing as a voluntary vs. involuntary vehicle repossession? Or Vehicle Repossession Law? Have you found lenders to be willing to accept some type of repayment offer to recover the balance of a loan afte...

Who gets the boat? 3 years ago I bought a new boat, since I didn't have any credit, the dealership, eager to make a sale, co-signed for my loan. I have diligently paid on a 4 year loan for 3 years. I was recently laid off of work, and fell b...

Edwards Finance Menu

Ask a Question
About Us / Me
Contact Me
Privacy Policy

Sitemap

My Favorite Sites

PFBlog
Google Finance
Yahoo Finance
Motley Fool
Nveille's Financial Blog
AllFinanceMatters
Free Money Finance
2MillionBlog
The Terror Finance blog

Q&A Subjects