2nd person to not get a loan to buy my 2011! - Ford Powerstroke Diesel Forum
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post #1 of 34 Old 07-30-2014, 10:21 AM Thread Starter
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2nd person to not get a loan to buy my 2011!

I'm just venting a little bit here. I had my 2011 lariat for sale and had a guy tell me he was going to buy it once he got his cash in hand. He left me a $1000 deposit so that I knew he was serious and would not sell it to anyone else. I kept it for 8 days and cashed the check on the 8th day and now this morning I got a call saying he's unable to get the money and cannot buy the truck and would like his deposit back. That's fine he can't buy it but I won't return the deposit because a deal is a deal. This actually kind of sucks because I'm picking up my 2015 king ranch on Tuesday. Looks like I get to have some fun negotiating a trade in price! Lol
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post #2 of 34 Old 07-30-2014, 10:29 AM
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he gave you a grand and wasn't pre-approved... smdh

I'm not interested in buying, but whats the asking price?

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post #3 of 34 Old 07-30-2014, 10:38 AM Thread Starter
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43k but he's a friend of a friend so I made him a little better of a deal
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post #4 of 34 Old 07-30-2014, 11:07 AM
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right on, just curious.

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post #5 of 34 Old 07-30-2014, 02:02 PM
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Hate to say it but that is what a deposit is for. I am always up front though about that part. I tell them I have no problem taking it off the market with a deposit, however if for any reason they back out, the deposit is non refundable. I tell them up front so there are no issues if it happens.
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post #6 of 34 Old 07-30-2014, 02:12 PM
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If it's just some Joe Schmo id keep it but being a friend I'd give it back. If you keep It you would most likely loose that friend.
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post #7 of 34 Old 07-30-2014, 02:15 PM
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If they're not buying it because they had a change of heart, then I'd keep it. But if he can't get approved, that's pretty much out of his control. I had a similar situation with a guy buying a piece of equipment from me. He gave me a $2,500 deposit, but his bank wouldn't give him a loan for $57,000. I ended up giving him the deposit back, I wasn't really out anything, and I hadn't turned away any buyers.

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post #8 of 34 Old 07-30-2014, 02:18 PM Thread Starter
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I've only met the guy once but he knows one of my friends and I explained to him that I cannot give it back but if he came up with another way to get the 10k he needs than the truck is still his. I'm guessing he wasn't real happy but said a deal is a deal and he jumped the gun. I hate to have to do that to someone but at the same time that is similar to ernest money on a house
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post #9 of 34 Old 07-30-2014, 03:05 PM
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I know you can keep the deposit, but personally I would give it back. Unless you know the guy is a financial moron and spends his money foolishly and he needs a tough lesson learned. It sounds like he probably needs the thousand dollars more then you do if you buying a brand new pickup. If he can't get the 10k he needs why hurt his finances anymore. I just morally couldn't take money from a guy for no reason.

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post #10 of 34 Old 07-30-2014, 03:14 PM
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I agree with giving the money back. Unless you had another VERY interested buyer you are really not out anything.

Maybe atleast give hiim half of it back because $1k is quite a bit of money for most. But you are correct, it is your choice.

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