What is your take on what a deposit on something is for?
In this particular case it was for a motorcycle but it could be for a boat, truck, or just about anything.
The story goes like this.
I had a guy come and look at my motorcycle on 12/2 and says he likes it but wants to take a look at a couple more before he decides.
I get a call the next day and he asks me a couple more questions about the bike.
On the following day he calls and wants to talk price and if I come down he will have his wife put a check in the mail for $250 as a deposit. He said he was on his way to the airport to go out of the country on business and would handle the rest of the transaction and pickup of the bike.
On Thursday 12/8 his wife left a message on my answering machine saying I should get the check Friday or Saturday. I got a personal check Saturday and deposited it on Monday the 12th.
I get a call from the guy today, Thursday 12/15 and he gives me the old story about his wife giving him a hard time about it and he wants to back out of the sale and wants the deposit back.
My feeling is that a deposit says I am giving this to you until I can return with the rest of the funds needed to finish the transaction and that you do not sell it to someone else.
I did let an add in the local paper expire and I turned away another potential buyer over the phone when I told him I had a deposit on the bike.
If I do decide to return any of it I am going to wait an adequate amount of time to make sure that he does not stop payment on the check that I cashed.
What does a deposit mean to you?
Do you feel I should return none, all, or a portion of it?
Thanks,
Cordell
In this particular case it was for a motorcycle but it could be for a boat, truck, or just about anything.
The story goes like this.
I had a guy come and look at my motorcycle on 12/2 and says he likes it but wants to take a look at a couple more before he decides.
I get a call the next day and he asks me a couple more questions about the bike.
On the following day he calls and wants to talk price and if I come down he will have his wife put a check in the mail for $250 as a deposit. He said he was on his way to the airport to go out of the country on business and would handle the rest of the transaction and pickup of the bike.
On Thursday 12/8 his wife left a message on my answering machine saying I should get the check Friday or Saturday. I got a personal check Saturday and deposited it on Monday the 12th.
I get a call from the guy today, Thursday 12/15 and he gives me the old story about his wife giving him a hard time about it and he wants to back out of the sale and wants the deposit back.
My feeling is that a deposit says I am giving this to you until I can return with the rest of the funds needed to finish the transaction and that you do not sell it to someone else.
I did let an add in the local paper expire and I turned away another potential buyer over the phone when I told him I had a deposit on the bike.
If I do decide to return any of it I am going to wait an adequate amount of time to make sure that he does not stop payment on the check that I cashed.
What does a deposit mean to you?
Do you feel I should return none, all, or a portion of it?
Thanks,
Cordell
