One of my younger Soldiers wants to buy my Camaro and is offering MORE than Im asking for it (so Ill take it off the market and hold it for him). The car has NO issues and I stand behind it 100%, but Im afraid of holding onto a purchase offer for the next 8 months (while we are both stationed overseas). Even if he gives me a deposit, if he backs out, its not like I can keep his money.....anybody ever run into a situation like this. I dont want to sell it to him, but money talks....and hes really talking money.

 

I believe you are looking at it the wrong way

if I walked up to you today what would be the t's and c's (terms and conditions)

If I gave you $500 to hold it for an extended period ( 8 months)would you do it? or, would you want to consumate the sale?

I believe the "young soldier" whether knowingly or not is exploiting your relationship and either asking for or expecting special considerations you would not extend to anyone else

a sale of a product is a business transaction and must be treated as such. That includes the as-is stipulation with no implied warranties.

ps- thanks for your service

 

You do not have to return a deposit you take to "hold a car" for a buyer. Make that clear to him and PUT IT IN WRITING should he think he may want to back out later. That will also make him a more serious buyer. The time you lose by not having the car on the market in those months is going to cost you out of pocket if he bails on you, and you may need that deposit money to break even to where you were. Friend/associate or not, make him understand if he walks from the deal, he also walks away from the deposit. If a buyer changes his mind after making a deal and giving a deposit, that's his choice not yours, and it's his tuff beans. Oh, and did I mention to put it all down in writing? There's a saying that goes, "your word is good enough for me, just put it in writing". Verbal agreements can and often do go south. A contract may seem impersonal, but it could save a friendship (if that's what you have). Yes I've received a number of deposits over the years, yes a couple buyers didn't come through, and yes I kept the money to cover my own inconvenience. Go into a deal any other way, and you stand to be the big loser for being such a nice guy.

 

I spoke with him tonight and explained the pros and cons of owning a 30 year old hot rod. I told him he cant just take it to Jiffy Lube if the fuel pump goes. I told him parts arent always simple, as the block is a from a '73 but has Vortec heads, Holley carb, etc. Hes got an uncle that lives close by that owns a shop and can help him when the situation arises.

I also explained to him that I would require a NON REFUNDABLE 1000 dollar deposit, just in case he decided he no longer wanted it, or suddenly was unable to afford the car. I explained the money would be to recoup the time I could have sold the car to someone else, and to pay for another winter of storage and storage insurance. (If he renigs late in the season Ill have to store it again)

He seems comfortable with all my terms. I told him to sit on it for a week, and if hes still interested, we would put it on paper and make it legal.

 

you're a good guy to hold it for him and $1k should be sufficient enough to motivate him.

I would suggest a clause where it clearly states a "no later than date".

 

@ ScottD, personally bro, i feel you should never NEVER do sell anything like that to a friend or family member. theres always that chance once he gets it, that something goes wrong, and you get the blame. ive had it happen to me once. the part that failed was just one of those things that wears out over time, and even though he new when he baught it, that it was 100% emaculant. it was still my fault. with so many camaros and other cars for sale, i wouldnt sell him the car, and just help him find one when you guys return,