Is it reasonable to ask for security deposite when someone decides to buy my car? Cash or Cheque?

I would like to know if you have asked for deposit from a potential buyer before. How much should I ask? Should I take cash or cheque?

Is it reasonable to ask for security deposite when someone decides to buy my car? Cash or Cheque?
I like the saying, Cash and Carry. forget the deposit. "come back when you have the $$$, and if i still have the car, its yours." Much fairer to seller.





Read the question about lady who took depost check, buyer ruined car (probable scam) and stopped payment.





Or half now (cash not cheque) , half when you drive it home. your bill of sale must indicated , as is, or no warrantee.
Reply:well all i can tell you is that cadillacs are almost long as a limo i have proof i own one
Reply:You can ask for a deposit if they want you to not sell it while they get their financing arranged. If they don't give you one, you are free to sell the car if you want.
Reply:If someone says they want to buy the car and needs a few days etc and they want you to take it off the market in the mean time than yes it is very reasonable. 10-15% of the sale price is a reasonable amount to require for a deposit.





Take cash or certified check. If you take a personal check let it clear the bank before releasing the car/or title. Make sure to write a bill of sale and if a deposit is given give a receipt and disclose on the receipt if the deposit is refundable or non-refundable. That is your decision based on situation. I would take non-refundable deposits.
Reply:Outside of work, I have sold vehicles and would not hold the vehicle without a non-refundable cash deposit, I hold the vehicle, they change their mind, how many people did I tell "it's Sold"? Sorry but I don't like to loose the opportunity to sell a car.


By making it clear that it's non-refundable you also weed out the ones who are not really serious!


Good Luck!
Reply:I personally agree with Bryan. Tell them to come back when they're got the entire purchase price of the car.





If you do take a deposit, you need to be very specific about it. Write out these things on a contract and both of you sign it:





1.) TOTAL purchase price of the car. Don't let them give you a deposit when the price was say $10,000, and have them come back and say they could only get financing for $8,000, then try to sue you or something if you say that's not enough.





2.) Amount of the deposit, and don't forget to say it's NONREFUNDABLE.





3.) An allowed time period for them to acquire the rest of the money. You don't want them disappearing for a month, then having to find a new buyer, just for them to return and claim you scammed them. I'd give them no more than 10 days.





Also, no matter what you do, do NOT sign a bill of sale to the car, do NOT allow them to use the car, and do NOT give them the title until you have 100% of the purchase price of the car. You have to protect yourself first.
Reply:If you get any payment by cheque do not pass over the car until the cheque is cleared.
Reply:Oh yea. You simply state on the recipt that you will HOLD the car until a set date that you and the buyer agree upon.


I used 10% of the total cost of the car per week as a base. You can adjust it to your liking but this is the best that i have found.


This amound must be paid at the time of the hold.





If you want to buy a $5,000 car from me But you can't come up with the cash for a week. Time to go to a bank/get a loan.


You hand me $500 cash to hold the car for a week this amount will be taken off the total $5000 leaving $4500 due within a week. If the remaining $4500 is not paid within a week the 10% deposit ment to hold the car for that week will become properity of the seller of the vechical and the vechical is no longer on hold and is avaliable for sale to the public. in this case you recieve the $500 for holding the car and the price of the vechical goes back to the original $5000.


If you sell the car to the person that you were holding the car for the remaining $4500 within a week you simply write them a reciept stating the $500 hold price paid on such a date and $4500 paid on such a date for a total of $5000 and mark paid in full then make two copies one for each party and your done.


Goodluck
Reply:You could ask, but I don't think anyone would give you one for obvious reasons. If they decide not to buy the car you may not return their deposit.
Reply:Yes that is reasonable. I would ask for $500 CASH and write them a receipt as a non refundable deposit. This way if they back out on the deal and you lose a real buyer because of it, you will not lose money from waiting to sell it later when the value drops. This will also let you know they are serious and know they can come up with the money.





Edit: Yes, just write it on a piece of paper and sign it. you can also have them sign it as well. Do not forget to write down that it is non refundable.

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