Buyer backed out of bike sale hours before delivery... Deposit debate?

TekNinja81

TekNinja81

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(( EDIT: Buyer has since come up with the money; bike is sold and gone to its new home. thanks for the responses though! ))

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So I had arranged this weekend to sell my bike privately, and accepted a deposit toward the sale of the bike. Buyer has the VIN# and a written agreement of deposit/sale details (which stated sale would be final, but nothing about the deposit itself...) Bike was to be delivered today, in a couple of hours.

The buyer just called to tell me his car has broken down and he no longer will be able to afford the bike. I want to believe him and hope it's not just a lame excuse to back out at the last minute, but it is quite a coincidence.

He offered that I should keep a (small) portion of the deposit and can refund the rest... If the roles were reversed I would understand, as I do need my car more than I need a bike.


Morally I feel obligated to return the portion he requested, and really I don't want any BS/trouble. But I've also spent my own time getting the bike ready for sale, removing a few items from it that were to be kept, etc... plus just the headache of having to go through all of this.

What would you guys do?
 
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Deposit was $500 and the agreement was made this Saturday that just passed. He offered that I should keep $100 and e-transfer the rest back.
 
Yeah I would. $100 for your time, doesn't matter if he's lying or not because you'll never know. Pain in the ass but, what are ya gonna do???
 
I had to back out of buying a bike about ten years ago.

I didn't even ask for my deposit back.


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I would keep what you think you deserve for what you did and return the rest, it's not worth the hassle of pissing a guy off who(if he is telling the truth) really needs the money. People these days are crazy and unpredictable!

The definition of deposit:

noun
1. a sum of money placed or kept in a bank account, usually to gain interest.
2. a sum payable as a first installment on the purchase of something or as a pledge for a contract, the balance being payable later.

verb
1.put or set down (something or someone) in a specific place, typically unceremoniously.
2. store or entrust with someone for safekeeping.
 
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caboose56 said:
I had to back out of buying a bike about ten years ago.

I didn't even ask for my deposit back.


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You actually understand the definition of deposit???

It's unbelievable people actually have the nerve to ask for it back
 
I would give it back after i sell the bike.

If you had to sell it for less, i would just give him back the difference.
 
You turned down higher offers after you made a deal with him, didn't you? Of course you did.

The money is yours, to do with as you please. The next part will be based on your own ethics/morals/whatever.
 
mmmnaked said:
You turned down higher offers after you made a deal with him, didn't you? Of course you did.

The money is yours.
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I actually did too, that's the worst part.

I think I'm keeping the deposit... I would like to think people can be trusted, stuff happens yeah... but if I were in his shoes I would understand if the seller chose to keep the deposit as well. When I bought this bike I made a deposit of the same amount and I knew it meant I had to commit.
 
TekNinja81 said:
I actually did too, that's the worst part.

I think I'm keeping the deposit... I would like to think people can be trusted, stuff happens yeah... but if I were in his shoes I would understand if the seller chose to keep the deposit as well. When I bought this bike I made a deposit of the same amount and I knew it meant I had to commit.
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Nothing wrong with that decision.
 
TekNinja81 said:
I actually did too, that's the worst part.

I think I'm keeping the deposit... I would like to think people can be trusted, stuff happens yeah... but if I were in his shoes I would understand if the seller chose to keep the deposit as well. When I bought this bike I made a deposit of the same amount and I knew it meant I had to commit.
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$500 is a lot of money. I wouldn't keep the whole deposit, but maybe 100-200.
Put yourself in the other person's shoes before making a decision.
 
Takes balls to ask for any portion of the deposit back. Cause they know they don't deserve anything back. Keep it. It shouldn't cause any BS.


The purchaser knows they are out the cash.
 
rorider said:
$500 is a lot of money. I wouldn't keep the whole deposit, but maybe 100-200.
Put yourself in the other person's shoes before making a decision.
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I totally get that, believe me I do. But imagine if it were a dealership/bike shop and he'd made the same decision. In their eyes, it's a signed agreement and deposits are non-refundable, even if it was a full payment.

I'm not going to lie, I don't feel good about it, but I also don't feel good about the fact I wasted most of last night taking everything apart and double-checking everything prior to delivery, as well as turning down other offers, all for nothing.
 
TekNinja81 said:
I totally get that, believe me I do. But imagine if it were a dealership/bike shop and he'd made the same decision. In their eyes, it's a signed agreement and deposits are non-refundable, even if it was a full payment.

I'm not going to lie, I don't feel good about it, but I also don't feel good about the fact I wasted most of last night taking everything apart and double-checking everything prior to delivery, as well as turning down other offers, all for nothing.
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It seems like youve come to a conclusion prior and want us to pretty much nail it in the coffin for ya ;). I doubt our opinion would change your decision at this point right?

But if i were in your shoes, Id keep a portion of the money (not all) or keep it all and offer him the option to still proceed with the purchase as long as you still have the bike.
 
TekNinja81 said:
I totally get that, believe me I do. But imagine if it were a dealership/bike shop and he'd made the same decision. In their eyes, it's a signed agreement and deposits are non-refundable, even if it was a full payment.

I'm not going to lie, I don't feel good about it, but I also don't feel good about the fact I wasted most of last night taking everything apart and double-checking everything prior to delivery, as well as turning down other offers, all for nothing.
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Tell him you will meet him half way and give $250 back. You are doing him a favour, and not getting screwed yourself. Keeping all the money could cause potential problems, especially if the person is desperate.

I think half would be fair... IMO.


Could easily say --> "I had another offer... which fell through because you made a deposit and I spent my time organizing all this etc etc. I will meet you half way and give back $250" done and done.

If he puts up a stink... he gets nothing.
 
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TekNinja81 said:
I actually did too, that's the worst part.

I think I'm keeping the deposit... I would like to think people can be trusted, stuff happens yeah... but if I were in his shoes I would understand if the seller chose to keep the deposit as well. When I bought this bike I made a deposit of the same amount and I knew it meant I had to commit.
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Betcha they find the money to buy from you once you say you're keeping it.
 
Nick_f said:
I would give it back after i sell the bike.

If you had to sell it for less, i would just give him back the difference.
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This makes the most sense. It's actually how OMVIC instructs dealers to deal with cancelled deals/deposit returns.
 
Mina said:
This makes the most sense. It's actually how OMVIC instructs dealers to deal with cancelled deals/deposit returns.
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Despite what I said previously, that does make a lot of sense... But the OP might want to close the transaction ASAP and not deal with the person anymore...

*shrug*
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