2007-07-19 06:44:40 · 14 answers · asked by Snowdon 1 in Cars & Transportation ➔ Buying & Selling
Yes, technically the car still belongs to the seller until the buyer pays in full. The buyer's deposit is usually used to ensure the seller doesn't just turn around and sell the vehicle to someone else, but the car technically still belongs to the seller until it it fully paid for.
If the seller uses the car excessively or damage the car in any way, the buyer should be able to get his/her deposit back as the deposit was left for a car in a certain condition.
Write out a contract that seems reasonable, but until the car is fully paid for the car technically still belongs to the seller.
2007-07-19 06:48:53 · answer #1 · answered by hsueh010 7 · 3⤊ 0⤋
The deposit is the "glue" that keeps the parties interested. In itself it is neither good or bad or right or wrong. The agreement is the key to the transaction. Signing a contract is a legal and binding comittment. A deposit is only considered a "good faith token". A deposit without a provable and enforceable verbal or written agreement only implies that perhaps some sort of agreement was in place but if the agreement is not defined, provable, and legal the deposit is only a token of some supposed agreement.
What to do? Create a full and complete agreement as to the terms of the transaction, have it signed by both parties and notarized if required b law to create a complete, binding transaction.
The agreement must spell out in exacting, understandable wording what is agreed on, expected, and who is to perform what, when, and how. Amounts and dates are a must, and everything should be simple but binding so as to be provable and winnable in a court of law.
Of course we also have the handshake agreement where "I said", "you said" is King and we sort it out later.
My very first vehicle was a 1949 Ford that I agreed to buy from one of my closest friends for $75.00. I gave him a deposit and worked for about $1.00 an hour to earn the balance, which I took to him to get my car. His father said no, it's $125.00. I worked another 50 hours in the onion fields to pay the balance. Lesson learned? What if when I took the $125.00 and was told no, $150.00? That didn't happen but I learned my lesson at age 15 and never again did a transaction that was not in writing.
Besttoyou, Chuck
30 years/thousands of deals
http://www.thebestdealofyourlife.com
2007-07-23 05:37:07 · answer #2 · answered by Anonymous · 0⤊ 0⤋
It depends, some sellers accept a deposit and they let you drive the car and some won't let you. A deposit is saying that you will buy the car and that you have accepted to get it. In other words, the seller can't sell the car because you have given him a deposit. It's a buying agreement in some form... They can do either or, but i don't know why they wouldn't let you drive the car??? That never happened to me.. The car is technicaly yours if you have given them a deposit.
2007-07-19 06:52:05 · answer #3 · answered by Niuserb 2 · 0⤊ 0⤋
Ya, i don't see how they are going to be waiting to sell the automobile lower back with out having the call lower back into their call.. so which you kinda have them by the balls, yet this is why you never placed a automobile into somebody's call until eventually they pay for the automobile. You wont get your deposit lower back. it incredibly is the ingredient of a deposit. A deposit says "that's funds in direction of the acquisition of a automobile, i don't want you to sell it to everyone else, turn them away. If i don't purchase the automobile, save this funds considering which you became away the different those that would have doubtlessly offered it on an identical time as i replace into attempting to get my funds so as" to verify that them to get the automobile lower back of their call, you're able to would desire to "sell" it to them. i'm not sure if their are ability for "undoing" a registration if a broker does it pre-maturly, yet while there is, then they could recieve a refund of the tax using fact it will be accrued the subsequent time they sell the automobile. so which you will desire to not would desire to pay tax. that's advisable to seek for some criminal suggestion on the priority although. I even have family contributors in the enterprise and stay in ontario, i could attempt to be sure greater and deliver you a message. :)
2016-10-22 01:48:26 · answer #4 · answered by bondieumatre 4 · 0⤊ 0⤋
Unless title of the car and risk has been transferred to them they cannot impose any conditions on the seller unless the seller specifically agrees to them. If someone is buying a car and doesnt want it used after they have looked at it they can pay in full and take it away!
2007-07-20 00:40:04 · answer #5 · answered by Susan T 3 · 0⤊ 0⤋
A deposit is only so that the seller will hold the car for you. You don't own the car until you pay for it in full.
2007-07-19 06:49:35 · answer #6 · answered by Louis G 6 · 0⤊ 0⤋
You can ask, but most people still need their car until the time of the actual sale
2007-07-19 07:19:57 · answer #7 · answered by Anonymous · 0⤊ 0⤋
no because anytime between deposit and purchase the prospective buyer can back out
2007-07-19 06:51:13 · answer #8 · answered by maclaren 4 · 0⤊ 0⤋
well yea.. a deposit is just a holding on the car so they can't sell to anyone else.. you dont own the car or have insurance on it, so if anything happens to it your not covered
2007-07-19 06:49:11 · answer #9 · answered by Bruce 3 · 0⤊ 0⤋
no but you could have a verbal aggreement 4 them not to drive it because you have left a deposit on its current condition including mileage so if they were to use it then it is not as advertised . i think its called a gentlmens aggreement
2007-07-19 06:58:38 · answer #10 · answered by iancross07@btinternet.com 3 · 0⤊ 0⤋