Help selling my used car - Wants to pay with post dated cheques

[calgarywinning]

Really? Presumably, if she is honest the 15% is a payment towards the purchase price. If she is dishonest and puts 15% down and then walks away before the purchase is completed, the money would not be refunded. That's a reasonable expectation. It's not a deposit but a part payment with an intent to purchase.

I think the last posts have been about risk analysis and the way for the OP to benefit from risk. The OP is at a HUGE risk. It's not about $200. Now let's explore the accounting in the lost opportunity cost.

[SeeGeeWhy]

Just give it to her if you really don't care about the money and want to get rid of it. How the hell is she going to afford insurance and gas if she can't pull $1700 together?

[Baxter Renegade]

Originally Posted by SeeGeeWhy

Just give it to her if you really don't care about the money and want to get rid of it. How the hell is she going to afford insurance and gas if she can't pull $1700 together?

Cheers mate!

Yeah, give her the wheels for free, record her reaction, market it properly... Easily worth 1.7k if done right.

[Handsome B. Wonderful]

Originally Posted by SeeGeeWhy

Just give it to her if you really don't care about the money and want to get rid of it. How the hell is she going to afford insurance and gas if she can't pull $1700 together?

If you find a chump dumb enough to leave their name on the title of the vehicle, you don't need to concern yourself with things like insurance, or paying for gas.

[Stealth22]

Originally Posted by OzSome

My brother sold his old car to this guy who gave him a post-dated cheque. He actually signed the bill of sale and let the guy registered the car. At the time he deposited the cheque it bounced and the guy was nowhere to be found. Stupid move on his part.

Police couldn't track him down via the vehicle registration by doing a search on the VIN? Doesn't matter that you signed the bill of sale, its still fraud.

[CaptainCrunch]

I wouldn't even sell a car to my dad if he gave me post dated checks.

Its just a bad idea.

I wouldn't even trust a certified check or bank draft without taking the buyer to his bank to verify it.

If the bank is closed I would hold onto the vehicle til the next day.

You can't trust anyone nowadays especially woman who tend to be the best con artists out there.

[habernac]

Had someone try to give me a cheque for a used car a long time ago. I laughed and said sure, they could pick the car up when it cleared. "Why, don't you trust me?"
I told him no. It was a pretty funny conversation. "But it's a business cheque." LOL, good one!

Needless to say, he came back with the cash an hour later. I then heard from his business partner a few days later. "Did so-and-so buy a car from you worth $$$$" I replied that he had. Poor guy sighed and walked out of our office. At least he knew where the money went.

Cash, cash and only cash for a private sale.

[Jacks]

Originally Posted by kunkstyle

If it's a 15% deposit, that would go towards the purchase price of the truck. Assuming she buys it after the 3 months, there's no 15% being made. He just had the 15% until she paid the remainder in full.

So, if I'm reading this right, for him to make money, the 15% is either a price increase to cover the 3 month hold, or a deposit with the expectation that she won't take the truck at the end of 3 months, and the deposit isn't refunded. While maybe (?) that's legal, it sure as hell isn't moral.

If she pays the other 85% then everything is good and the truck is sold.

If she doesn't complete the sale then he keeps the 15% for his time.

Not sure what is unclear about that?

[troutman]

I would not touch her offer, but it is possible to do this:

http://www.ppsa.ca/ppsacaV3/general/faq.jsp

What is a lien?
A lien is a filing of notice for a security agreement against personal property to guarantee payment of a debt. It is not linked to the Land Registry. For example, when you borrow money to purchase a car, the lender files a lien on the vehicle. If you default on the loan, the lender can take the car back. Once the debt is fully repaid a release of the lien (also known as a discharge) is provided by the lender. A lien registered under the PPSA or RSLA act is a publicly accessible document. Any company or individual can order a search to determine if another company or individual has any liens against themselves. PPSA is not protected by provincial privacy regulations. If you wish to register a lien against a parcel of land in the Land Registry, contact your lawyer for assistance.

[Kjesse]

In these situations, when presented with a cheque for payment, ask yourself this:

"Would you accept a handwritten IOU for the amount?"

A cheque is very similar: A promise to pay.

A cheque does not obligate the bank to pay you the amount shown on the cheque. Nor does it prevent the person from signing it to just phone the bank and say, "Don't pay it"-- if the person does that, the bank will take those instructions and you won't get the money even if its there.

Cheques are still used for many things, but I find that they are more often used between established businesses where credit card fees are desired to be avoided.

EDIT: Also, accepting a partial payment to hold the vehicle is a very bad idea in this kind of situation. Don't do it. Lots of reasons why.

[DownhillGoat]

Originally Posted by Jacks

If she doesn't complete the sale then he keeps the 15% for his time.

Haha so the girl already can't scrape together 2k to buy a truck, so taking another $200+ from her for "time" is the response.

Nope, that's clear.

[Gundo]

Cash in hand

/thread

[Jacks]

Originally Posted by kunkstyle

Haha so the girl already can't scrape together 2k to buy a truck, so taking another $200+ from her for "time" is the response.

Nope, that's clear.

It's a non refundable deposit, he's only keeping the $200+ if she doesn't complete the sale, it's not "another" $200+.

[CaptainCrunch]

If she wants to pay by post dated checks, tell her that you need a hostage as collateral.

A pet or a child or a hot sister.

[ignite09]

Originally Posted by Jacks

It's a non refundable deposit, he's only keeping the $200+ if she doesn't complete the sale, it's not "another" $200+.

Perfect way to end up in small claims court if you ask me. Why put yourself at any financial risk over a 1700 truck, no matter how small? As others have said, cash in hand, simple.

[DoubleF]

Originally Posted by zyzz

Yeah to be honest I just want to get rid of the thing, hence the discount and making it easier for her to come up with money

I knew right away it probably wasn't a good idea with the cheques, should've known better lol

Take a discount for receiving cash in hand. If you want to be nice, after you received $1,500 cash in hand (counted). Ask to go on a last drive and hand her the keys with a full tank, a pair of wiper blades, a gift card if you want and say it's a discount for bringing you faith back in humanity or something.

[Barnet Flame]

Not a single person here is advocating selling to this woman under any of the terms you have described.

Keep looking for a buyer. It'll make life a lot easier and less risky.

[AvsJerk]

Call back and tell her "Look, this is business not charity...maybe some day UNICEF will get into the cheap used truck business, but until then I'm the guy to see and I only take cash upfront".

[TorqueDog]

You're not a bank. Get someone who will pay in full.

[calumniate]

I'd suggest being the bad boyfriend in this situation. Tell her you will wait, but keep yourself on the market. If something turns up, then whatevs. Other trucks in the sea :-)