Results 1 to 3 of 3
  1. #1
    Join Date
    Mar 2009
    Posts
    11

    Question Payments Made but Buyer Can't Pay

    below is what my friend posted to me. this is lubbock,Texas .. so what do you think would happen if he didnt give him 3 payments the buyer already made?

    Ok my friend sold his 2006 sv650s to a 18yr old in march ,the deal was he would pay me for the bike by sept. then i would let him have it. I sold it for 4500 and he gave me 1700 in 3 payment but hasn't given me anything since july 15. He called me i sept 2 and asked if he could have more time and i said no problem.
    So today his dad calls and says his son doesn't have a job and doesnt want the bike anymore and wants his money back.Now I don't think I should give him all his money back but I dont want to be a dick.what do you guys think would be a FAIR amount to give him.
    PS i havent driven it once since he gave me a deposit and i kept insurance on it .

  2. #2
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,846

    Default Re: Payments Made but Buyer Can't Pay

    So basically the payments were a deposit toward the purchase, with no actual contract for sale, and with the seller retaining the use (even if he didn't use it), title and possession of the bike throughout this period? From what you've said so far, I don't see that the seller has a claim to keeping all of the money that's going to stand up in court.

    Arguably if he now suffers a loss when he can't find a buyer at the same price (assuming he can't) he could claim as damages the difference between the original selling price and the sale price to the new customer. But the selling price would have to be reasonable.

  3. #3
    Join Date
    Mar 2009
    Posts
    11

    Default Re: Payments Made but Buyer Can't Pay

    Quote Quoting Mr. Knowitall
    View Post
    So basically the payments were a deposit toward the purchase, with no actual contract for sale, and with the seller retaining the use (even if he didn't use it), title and possession of the bike throughout this period? From what you've said so far, I don't see that the seller has a claim to keeping all of the money that's going to stand up in court.

    Arguably if he now suffers a loss when he can't find a buyer at the same price (assuming he can't) he could claim as damages the difference between the original selling price and the sale price to the new customer. But the selling price would have to be reasonable.
    that what i told him. he seems to think that he can keep half or all the money. i told him to try and resell it first.

    here is more on what he posted
    Quote Quoting luker669
    View Post
    I have a contract which says he will have it paid off by september and it is signed by both of us ,also it shows when he maide the payments and signed at those dates also
    Quote Quoting luker669
    View Post
    i would understand and give him a full refund if it was a few days later maybe a week but 7 months later i really do think half is being generous ,well we are going to talk tuesday i will let you know how it goes

    1. Sponsored Links
       

Similar Threads

  1. Buyer Defaulted on Payments and Left State with Car
    By broknindarkagain in forum Cars and Dealerships
    Replies: 3
    Last Post: 07-06-2011, 09:05 PM
  2. Repossession: Can I Take Back a Car When Buyer Isn't Covering the Payments
    By Mark1828 in forum Cars and Dealerships
    Replies: 4
    Last Post: 04-12-2011, 11:01 AM
  3. Mortgages: How to Get Buyer Out of Home when They Don't Make Payments
    By Ineedhelpnowplease in forum Buying, Selling and Conveying Real Estate
    Replies: 4
    Last Post: 12-01-2010, 10:25 AM
  4. Private Sales: Buyer Not Making Payments on Motorcycle
    By bb4lude in forum Consumer Law
    Replies: 1
    Last Post: 07-29-2010, 06:50 PM
  5. Repossession: Car Buyer Not Making Payments, Disappeared
    By julie w in forum Cars and Dealerships
    Replies: 3
    Last Post: 05-26-2009, 07:49 PM
 
 
Sponsored Links

Legal Help, Information and Resources