sell car

[Wah Chai]

Hi all ,

i got 1 used car to sell . i already found potential buyers . buyer give me rm500 deposit to reserve my car and apply loan.i want to ask if buyer's loan unsuccessful/reject by bank, do i need give back that rm500 deposit or don't need to give back to buyer ?

please advise . i 1st time sell used car .

 

[Zidane]

my opinion give back....

Not his fault the bank rejected him....

 

[Wah Chai]

i see.my sis said don't give back because maybe during he applying loan..got other potential/serious buyer want to buy this car but i will reject 2nd buyer since 1st buyer applying loan and reserved . if 1st buyer loan not approve and 2nd buyer don't want to buy my car already..i can't sell already or maybe soon.not like manufacturer sell car.they got alot of car and i only have just 1 car.

 

[RebeLZ]

from my very own opinion, give back. agree with Zidane, its not his fault but the bank's fault.

...... but we shud know whats the reason his loan kana rejected? issit because his fault? too much debt maybe? if he said, its the bank fault, why not ask him to try another branch. if still kena reject.. its 100%because of him.

the question is? if its his fault will u give back the deposit? hmmm.. if i dun give him back for sure kena hantam 1. lols

wah chai- if u got more than 1 buyer- tell them to wait for 5-7 days(thats the amount of time the bank usually approve the loan or not, but m not sure about other bank). tell them u will update them if the buyer before them punya loan approve or not. for sure they can wait if they really interested in your car.

cheers.

 

[Wah Chai]

from my very own opinion, give back. agree with Zidane, its not his fault but the bank's fault.

...... but we shud know whats the reason his loan kana rejected? issit because his fault? too much debt maybe? if he said, its the bank fault, why not ask him to try another branch. if still kena reject.. its 100%because of him.

the question is? if its his fault will u give back the deposit? hmmm.. if i dun give him back for sure kena hantam 1. lols

wah chai- if u got more than 1 buyer- tell them to wait for 5-7 days(thats the amount of time the bank usually approve the loan or not, but m not sure about other bank). tell them u will update them if the buyer before them punya loan approve or not. for sure they can wait if they really interested in your car.

cheers.

i don't scare kena hantam.hehe
btw,good advise.tq very much

 

[RebeLZ]

no worries mate ;)
:stickyman: <-- if me for sure like this.. hahaha

 

[Fairlady350]

When you took his' deposit, you should ask him if his' payment record is ok. If he says it is and if the bank rejects his' loan, that is probably because he is not qualified enough to obatin the loan. Refund everything to him.

However, if he tells you he has got good payment record but then the bank rejects the application because he has bad payment record, then i don't think you should refund him. Because he knows very well that with bad payment record he cannot get his' loan approved and yet he wasted your time.

Just my 2 cents bro....

 

[LuKa]

If you r courteous.. give back the money.. what you should do is.. set a limited amount of time for reserve... if not succeed then u return the money or no refund if its longer than the period you agreed with him.. if he's not qualified to get a loan, its not the banks fault..

 

[Zidane]

There is no right or wrong in this area.

If you want to confiscate his deposit, write a letter stating the terms and conditions of the sales and purchase. Put the words more or less 'If the buyer's loan is rejected or not approved within 1 week (depends on the agreed loan approval period by seller and buyer) for whatever reason(s), the deposit will be forfeited in consideration of the opportunity loss and / or costs incurred by the seller'. Please include dates too.

A written contract is always best. It is not practised by many people but when things go rotten, everything they want to bring to court or make police report. The loan may not be approved within the period you are looking at, so you must consider that scenario.

With a written contract, it outlines the role and responsibilities and the consequences of both parties.

 

[Wah Chai]

hi all,thx for advise.all very useful. =)