Deposit dispute over 2011 Mustang Sale
03-12-2012, 06:48 PM
#12
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Well, here's a paraphrase of what the lawyer said today:
He says it's clear the deposit was intended to offset my travel costs in the event the buyer decided not to buy the car. In other words, it served as "good faith" of the buyer purchasing the car by March 7th. If it was a fully refundable deposit, there would have been no risk on the buyer's part, hence no "good faith" or any cost to the buyer if he changed his mind. As an example, if you put a deposit on a car at the dealership which requires transfer of the car from another state, that deposit is non-refundable because the dealer has incurred a cost in transferring the car.
He says it's clear the deposit was intended to offset my travel costs in the event the buyer decided not to buy the car. In other words, it served as "good faith" of the buyer purchasing the car by March 7th. If it was a fully refundable deposit, there would have been no risk on the buyer's part, hence no "good faith" or any cost to the buyer if he changed his mind. As an example, if you put a deposit on a car at the dealership which requires transfer of the car from another state, that deposit is non-refundable because the dealer has incurred a cost in transferring the car.
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