Long story short...we are selling our 2001 Passat and we owe more money on the car than the blue book value. I think it's just that the Passats don't hold value like they used to.
Anyway, there is a girl and her parents that are interested in the listed price (which, is basically what we owe on the car). They take it for a test drive twice and even have a "mechanic" type friend check it out. So, we agreed upon a price and we ask for a $200 deposit as a good faith effort. We put the $200 towards the payoff amount so it's lower for her. (They've already tried to get us lower in price, stating the blue book value. Blue book values are not always correct though...dealerships sell for WAY higher.) But, they still agreed upon a certain price.
We go to sell it and apparently Maryland requires a state inspection in order to sell it in the state of Maryland. Fine. Turns out it needed new brakes and wipers (and a couple of other small things) and costed us $300. So, I call in hopes they'll split the cost with us since they were going to buy "as is" and they say they don't want to buy the car for that price anymore and they want their $200 back.
?? I'm fuming...

By Yjja123 on Monday, March 28, 2005 - 09:27 am:

deposits are generally non-refundable!

By Trina~moderator on Monday, March 28, 2005 - 10:33 am:

Bummer for you! From what I understand, the Kelly Blue Book gives three different car values: Trade In, Retail and Private Party. They may have found a different car with a price more appealing to them. Still, not cool of them to back out after already making an agreement. However, if the agreement wasn't in writing, they're not legally bound. This is why we stopped trying to sell our cars privately. Too much of a hassle. Although we may not get as much money, it's easier just to do a trade in. We usually keep our cars for several years and they're paid off by the time we're ready to do that.

Kelley Blue Book

Edmunds.com

*!*!*Car Selling Vibes*!*!*

By Breann on Monday, March 28, 2005 - 11:07 am:

I agree with Yjja123. When you put a good faith sum down on a car, it is usually non-refundable.

Maybe they found something that is more affordable for them.

I would go ahead and fix what needs to be fixed, then set a price and stick to it. If someone wants it, they'll come up with the $$$ fast enough. Otherwise, it sounds like trade-in is the only other option.

Good luck selling!
More *****CAR SELLING VIBES***** coming your way!

By Katiesmommy on Monday, March 28, 2005 - 11:42 am:

Keep the deposit...thats what a deposit is, in good faith to buy it and they intended to by it. It is not your fault they have waffled back and forth.

By Reds9298 on Monday, March 28, 2005 - 11:44 am:

I agree - non-refundable deposit, but if it wasn't in writing, they *may* be able to get that money back from you is they pursued it. I don't blame you for being angry! I thought that selling privately was the way to make some money on a car because private party value is higher than trade-in at a dealership. Everyone encouraged us to sell a car privately and it's just too big of a pain.
Are you going to be getting a new/other car? If so trading it in may be the best way to go. OR just pick a price (now that it's already been inspected and fixed) and stick with it, no negotiations! If someone wants it they'll pay for it.

By Mrsheidi on Monday, March 28, 2005 - 01:33 pm:

My DH wrote back and explained that Blue Book value is based on last year's car sales and that we put in $300 worth of work to make it a perfect car. It's in perfect condition now.
It just doesn't seem right to put $300 into a car, not to mention I just made a car payment, and then sell it for pay-out value. Maybe we'll just sell it to a dealership. Who knows...
We are going to acquire my DH's aunt's car who died a while back. His dad wanted someone to take it, so it would stay in the family and we are looking to downsize our payment. We have to get that car this week...aaahhh...
Oh well, at least we can afford a car. I hope she responds today. If not, we'll sell it some other way.

By Ginny~moderator on Monday, March 28, 2005 - 07:16 pm:

I agree, you should not refund the deposit. Be aware that they may decide to try to take you to small claims court to try to get the $200 back, in which case you have to decide what you want to do, but you don't need a lawyer for small claims court.

By Wandilu on Tuesday, March 29, 2005 - 07:40 pm:

I agree with the others.Keep the deposit,but maybe stick it back somewhere and not spend it untill you see how this unfolds.We just recently went through a similar situation.We have a truck that we need to sale.A young couple test drove it and wanted it .They only have one vehicle,and the husband has to hitch rides to work.He talked my dh into coming down $200,and then he asked if we would hold it for 2 weeks untill his income tax came in.We said yes(with no deposit),and the 2 weeks turned into 6 weeks and then he backed out and didn't buy it at all !!! So,I know how frustrated you are.Hope everything gets better for you.