Down Payment Problem

Took a couple hundred dollar down payment on a G. Now 2 mo. later - no show. I called once and got a "if you can sell it go ahead" Part of delay is he wants to sell another tractor first. I am going to relist the G and see what happens. It is a check - I plan to cash it at his bank to make sure it is good. ( $29 charge if it comes back at my bank)  Don't  want his money and plan to return it if I sell the G and he comes to gets the money.  I just want to be more in control of the situation. So - what is the right thing to do with the down payment ? Any thoughts or experience ??  Any way I have a G for sale. Thanks, Larry Miller

Good Idea Glenn.  Don't incur any more possible expense and complications.

Larry- I'll second what Glenn and Bill said- if you still have the check, save yourself the effort and just mail his check back.  Allis G's are in high enough interest that it shouldn't be a big deal to find someone who really wants it.

It oftentimes seems crappy for this kind of thing to happen, but aside from having it sit around for a while, there really isn't much foul.  From the other perspective, someone wanted it enough to agree and send downpayment, but can't finish, you can bet it's not because they don't WANT to, but a change of circumstances that doesn't allow it... and circumstances do change. 

Fortunately, it sounds like you're in a no-loss situation.... you have is check, AND your tractor.  He says he wants to sell his other tractor, that means his hobby budget is fairly limited, so my bet is that the unable buyer has other, more serious problems to address, and if that means losing out on a good tractor deal, he's clearly making the right fiscal decision.

Someday, this kind of thing, in both aspects, may happen to me, and I may have to ask myself... what comes first- my tractors, or my family?


Edited by DaveKamp - 09 Jun 2010 at 11:38am

In MI you can keep it, legally!  If someone gives you a deposit and it doesn't specifically say in the receipt it is refundable, it is yours.

Yes, you could keep the down payment. But would you want that to happen to you if the situation were reversed? I'm totally in Glenn's camp.

A check??? He never had a deposit down it anyhow. Pay me CASH and I will hold it for you. I will go 30 days. No refund.  Get the money first. The serious buyers never give you grief. They bring cash. My  $.02.

Thanks Guys. Live and learn. In the future I will get cash and set a specific date to deal or I keep the money.  What I really want is to complete a deal - not get to keep a down payment.  If the other guy gets into a situation and can't do the deal - he can have the payment back.  I will hold this check and do nothing with it and get cash if he wants the tractor. Asking $3000 for the G. Can email pix if interested. Thanks again, Larry Miller

Banks are getting fussy about cashing old checks, they mite not want to cash it anyway.I would go with the check with him and return or destroy the check.

Adhere strictly to whatever oral or written agreement you had with this buyer. If the down payment is yours go to his bank and verify if the check is good.