Is your "word" something to trust?

[RareSS]

I had a friend that found a 30th Anniversary LT-4 Camaro and made a deal with the seller. (He even sent a deposit to the seller to hold the Camaro for him.) The friend calls the seller back and he is told he sold the Camaro to another buyer for a higher price! How can someone do this while holding a deposit? I value my "word" when I give it to someone! This was wrong in my opinion!
I thought I would post this and see what you guys and gals think of this.

[70 copo]

That is what Lawyers are for. If it is a real problem,- consult with one - otherwise just suck it up.


Today if you really want a car and you are not working with a dealer under written contract, take cash or a certified check pick up the car ASAP, and do not delay.

Seems to me that the issue (if any) will be in what kind of agreement the seller had with the buyer when the deposit was taken.


Phil

[12bolt]

when I sold the COPO, I had no deposit, just gave the guy a Time slot for the Following day. Ten Minutes later,I got a call from the West Coast and a guy wanted the Car and wanted it Bad. I told him that I had already scheduled a Man to come and see it the Following day... He offered to wire the funds right then. I told him that is a lot of Money to turn away and I know a bird in the hand beats 6 in the Bush, but I just would not feel right about it. He agreed and commented that He wants one bad but that would suck to have that happen to him. I told him I would call him the next day and let him know either way. The first Fella took the car so I made the Dear John Call as I said I would. He is a Nice Guy and I hope he finds his COPO soon as He is definitely a deserving guy.

[camarojoe]

A man's word "Should" mean something, and it just basically comes down to the individual... When I went to look at my Deuce for the first time, I told the guy I definitely wanted it, and gave him a modest deposit. Less than a week later, a few opportunists got wind of the car's existance, and tried to offer more money, and even offered to buy my car AND Franks as a package deal. (Frank also had a deposit on the car, and both cars were "stablemates") Fortunately for us, the seller was a man of his word, and refused to sell the cars out from under us, even when more money was on the table. Its situations like this where its easy to distinguish the good guys from the bad. -JB


PS: Tell your buddy to keep the faith... I've seen quite a few LT-4 30 Anny's for sale this year.

[Don_Lightfoot]

This is a great thread and relates to something that I agree is sadly lacking in today's world. I suppose it is because so much is money driver anymore. Here's a couple of personal examples that I don't know would wash these days, keeping in mind we are dealing with two different countries as well.

1) - In 1995 I sold my 69 GTO to a collector in California. He never inspected the car personally and only went by pictures and my description. Granted, it had a GTOAA National First Place under it's belt, but still you think the proposed purchaser would want to inspect it. Anyway, the deal was done, I had all the money in hand just waiting for the transport company to come and pick it up. Essentially I had the car in my garage and the money in my bank for about two weeks. He sure put a lot of trust in me. When the car arrived he was extremely happy.

2) - I bought my 69 Velle in Florida in 2000. I flew down to inspect the car and paid the owner at that time. The car stayed in his garage for about a week until the transport company could pick it up. I put a lot of trust in the seller at that time. We have remained friends and communicate every so often (he is a member on here).

As I said, don't know if either of these situations would happen today.

[Stuart Adams]

Don, I've done alot of those same transactions, been friends with the other person ever since - kinda cool. Its like this BIG internet thing has got so many of us together with out even meeting each other, it seems like friends you've known for years with common intrests - very cool.

[Stuart Adams]

If you agreed on a price, gave a deposit and he gave a deadline to pay balance and you followed his rules and then he sold it out from under you - that stinks. I would never do that to someone else. The guy 2nd in line will understand that 1st in line has a deadline to get r dun. I'm young but I'm old school I guess.

[scott s]

Just wandering was this the lt4 on e-bay???The seller of that car was very untrustable indeed as i saw the auction was full of strange price increases and bid retractions etc .I have lost many cars due to people not being a man of thier word as for the lawyer option) its not worth it!! remember what goes around comes around he,ll have his day... jmho

[Jeff H]

That stinks! On the 1st JL8 car I had, I gave my word to a potential buyer who was flying in from the west coast. I had another buyer ask me if I took a deposit and I told him no, but I wouldn't let anyone else look at until the first guy had his chance. This buyer was ready to wire a deposit and I told him no. The west coast buyer ended up buying the car. I've held several cars for people with a small deposit or no deposit at all because I'm a man of my word. I've lost out on a couple of cars because the seller wouldn't let me look at it until the next day, but they told me I had first shot at it. Then somebody else came along early in the day and bought it out from under me. If you gave a deposit, then there might be some legal argument that he owes you that car at the agreed price. If he sold it, then he should find another one for him at the same price. Does anyone with a legal background know if this situation has any kind of potential reward to it or is it a waste of time and money? Always curious to hear other thoughts.

[njsteve]

If you put a deposit on the car, it's a binding contract. If he sold it to another person while holding your deposit he is liable for damages. But you're gonna have to spend a bunch of $$$ for a lawyer to sue him. If that doesn't bother you, go for it. You probably wont get the car but you'll get some satisfaction that the guy who sold it for a higher price will now be spending most of what he got for the car on a lawyer to defend himself against your lawsuit.