a sale question
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Cruiser
Joined: Mar 2006
Posts: 145
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From:
a sale question
may not be right spot to post..... i may have a buyer for my 72 ironhead. guy wants to make payments, chunk down and have the rest paid off by end of january. he will NOT get the bike till all is paid and title work is done. now.....my question is.....if for some reason he defaults on said time frame would i have a legal right not to refund his money? dont wanna be a dick about it but a lil run around so far about this sale. im from pennsylvania and i cant find info on it. thanks allen
Cruiser
Joined: Jul 2012
Posts: 129
Likes: 1
From: Mt Vernon, Ohio
Not a lawyer...but i would think you would have to return his money. At least part of it. Think of a lawaway at walmart. You dont get it paid by Christmas. Do you think you would lose you merchandise AND your money??
Seasoned HDF Member
Joined: Apr 2006
Posts: 10,675
Likes: 95
From: Billings,Mt.
I ran into that issue when I was selling my '59 Datsun PU.The buyer was in Alabama,me here in Ca.
We arranged payments and after the payoff he would received the title and have the truck shipped.
He still owed about $600 when he called and said he cant finish paying.He said just keep the money he sent but I agreed to wait till he could finish paying which he did.Took about 3 more months.
We arranged payments and after the payoff he would received the title and have the truck shipped.
He still owed about $600 when he called and said he cant finish paying.He said just keep the money he sent but I agreed to wait till he could finish paying which he did.Took about 3 more months.
Club Member
Joined: Feb 2007
Posts: 16,320
Likes: 306
From: Boynton Beach, FloriDuh
Write up a simple contract that states the total amount due, the initial payment amount, the final payment due date, and how much of the money received is non refundable if the final payment date is not met.
You're entitled to be compensated for "sitting" on the bike and potentially missing out on another sale. A serious buyer shouldn't have any problems with those terms.
You're entitled to be compensated for "sitting" on the bike and potentially missing out on another sale. A serious buyer shouldn't have any problems with those terms.
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Outstanding HDF Member
Joined: May 2009
Posts: 2,671
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From: Virginia
If you put the clause about forfiting the money paid into the sales contract & he agrees with it & signs it, then no judge will tell you it can't be done.
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Seasoned HDF Member
Joined: Apr 2009
Posts: 44,903
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From: PNW
Write up a simple contract that states the total amount due, the initial payment amount, the final payment due date, and how much of the money received is non refundable if the final payment date is not met.
You're entitled to be compensated for "sitting" on the bike and potentially missing out on another sale. A serious buyer shouldn't have any problems with those terms.
You're entitled to be compensated for "sitting" on the bike and potentially missing out on another sale. A serious buyer shouldn't have any problems with those terms.
This way he has motivation to honor the deal. What if before he's paying his last payment another better bike comes along? You really want to give all that $$ back after you held a bike that long? This way, if he bails, you sell in the spring and you're probably money ahead.
Road Warrior
Joined: Oct 2008
Posts: 1,334
Likes: 17
From: Rosamond, Cali
There's really two issues. One is if he doesn't make all the payments in the given time-frame, but still wants the bike, and wants to pay 'late'; the other is, he decides not to make all the payments (not buy the bike) for some reason. You should work out a contingency for both, that's agreeable to you both, up front.
Write the deal down, both of you get a copy, and both of you sign both copies.
If you don't know the guy well, or if he's a 'whiner', save yourself some grief and don't do a time-payment plan. A man of his word won't be a problem.
Since you're holding the bike, there's very little risk to you. Except to your relationship with the guy.
Alan
Write the deal down, both of you get a copy, and both of you sign both copies.
If you don't know the guy well, or if he's a 'whiner', save yourself some grief and don't do a time-payment plan. A man of his word won't be a problem.
Since you're holding the bike, there's very little risk to you. Except to your relationship with the guy.
Alan
Last edited by AlanStansbery; Nov 24, 2012 at 11:24 AM.