Club Cobra - Newbie Texas Metromess with purchase deposit question

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Newbie Texas Metromess with purchase deposit question

Hello,

I've been looking to purchase a used Cobra 427 roadster, and found one I really liked late November. Emailed back and forth with the owner, then called and was politely told someone had given him a deposit to hold the car until that party could come and look at it. My question is, has anyone on this forum ever sent a deposit to a private owner under these circumstances? Was there a deposit contract that the owner signed, Or do you just depend on the kindness of strangers? Amount of deposit? Wording in the deposit contract?

Spent 30 minutes searching 'deposit' and 'deposit contract', with no results.

Any help or suggestion is appreciated.

CHP

Buying any used vehicle is tough enough, providing someone a down payment on a car that you have not seen, to a person who you have not met is really problematic. There is no used cobra worth that risk. There are too many available to take that risk. Keep shopping and make sure that you lay no money down until you see the car and the person who is selling the car and have had the opportunity to assess the relative worth of each of them.

From a sellers standpoint, a deposit to hold doesn't mean much unless I get to keep it if you don't buy the car. From a buyer's standpoint, it doesn't mean much unless it guarantees I will be able to buy the car for a known price if it passes inspection. A purchase option contract with a non-refundable deposit can accomplish both. But I doubt it is used often in the purchase of normally priced automobiles. .... After all, how much would you (the buyer) be willing to lose just for the option of seeing a car before you buy it? .... And if the option money is small (e.g., $100), how much would you be willing to spend to retrieve your deposit from an unscrupulous out of state seller?

I agree with 1795 and Tommy

I agree with both of the above and I personally wouldn't put down a deposit on any car that I hadn't been able to actually look at and see. There is a very nice Cobra for sale by one of the Texas guys and he listed it in the Cobra Talk Forum. If it is anything like you want you might give him a call.

Ron

Welcome to the madness.
Which Metromess? Dallas or Houston? Get with the local Cobra club and see if they can help you find a car. What is your price range? There is a nice blue one n the Dallas area. You can see it on Facebook under the Texas Cobra Club. Both groups look at the Facebook site. The Dallas guys hangout here on the Texas part and Houston on Yahoo Groups under Houston Cobras. I hope you find what you are looking for soon.

Quote:

Originally Posted by CHP2RA (Post 1334756)

Must be one heck of a deal if someone put a deposit down from way back in November. Personally, I've never taken a deposit to hold a car I'm selling. Either a buyer can come and inspect the car themselves, or they can send any number of qualified "pre purchase inspection companies". It is possible that a potential buyer has made arrangements for such a PPI, and the seller is honoring his word to allow a day or two to let that inspection happen. Otherwise, it's a cash and carry world, why waste time playing such games as a seller or a buyer when there are so many other quality cars out on the market at a given time.

Just my two cents worth as I rush out of the office.

Bill S.

Wise counsel - thanks for the thoughts.... It was a low mileage Superformance roadster, nice engine in the range I'm looking (351, 450 hp), for $54,000, which seemed a bit below market...

I am west of Dallas, where the west begins. Will investigate the Texas group.

Best,

CHP