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Post By Seagull81
01-12-2015, 08:50 PM
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CC Member
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Join Date: Nov 2014
Location: Lipan,
TX
Cobra Make, Engine: Superformance MK III Roadster, Roush 402
Posts: 56
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Not Ranked
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
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01-13-2015, 01:45 AM
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CC Member
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Join Date: Aug 2013
Location: Canandaigua,
NY
Cobra Make, Engine: SPF MKII Riverside Racer FIA
Posts: 2,471
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Not Ranked
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.
Last edited by 1795; 01-13-2015 at 02:17 PM..
Reason: poor spelling
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01-13-2015, 06:12 AM
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CC Member
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Join Date: Feb 2002
Location: Dadeville,
AL
Cobra Make, Engine: Sold my EM.
Posts: 2,433
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Not Ranked
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?
__________________
Tommy
Cheetah tribute completed 2021 (TommysCars.Weebly.com)
Previously owned EM Cobra
"Never attribute to malice that which is adequately explained by stupidity." - Hanlon's Razor
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01-13-2015, 06:26 AM
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CC Member
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Join Date: Jul 2009
Location: Dallas,
Tx
Cobra Make, Engine: CSX 3020 Competition, 427; CSX 4385 Aluminum Body, 427; CSX 2096, 289
Posts: 375
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Not Ranked
I agree with 1795 and Tommy
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01-13-2015, 07:44 AM
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Senior Club Cobra Member
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Join Date: Dec 2001
Location: Shasta Lake,
CA
Cobra Make, Engine:
Posts: 26,552
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Not Ranked
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
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01-13-2015, 08:02 AM
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CC Member
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Join Date: Mar 2007
Location: Creedmoor,
TX
Cobra Make, Engine: FFR3542K, 347 C. I., EFI, T-5, Miata Front Sway Bar, 3 Link, Red with White Stripes
Posts: 1,154
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Not Ranked
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.
__________________
Steve
Texas Cobra Club-Austin
July 2009 FFCars Picture of the Month
FFR3542K, 347, Holley Sniper EFI, T-5, 4 Wheel Discs, 3-Link, Miata Front Sway Bar, Red with White Stripes
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01-13-2015, 08:07 AM
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CC Member/Contributor
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Join Date: Feb 2000
Location: Greenville,
SC
Cobra Make, Engine: 70 Shelby convertible, ERA-FIA, 66 mustang convertible, mystery Ford powered 2dr convertible
Posts: 12,614
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Not Ranked
Quote:
Originally Posted by CHP2RA
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
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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.
__________________
Instead of being part of the problem, be part of a successful solution.
First time Cobra buyers-READ THIS
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01-13-2015, 06:11 PM
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CC Member
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Join Date: Nov 2014
Location: Lipan,
TX
Cobra Make, Engine: Superformance MK III Roadster, Roush 402
Posts: 56
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Not Ranked
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
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