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Old 24th February 2013, 13:07   #1
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Default Agreed to sell my car. Now having second thoughts. What to do?

I know people like me have found themselves in the situations like mine.

I took my car to a used car dealership to sell it. Got the rate set and everything but after coming home decided not to sell for the time being and drive it fr some more time.

Now, next day he came to my place and handed over 50 thousand rupees to my wife as token money and said he will take the car whenever your husband (me) feel like.

She was not aware of my thoughts of holding the sale.

I know its a legal binding thing and all, but I dont want to sell my car at the moment and want to politely return the money and cancel the deal.

Can you guys suggest anything?
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Old 24th February 2013, 13:19   #2
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Quote:
Originally Posted by ThE Godfather
I know people like me have found themselves in the situations like mine.

I took my car to a used car dealership to sell it. Got the rate set and everything but after coming home decided not to sell for the time being and drive it fr some more time.

Now, next day he came to my place and handed over 50 thousand rupees to my wife as token money and said he will take the car whenever your husband (me) feel like.

She was not aware of my thoughts of holding the sale.

I know its a legal binding thing and all, but I dont want to sell my car at the moment and want to politely return the money and cancel the deal.

Can you guys suggest anything?
I too got into a similar position once but only thing was I had not taken any advance from the dealer. The dealer came inspected the car and finalized the price over phone after a few hours which I too agreed. The next day I decided not to sell as I felt the price was low. This guy started calling me next day, took his call and said "sir am sorry decided not to sell as your price was low and that this is my price take it or leave it". Afterall it's our car we can decide what we want to do. If you have decided not to sell thats it. Normally these local dealers get behind you whereas a professional dealer will not! Your case is different as your wife has accepted the money. Talk it out with the guy, if you were not interested in the sale then why did you get it evaluated?
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Old 24th February 2013, 13:41   #3
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Default re: Agreed to sell my car. Now having second thoughts. What to do?

It's fine till you have not signed any papers. And very normal to have after thoughts too. Please convey this decision at the earliest to the dealer politely and handover his money back.

EDIT: I guess it would be better to tell what exactly happened. Tell him that your wife was not aware of your decision when she took the money.

Last edited by thoma : 24th February 2013 at 14:01.
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Old 24th February 2013, 13:53   #4
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Default re: Agreed to sell my car. Now having second thoughts. What to do?

Note from Mod: There are several spelling & grammatical errors in your posts. This negatively affects the board experience for other readers.

Kindly ensure that you proof-read your posts prior to submission. Also, it would be a good idea to use spell-checkers.

Last edited by GTO : 25th February 2013 at 14:17.
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Old 24th February 2013, 14:17   #5
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Default re: Agreed to sell my car. Now having second thoughts. What to do?

Simple solution. Just politely tell him that you are not selling and return the advance.
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Old 24th February 2013, 14:23   #6
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Default re: Agreed to sell my car. Now having second thoughts. What to do?

What if he insists on some interest or something? I mean usually its like if we accept the token money we have to return the double amount.
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Old 24th February 2013, 14:36   #7
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Default re: Agreed to sell my car. Now having second thoughts. What to do?

I was in a similar selling dilemma with the car. One buyer approached and closed down my loan and then later wanted a lower price. I was pissed, but then I decided to not sell the car at all (I've very very low usage for the car).

But for you, if the car is running just fine and you're using it regularly, then why do you plan to sell it?

I suggest you take the cash back to the dealer along with Rs500 or Rs1000 token amount to keep him happy to make up slightly for the commission loss from the lack of the sale. What's with we have to return the double amount ?
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Old 24th February 2013, 14:52   #8
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Default re: Agreed to sell my car. Now having second thoughts. What to do?

I dont know how it goes in other states, but in Punjab. If you accept any token money for any of the property deals, its a understood fact, that in case seller dont want to sell the property at a later stage after accepting the token money, he has to return double the amount to the buyer to cancel it.
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Old 24th February 2013, 15:03   #9
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Default re: Agreed to sell my car. Now having second thoughts. What to do?

Quote:
Originally Posted by ThE Godfather View Post
I dont know how it goes in other states, but in Punjab. If you accept any token money for any of the property deals, its a understood fact, that in case seller dont want to sell the property at a later stage after accepting the token money, he has to return double the amount to the buyer to cancel it.
That is quite a ludicrous rule - but then with the situation of real estate fluctuations, I guess there might be a context to it. Car sale is a much simpler deal - the doubling of the token money you are referring to is an additional 50k! I wouldn't even agree to 10% of that amount - after all, its your car he's buying. It's not like you promised to buy a car from him which might have made him cancel other possible buyers (leading to loss of probable business).

As someone correctly advised, be candid & honest to him; but be resolute on your decision and that should do the deal than any negotiations on remunerations with him.

Last edited by ninjatalli : 24th February 2013 at 15:05.
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Old 24th February 2013, 15:13   #10
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Why don't you just tell the buyer the car has met with an accident and hence you can't sell it. Apologise and return the money.
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Old 24th February 2013, 15:54   #11
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Default re: Agreed to sell my car. Now having second thoughts. What to do?

Not just Punjab but that is the unwritten understanding all over the country. However it is not a law just an accepted way of conducting property deals. It is there to ensure that people stick to a deal and not jump at the next best offer as Land/Property is an appreciating asset. It most definitely does not apply to any other type of deal especially not for a CAR which is a depreciating asset, the two are poles apart.

Instead of mulling just go and give the guy's money back ASAP and tell him clearly what your decision/line of thought is and that will be the end of it.

Quote:
Originally Posted by ThE Godfather View Post
I dont know how it goes in other states, but in Punjab. If you accept any token money for any of the property deals, its a understood fact, that in case seller dont want to sell the property at a later stage after accepting the token money, he has to return double the amount to the buyer to cancel it.
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Old 24th February 2013, 17:36   #12
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Default re: Agreed to sell my car. Now having second thoughts. What to do?

Quote:
Originally Posted by khoj View Post
Not just Punjab but that is the unwritten understanding all over the country. However it is not a law just an accepted way of conducting property deals. It is there to ensure that people stick to a deal and not jump at the next best offer as Land/Property is an appreciating asset. It most definitely does not apply to any other type of deal especially not for a CAR which is a depreciating asset, the two are poles apart.
Just thinking... Even if such a rule existed for cars, the dealer should have given the money directly to the owner. Not his wife when he is not around. At the very least he should have contacted the owner over phone when the money was given.

That unwritten understanding for real estate does not exist in my state, as far as I know. It is 10%, and is agreed in a stamp paper too.
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Old 24th February 2013, 17:44   #13
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Default re: Agreed to sell my car. Now having second thoughts. What to do?

OT: Even The Godfather asks for help in Tbhp.

Did your wife give any sort of receipt for the money received or is there any signed document saying about the 50k and holding up or other sorts?

Btw how long since the transaction?
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Old 24th February 2013, 20:49   #14
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Default re: Agreed to sell my car. Now having second thoughts. What to do?

Don't call him. Don't give the car.
After a few days, he will automatically come to you asking his money back.
Give the money.
So simple!
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Old 24th February 2013, 20:56   #15
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Default re: Agreed to sell my car. Now having second thoughts. What to do?

Nothing written. He gave the money today in the morning.
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