QOTD: Is it unreasonable to ask for a non-refundable deposit from someone who won your vehicle on cars&bids (1 Viewer)

[pawwright]

Just looking for a bit of sanity check from those that usually have good points/ideas, overall. Someone was the winning bidder on my 100 on cars&bids. They don't want to pay for it until they come out and see it - which is ok with me. I asked for a non-refundable deposit as they won't be out for 1 week+. They are somewhat balking at the request - saying they plan on going through with the purchase unless 'something significantly different than what the pictures and description disclose'. I've done it in the past for vehicles that I have bought and then gone to see. They want to do a refundable deposit, which makes zero sense to me, as they have nothing to lose. Am I cutting my nose off to spite my face by asking for this? tia

 

[Roxx]

Doesnt winning a auction mean you buy it and that is it?

 

[pawwright]

Doesnt winning a auction mean you buy it and that is it?

That's how I understand it.....hence my request back for the deposit since they don't want to pay until they see it....

 

[UZJ105]

Yeah, I'm with Rafael. Cars & Bids, BaT, eBay... the expectation is they are buying sight unseen. I would be demanding full payment.

 

[pawwright]

Yeah, I'm with Rafael. Cars & Bids, BaT, eBay... the expectation is they are buying sight unseen. I would be demanding full payment.

OK, thanks - that's how I've been leaning, but wanted to see how others thought, appreciate it.

 

[AWOLDoc]

Looked at the rules of the process for buying and selling.

• Buyers are expected to pay for the vehicle in-full within a week of the auction closing.

t’s very uncommon that a winning bidder fails to follow through on Cars & Bids. In the unusual event that it occurs, the winning bidder forfeits their 4.5% buyer’s fee — and they’re permanently banned from Cars & Bids.

If your buyer fails to follow through, we’ll immediately work with the next-highest bidder(s) in an attempt to sell your vehicle at an agreed-upon price. In the event that we can’t strike a deal, we may offer to re-list your car free of charge, or we will pay you half of the collected buyer’s fee after 90 days.

I think you are safe without asking for a non-refundable deposit. Looks like Cars & Bids has it covered pretty well.
GLWTS.

 

[pawwright]

Looked at the rules of the process for buying and selling.

• Buyers are expected to pay for the vehicle in-full within a week of the auction closing.

t’s very uncommon that a winning bidder fails to follow through on Cars & Bids. In the unusual event that it occurs, the winning bidder forfeits their 4.5% buyer’s fee — and they’re permanently banned from Cars & Bids.

If your buyer fails to follow through, we’ll immediately work with the next-highest bidder(s) in an attempt to sell your vehicle at an agreed-upon price. In the event that we can’t strike a deal, we may offer to re-list your car free of charge, or we will pay you half of the collected buyer’s fee after 90 days.

I think you are safe without asking for a non-refundable deposit. Looks like Cars & Bids has it covered pretty well.
GLWTS.

Thanks - I found that, too - and then found other cases where the next high bidder decided they didn't want it (which I can understand). Appreciate the other pov.

 

[cwags12]

REFUNDABLE deposit all the way.

If Im buyer paying top dollar on an auction site, car should be in the condition as listed. A reputable seller would stand by their rig with a refundable deposit, and a legit buyer would agree to pay refundable deposit until they can arrive for inspection, pickup, transport, etc.

There are too many auction sites these days and they are very seller friendly. They dont even take the time to verify condition, pics, etc.

 

[pawwright]

REFUNDABLE deposit all the way.

If Im buyer paying top dollar on an auction site, car should be in the condition as listed. A reputable seller would stand by their rig with a refundable deposit, and a legit buyer would agree to pay refundable deposit until they can arrive for inspection, pickup, transport, etc.

There are too many auction sites these days and they are very seller friendly. They dont even take the time to verify condition, pics, etc.

I get that - I can see it - It's more of the time-frame for me - 2 weeks total to get out here I am ok with, not even a deposit. Considering that cars&bids says payment expected within 1 week. Anything over 2 weeks I am not ok with.....thanks, appreciate it.

 

[GLTHFJ60]

If the buyer doesn't show up and pay, or doesn't wire full payment, within that week defined by cars and bids, I'd open a case with them. They're the brokers here, deal with them, not the buyer. It's not Craigslist.

 

[NCFJ]

Johnny is right on the mark. Let Cars & Bids earn whatever percentage they charge both seller and buyer. Most auctions I attend you rarely if ever even meet or speak with the seller. You do your business with the auction house.

I would also inform the auction house about the buyer's position.

 

[pawwright]

If the buyer doesn't show up and pay, or doesn't wire full payment, within that week defined by cars and bids, I'd open a case with them. They're the brokers here, deal with them, not the buyer. It's not Craigslist.

Thanks - good point Johnny - I was hoping it would work this way, we will see.

 

[pawwright]

Johnny is right on the mark. Let Cars & Bids earn whatever percentage they charge both seller and buyer. Most auctions I attend you rarely if ever even meet or speak with the seller. You do your business with the auction house.

I would also inform the auction house about the buyer's position.

Yeah, I am with you - it's a little different though with c&b - they take the buyers fee but charge a flat fee for the seller ($49-$89) and make it known that they do not deal with the payment part - so they are kind of a hybrid in regards to the auction model, not that I disagree with you - I'll let everyone know how it turns out, waiting to hear back from the buyer at this point. Thanks, again.

 

[GLTHFJ60]

Let us know how it turns out. Most of us don't get to experience the payment side of C&B.

 

[pawwright]

Let us know how it turns out. Most of us don't get to experience the payment side of C&B.

Will do, thanks, again....

 

[Hokie LX]

C&B and BaT essentially act as a matchmaker for buyers and sellers and charge a fee to list the vehicle and get it exposure and also connect the buyer and seller. They don't facilitate or monitor payment like eBay like some folks mentioned above.

While the site doesn't facilitate the sale, they do document an expectation that I would definitely pursue, i.e. full payment within 1 week.

 

[pawwright]

C&B and BaT essentially act as a matchmaker for buyers and sellers and charge a fee to list the vehicle and get it exposure and also connect the buyer and seller. They don't facilitate or monitor payment like eBay like some folks mentioned above.

While the site doesn't facilitate the sale, they do document an expectation that I would definitely pursue, i.e. full payment within 1 week.

I hear and feel you on the 1 week payment in full....

 

[S.CarolinaFZJ80]

Glad I stumbled across this thread... As I'm exploring online auction options.
Thanks for all the good info.
@pawwright right, hope you get it all sorted out to put you at ease.

 

[pawwright]

Glad I stumbled across this thread... As I'm exploring online auction options.
Thanks for all the good info.
@pawwright right, hope you get it all sorted out to put you at ease.

get ready for lots of questions/emails from people that have no intention of ever bidding but want to try and eff with you.... it's fine, it's a good lesson in self-control and not reacting to their attitudes/question..... will let you know final outcome.

 

[S.CarolinaFZJ80]

get ready for lots of questions/emails from people that have no intention of ever bidding but want to try and eff with you.... it's fine, it's a good lesson in self-control and not reacting to their attitudes/question..... will let you know final outcome.

I can't wait!