Neun 11

So I’ve been talking to a dealer in IN since late August about an ’88 coupe they got in. It took them some time to get it ready to sell and last Friday I reached an agreement with the dealership. I asked about a deposit and he told me that he had talked to me so many times that “[my] word was good enough.” We agreed I would set up the PPI on Monday. When I called back on Monday morning, another guy at the dealership said, “We may have a problem,” because he sold the car on Saturday for $4500 more than I had agreed. I said I wasn’t going to pay that much and he said I didn’t have to, that I had to pay only $2000 more. He said they even had a call since then for the full ebay BIN price. There were no indications of any bids or offers on the ebay site.

What’s the consensus about this type of treatment? I specifically asked about a deposit and would have gladly made one, but I was assured it wasn’t necessary. I’m assuming there is no legal recourse with little legal value given to verbal agreements, but is this an ethical/proper way to do business? Or is it strictly “Money talks?”

Reiver

Sorry bout that, but a used car dealer gives you his 'word'. Without a deposit/contract you didn't stand a chance.
Btw, what did it sell for?

racngrn

May be worth a call to the State AGs office. Better yet, let the dealer know you did this and the interest they expressed in this outcome. May be a stretch to say so, but also may provide just enough scare to work the issue loose. Sorry something as exciting got so upside down.

cairo94507

Never trust a dealer. Always give them a deposit and get a receipt for that deposit. In CA a verbal contract is binding but you have to prove it happened.

User 4221

It should go like this:

1. View car
2. Negotiate price
3. PPI
4. Execute purchase agreement that binds both parties (pending PPI) to sell at the agreed upon price with a deposit to formalize the agreement.
5. Sales agreement that produces a receipt for purchase

tone40

That way you don't spend $$ on a PPI before having an executed contract.

JCP911S

First, anybody can become a "dealer". In Pa all you need is to pay a fee and have a "facility".

Second, collector car price are spiraling, and air-cooled Porsches are hot, so sleezebags are crawling out of the woodwork to cash in, so caveat emptor.

IMHO, these guys sound like schmucks. Take you time an buy a car from a legitimate private owner. That's how most of these cars change hands.

Amber Gramps

You and the other buyer both got played against each other. You should have known this the second he didn't want a deposit.

aratapuss

I would not be happy with the dealer at all, but do realize you left yourself vulnerable, and pledge not to get "fooled again".

User 4221

Good point.

Derek911

What is worst? The problem people ask Dear Abby to help them with... Or people who ask Dear Abby for help? A deal is never done until paperwork is signed and money is exchanged. A word is worth what the bank exchange rate is... Nothing. This is not the last 88 on the planet, so chalk this up as a lesson and let it go.