Your Opinion, Please
Dear QLers
I had a car for sale, and a person inspected it and confirmed that he wants to buy it but through a bank, so I told him to give me some deposit as a confirmation to book the car for him and not to sell it to any other guy, so he gave me Q.R.500, after 2 days he called me telling that the bank didn't accept to give him car loan unless if he pays 20% of the car value in advance, and he don't have sufficient money for that purpose, so he told me to wait for him 2 more days then he will confirm if he will be able to get the money from somewhere, otherwise he will be sorry that he can't buy the car.
So my question is: what about the Q.R.500, shall I return it back to him if he couldn't arrange the advance or it will be treated as penalty that I booked the car for him and he didn't buy it?
Considering that based on his first confirmation I started searching for another car and I am planning to use the same Q.R.500 to inspect the other car.
Thanks and regards
You could have call it reservation fee. Deposits can be returned and mostly reservation fees are non-refundable. But it depends upon your agreement.
if it will make you feel better, call of the deal and sell your car for QR 500 more; but atleast this will be agreed to by both parties concerned!
Thank you again everybody, I appreciate it :)
If you are in his position unable to arrange the money, do you think to get back your 500 or loose.
same way and more over most of QL members feel it is better to return on conscious basis, if you believe in your own conscious do accordingly.
Osama this money is ures n u have right to nt return it to him as u lost many clients who wants to buy it becoz of him . but as gentelman and with ure wish better to return it to him
Excuse me. I am kind at heart, really.
If you are in favour of 'forgiveness' , well , let osama do it after pocketing 550 !!!
There is a way for doing everything & Osama found that now.
MM: OK I will not tell anyone that I am returning it! :)
"how do u ask me for forgiveness, when u urself dont want to forgive "
I agree with what 'chota' wished for you !
& I too wish you Good Luck for your new venture !
But,
Are you not spoiling the society, this way people won't care to keep their word when they see it is being forgiven so easily ?
My friend, think for better tomorrow ....& punish that guy this time.
You honestly could of sold it to someone else but didnt because of the deposit he gave you. But if there were NO other interested parties then return his QR500. Money is tight these days....
Molten Metal: your point is valid in the example which you stated (factory etc), but in my case i am not doing business, i am just fed up & want to change my car :)
return 500 Allah will bless u with 5000
Thank you all, I will wait for the period which he requested and then i will call him to return his 500 and cancel the deal. and I wish to get better deal.
I guess this will be the best option morally
You should probably return the money for goodwill's sake and your own peace of mind. It will make you and the other guy feel better:)
Emotions has no place in any deal .
.....If you have had owned an ammunition making factory many of you will be bankrupt in 3 months.
the money is given to you in good faith...and since you are not selling your car for profit, better to give it back to him...believe me you will feel good and probably a good friendship will bloom between you and him..
You should return the money back. You do not own it. Its given to you just for the confirmation. Well, be a gentleman and return the money and call off the deal.
Better to return it...
You should return the money, just for goodwill gesture. It happened with me as well while selling my vehicle,
He backed off & spoiled your plan,
Keep the 500 & fine him 50 more when he comes back to you.
None of you work in a bank !
Only they know the meaning of Registration charge / file charge / service fees / & so on.
I assure you....
he won't mind if others have treated him this way before.
My opinion is to return the money, you are not loosing anything , or the value of the car is not going to reduce if you sell it next month.
You have every right to keep the money in my opinion.
But that doesn't means you should.
If you can afford to give it back, I think you ought to.
Give the guy his money back. He did it in good faith, he wasn't trying to scam you. The world needs more good people. Be one of them.
what amyusoof said is exactly what i'm facing now, ppl calling me to see the car but i am still telling them that the car is sold!
so i am losing buyers also!
500QR...offer it back..your struggling with your conscience...
Dear All,
Here, I mean in the GCC every expat is here to learn something for them and their family. Even if it is one riyal, it is hard earned money. The value of money is better known by those who do not have.
My sincere opinion is to return that 500.00.
btw,.. you are selling which model car,.. i am interested to buy a car..
i don't like to keep the money, but on the other hand if i inspected the other vehicle and that guy didn't arrange his loan then the inspection cost will be lost and i have to start from the beginning to search for another buyer, and for sure i don't like to lose bcoz of others mistake!
Usually deposits are never paid back. But, returning it would make you feel great trust me.
I would return the money.
Well lets look at this a bit..
Flip this where you are the buyer and another is the seller..If you gave someone 500QR under the pretense of you buying the vehicle, then for some reason you were not able, would you expect the money to be returned?
If you both agreed on the 500QR as "option" payment and then for some reason the buyer was unable to purchase the vehicle, then the 500QR is yours..
The buyer should have had his financing setup prior to giving you the 500QR good faith money..
Its up to you really. If you are happy keeping the money, do so by all means.
Else, return it as a token of good will
Yes.. you should keep the money .. i think its called bayana that you took in order to reserve the car for him... and its understood that he'll have to lose it if he changes his mind or fails to close the deal..
Agree with brit return it back .
Normally as per the business etiquettes the advance given is yours if the party is backing out from the deal. It is upto you to decide to give it back to him as a goodwill gesture as he might be financially poor.
Yes, he should lose the deposit, but as a gentleman, you should give him the money back :O)
no, the car is still with me
did he use the car if not return the 500