This seems pretty cut and dried to me, but since I got a letter from this guys attorney (or at least one he's consulted with), I just have to ask.
My family and I own a used car/truck/travel trailer lot. We mainly deal in travel trailers, but have a regular used car dealers license.
About 2 months ago we took a $500 deposit on a $6500 travel trailer. The guy was supposed to go to his bank and get the rest of the money and pick it up within a week or so. We have signs printed and posted on at least 4 different locations through out the office stating that if you leave a deposit on a trailer, make sure you want that trailer because deposits will not be returned.
About 2 weeks ago we hadn't heard anything from the guy, so we called him to see if he stilled intended to purchase the trailer. He said he'd had trouble getting it financed but he'd come down the next day to pay another $2000 or so and possibly even pay the balance.
Well, he walks in and says that he can't get it financed so he's going to have to "forfeit his deposit". In the same sentence he says "so can I get my deposit back?" I thought forfeit meant "FORFEIT..."
We tell him that we don't return deposits. After all, what's the point in taking a deposit if you're just going to return it anyway? He got completely stupid telling us how he was going to close us down, burn our building, etc etc etc.
Today we get a letter from an attorny. He says that "to his understanding, we had a verbal agreement with (can't remember his name) that if he couldn't get financing, we'd return his deposit". We don't tell people that. And to avoid legal action we must return his $500 within x amount of days...
My question is this: are we really required to give him his deposit back? I mean, hell, I watched Judge Judy enough to know what I THINK is the answer, but what's the opinion of the SVTP LEO's?
My family and I own a used car/truck/travel trailer lot. We mainly deal in travel trailers, but have a regular used car dealers license.
About 2 months ago we took a $500 deposit on a $6500 travel trailer. The guy was supposed to go to his bank and get the rest of the money and pick it up within a week or so. We have signs printed and posted on at least 4 different locations through out the office stating that if you leave a deposit on a trailer, make sure you want that trailer because deposits will not be returned.
About 2 weeks ago we hadn't heard anything from the guy, so we called him to see if he stilled intended to purchase the trailer. He said he'd had trouble getting it financed but he'd come down the next day to pay another $2000 or so and possibly even pay the balance.
Well, he walks in and says that he can't get it financed so he's going to have to "forfeit his deposit". In the same sentence he says "so can I get my deposit back?" I thought forfeit meant "FORFEIT..."
We tell him that we don't return deposits. After all, what's the point in taking a deposit if you're just going to return it anyway? He got completely stupid telling us how he was going to close us down, burn our building, etc etc etc.
Today we get a letter from an attorny. He says that "to his understanding, we had a verbal agreement with (can't remember his name) that if he couldn't get financing, we'd return his deposit". We don't tell people that. And to avoid legal action we must return his $500 within x amount of days...
My question is this: are we really required to give him his deposit back? I mean, hell, I watched Judge Judy enough to know what I THINK is the answer, but what's the opinion of the SVTP LEO's?
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