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50% down before PPI
I just came back from seeing a car. The seller (who already has a $500 deposit from me) says he'll only take the car to PPI if I wire 50% of the sale price to his attorney first.
Then "if the car doesn't pass PPI" (and it could be debated what that means) he would give me my money back. Has anyone come across this 50% down request before? It sounds like BS to me. What's he trying to achieve with that?
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"Fraud is everywhere in this hobby. Believe nothing, believe nobody, expect disappointment." |
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02-06-2016, 04:20 PM
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Location: Alberta,Canada
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He already has your deposito, it doesn't make sense .
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02-06-2016, 04:40 PM
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Yep, but it was in Vegas at the Bunny ranch.
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02-06-2016, 04:59 PM
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Quote:
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"Fraud is everywhere in this hobby. Believe nothing, believe nobody, expect disappointment." |
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02-06-2016, 05:17 PM
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gearhead
Join Date: Nov 2007
Location: Loverland, CO
Posts: 23,518
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Sounds like too much hassle for a car. I'd seriously have to need the car to make that deal.
I just read an ad for what seems an awesome car. Last comment,"test drive only after you agree to but my car." what? Aside from that not being enforcible I won't buy a car I can't drive.
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1974 914 Bumble Bee 2009 Outback XT 2008 Cayman S shop test Mule 1996 WRX V-limited 450/1000 |
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02-06-2016, 05:18 PM
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No way in hell I would do that....
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02-06-2016, 05:40 PM
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Location: Bozeman, MT
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Unless the car is a complete steal - run don't walk it's an outrageous demand.
Phil |
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02-06-2016, 05:42 PM
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83 911 Production Cab #10
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I don't think so...
Ask for you deposit back and if he says no, consider yourself lucky for only loosing $500. PPI can ID thousand's of needed work and what would you do if that was the case. Of course If I was to loose my deposit, I would give him a lot of publicity for that money...
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Who Will Live... Will See  83 911 Production Cab #10, Slightly Modified: Unslanted, 3.2, PMO EFI, TECgt, CE 911 CAM Sync / Pulley / Wires, SSI, Dansk Sport 2/2, 17" Euromeister, CKO GT3 Seats, Going SOK Super Charger |
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02-06-2016, 05:44 PM
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Yeah, no.
When some a$$clown is already getting attorneys involved, run - don't walk - away. Car is not worth it. Not in this life. |
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02-06-2016, 05:45 PM
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What kind of car is it?
Who has an attorney involved in any car transaction that isn't in the mid 6-figures?
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07 Boxster 88 Carrera Cabriolet 3.2 (sold) 05 Boxster S (sold) |
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02-07-2016, 05:41 AM
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Troll Hunter
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Rick,
I was going to ask how it went....now I know. I've heard of guys agreeing to a price before a PPI, but this is just crazy.
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02-07-2016, 05:56 AM
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"Fraud is everywhere in this hobby. Believe nothing, believe nobody, expect disappointment." |
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02-07-2016, 06:11 AM
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02-07-2016, 06:22 AM
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"Fraud is everywhere in this hobby. Believe nothing, believe nobody, expect disappointment." |
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02-07-2016, 06:24 AM
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02-07-2016, 06:24 AM
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I disagree. Attorney trust account is safe funds, and a legit lawyer isn't going to risk not returning your deposit.
Seller probably sick of flippers and tire kickers. Lawyers hold deposits for RE transactions all the time. I'd rather have a lawyer holding $25,000 than a seller I don't know holding $500. Just make sure you have in writing/emails that funds are immediately refundable if transaction does not complete or you do not like any result of PPI. And use a shop you find, not the seller's shop or recommendation. Last edited by dad911; 02-07-2016 at 08:10 AM.. |
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02-07-2016, 08:05 AM
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In real estate deals both parties have their attorney, you gotta read the tems carefully what constitutes default etc. Seems way out of proportion to me for a car at that price point. Even so, why 50%? Last house I bought I deposited 15% I think. And you would think a cash deposit, 6hrs round trip to see thr car and paying $350 for PPI would be enough evidence as to one not being a tire kicker I think.
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"Fraud is everywhere in this hobby. Believe nothing, believe nobody, expect disappointment." |
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02-07-2016, 08:27 AM
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The level of distrust shown by the seller would nix the deal for me.
I find people who are mistrustful think everyone is like them...
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techweenie | techweenie.com Marketing Consultant (expensive!) 1969 coupe hot rod 2016 Tesla Model S dd/parts fetcher |
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02-07-2016, 08:38 AM
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ahead of the curve
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6 hours? oops missed that you have already looked at it
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Last edited by Jeff Burger; 02-09-2016 at 09:43 AM.. |
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02-07-2016, 08:40 AM
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gearhead
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02-07-2016, 08:52 AM
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Das Babe
Das Babe Metalberiech
1988 Porsche 911 Carrera Cabriolet
2007 Porsche Boxster
KEMOSAHB
Landcruiser
Fred
Sinister Dove
Gemini Boomerang
Porsche 996 Turbo Convertible
996 Turbo
Daily Driver
1992 964 turbo body
Carrera T
