When you take a deposit write a little contract/reciept out that clearly states the purchase price the deposit taken, details of the goods and any conditions such as finance.

Also state a date that the car is to "settle" by.

all parties sign the contract.

This means if it doesnt settle within in a reasonable time from the date set the deposit is returned if its your fault but kept if its the buyers.

both sign it and keep a copy.

Saves these hassles down the track.

I dont think a 1 day delay would void the contract you have. Tell them to buy it or lose their deposit. Offer to reduce the price by a days hire car if they get stroppy.

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Arguably my Automobile is Awash with Alliteration - Subaru Sti S202

Surely a day isn't going to matter, I say he's found another deal and this is a good excuse out, keep the deposit.

Given the situation I would return the deposit but encourage him to still take the car once you can prove that there are no longer any issues with the sale.

Personally I wouldn't feel to comfortable with someone having taken some of my hard earned and then hear it is encumbered.

By giving the deposit back you prove that you have nothing to hide and he will quite likely decide you are above board and consider still taking the car after you have proof of it not being encumbered.

Make it clear it is an issue that was out of your control BUT be very apologetic to the potential buyer and you might still have a sale.

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Stoner & Webber 2011 World Champions

yeh i know, his a young kid 18-20 probs, its his mum ive been dealing with mostly, and she sed to me last nite he pretty much needs a car to get around asap and they cant wait any longer as he has no car atm so needs one asap and she had found him another car to buy already! So yeah that could be that good car or deal that they have found but ill never know for sure. just impatient by the sounds, there fault i guess, shouldnt of rushed in and left a deposit, seeing i lost mine and gave up other potential sales i wont give theirs back, ive given them a good reason to wait an extra day.

ooh, i didnt quite understand the original post, i thought the problem was the buyers end.

It's a bit 50/50. really the buyer should understand its just 1 more day, and without either of you agreeing to a sell by this date, its all a bit 'he said she said'.

id keep the deposit for now, unless you get to a point where you cant sell it within a few days

how does the car being encumbered matter at all? just means you pay the finance company not the owner. This shouldn't prevent any sale.

If they are checking the vehicle if it is encumbered or not they have clearly had an issue themselves before or know someone who has.
By the souds of things, they just don't want to get caught with the situation.
As the seller I believe you should have checked this before advertising the car if you knew the situation from before. I understand you did pay out RAC, but did you not ever check the records after to make sure?
Unfortunatly I think you should give the deposit back. But at the end of the day, this choice is yours.
My 2c

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2000 Mitsubishi Evo Tommi Makinen - Diamonds are a girls best friend.
Tokyo Motorsports - www.tokyomotorsports.com.au

no real point in giving it back its its just one day? he should know by tomorrow that its not, and besides its not really encumbered! just an rac fuck up!
i was thinking about givng half back, its was 200, seeing as i lost 100 on another deposit.

The deal details are obviously not the same as what he agreed to
pay the deposit on so he is entitled to a full refund.

Eg: not being encumbered when it is in fact still filed as encumbered.

Even though its only one day at minimum before you get it sorted
put yourself in the buyers position, would sound pretty dodgey that
1minute its encumbered and the next its not (even if on paper) i know
id be a bit hesitant about the whole thing.

You should always do a revs check atleast a week after paying out a
loan on a car you have purchased just to make sure it went through
or to make sure the seller hasnt taken money out on the car the day
you took possession.

My 2cents, good luck with the sale.

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221.7KW-ATW 498.5NM MMS ROLLER DYNO & BUILT BY STi NINJAS, BUILD #318/600

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Give it back. Its you the seller who is making them wait another day. If you dont i would say he knows where you live and will get his money out of you by vandalism on your car / house. Not worth it. Its not your money. You can still sell the car.

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