I have to take B2B's side too. It's a case of an immature, ignorant 19 year old. 19 year old came up with the contract & the money was his idea too. B2B & his boss did nothing wrong IMO. Big time case of the dumbass.
All about the kid being stupid and its his idea is great and all, but if the kid lawyers up real good nothing is certain. There are a number of ways this could be spun and all it takes is a judge willing to listen to get real annoying and expensive. Not that that is likely to happen, but don't take it for granted.
If the kid has the money for a lawyer then he'll come up with the rest of the money for the trailer.
You'd be surprised how many straightforward contracts don't hold up.
There is absolutely zero validity other than what "might" have occurred with his 500 dollar deposit. As far as everyone is concerned the trailer was held because its still on location so the service was in fact rendered. He would have received his money back had a real buyer shown up and he would have been given ample opportunity to seek payment in full. So you can see it however you like but there's nothing illegal about it.
500 bucks, unit held, when new buyer shows up, he would have first shot at it.
Now on to the 7k.
We have kept a very fair share of deposits over the years for people who have taken units off the market with intentions to buy but failed to complete the transaction. Say 4-5 a year. Some have hired lawyers some have fought it. Never once has anyone recouped their money because Texas state law is clearly written on the back of the purchase order/contract. It states that we can legally keep compensation up to and including their trade if we see fit. Compensation would be considered full profit based on full MSRP of new and full retail sale value of used.
You couldn't be more wrong.
The potential loss in this case would be 20k profit. The full value of the unit since its owned out right. His 7k, if he fails to deliver, would be considered more than fair compensation for the loss of it being taken off the market.
Furthermore it'll be held up by the contract he signed. There is no limit by law on what % earnest money you can collect.
Above and beyond everything. I DON'T GIVE A WHAT HAPPENS. I win if he buys (commission). I win if he fails (giant emotional storm from all sides).
Just FYI we normally return peoples deposits. Its the ones that have us take stuff off the market for unusual lengths of time (three weeks, a month, two months) that we keep. If you come in and we can't work it out in finance over the course of two to three days. I just give the deposit back and no hurt feelings.
Just sign here son, and the 5th Wheel is yours!
Is this you b2b?
Then, isn't it kind of difficult to claim you provided this guy a $7000 service by holding his item off the market when no one else even wants it?
No its not difficult. Anyone can walk on at any time and want something. If its parked in the back and not up for sale then as far as any potential buyer is concerned it doesn't even exist. We don't even have to provide proof that we turned buyers away. That factor is essentially removed from the equation because the service is the act of holding it not turning buyers away.
The potential for a buy is every day, every hour, every minute, every second. When something isn't up on the lot being advertised then its considered a loss of potential profit.
Sounds like you never heard of the difference of "potential" and "in reality".
This kid reminds me of something:
I don't ing need to hear the difference because the law on the ing contract he signed clearly defines "potential loss" and exactly how we go about being compensated for it. So in big mother ing fat ass reality I don't give a flying what happens because this ing stupid arrogant dip know it all ass signed a big ing legal do ent binding him to a purchase. Guess what face his earnest money sealed the ing deal.
To further pound this point down your wide open ass "in reality" is what the unit will sell for and as far that contract is concerned its 20 ing thousand dollars.
The reality is that it was the kid who decided he wanted to put down $7,000 of real money to hedge against that trailer potentially selling.
Sounds like you've never heard the definition of "contract". Good one, though. You almost had him.
And you'd be surprised that ~99% of all contracts are in fact hold up to the letter on the do ent. That's why it's a contract. It's not a "sign a stupid deal so the court can rescue you later" bill. It's a binding agreement that almost everyone who signs the dotted line ends up paying or dealing with the breach of said contract.
Last edited by Cry Havoc; 08-21-2009 at 10:59 AM.
this alone was worth my time reading this topic.
i've always wondered what the typical protocol is for purchasing a trailer...specifically a used one...is it like a car? what's the process?
Dude, you seriously need a hug..............
No , and I thought I was bitter.
Things play out just like you buy a car. Only significant difference is that you typically don't want to drive off with the unit the same day you buy it. 24-48 hours for a make ready is normal protocol. We do a gas check, appliance check, plumbing check, electrical check and a good wash inside and out. Followed by a full walk thru and orientation when you pick it up.
Financing is different too. Its tougher to get qualified for an RV than it is a car. They finance long term 10-12 years normally. So the payment is super low. Yes you can finance short term but its usually better to just take the 12 year note and pay it off early.
I'm not bitter he just doesn't ing get it. Everyone seems to think that horrible can't happen to them whether its by their own doing or others. The fact of the matter is that life in general is stacked against you. Justice is rarely served in cases of extreme stupidity or ignorance.
What would be a reasonable down payment for a used one? I don't know exactly how all of this works; I'm just curious.
Even with pretty decent credit I'd go in with the notion that I would be putting 10% down. Don't tell the salesman that though, just keep it in the back of your mind that you might need to or should put 10% down.
2nd chance financing would be 20% down.
The % down is determined by one of two factors.
1. Your credit
2. How much profit the dealer is trying to make.
Number 2 isn't a factor of you get a good deal. Number 1 isn't a factor with good to excellent credit.
Seems like a credit score of 710-715 or higher still qualifies you for 0 down. However very few banks are doing 0 down. Its nearly non-existent. Anything under 700 I'd expect to puts at least 10% down based on reason number 1.
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