Shopping online / buying a vehicle located out of state/area

So just reading another “horror story” of a buyer who thought they had a fine deal on a vehicle out of state - gave a good faith deposit and then found the dealer no longer had the vehicle when they tried to close the deal.

My question is WHY DO PEOPLE NOT GET SIGNED SALES AGREEMENTS?!? Seriously - anything I am buying out of my area or via internet - I would have a signed deal BEFORE I called it “mine” or I left home.

Why - 2 reasons. 1. A deposit is just that - a deposit that does not bind EITHER party to a deal. To have a valid contract - you need this thing called ‘consideration’ - aka typically as CASH. Deposits show interest - but are very easy to reverse on the buyer end of paid via credit card for example. Even a personal check overnighted and received on Monday might take a week or more to bounce. If I’m holding something for you as a seller and your a stranger - I want something binding you to the sale - and if you back out giving me recourse.

Same deal as a buyer - if I’m committed to purchase - I want you to be bound or give me recourse. I’m expending my time and cost in traveling to get something or transportation - if you back out for whatever reason - I want an Avenue to pursue to recoup my expenses. A deposit is like a reservation - you can reserve a time slot at your favorite restaurant - but it doesn’t guarantee you will be seated at that time, that they will have the special or that you will actually spend a dime with them.

Every time I see one of these deals gone bad - that’s the first reply usually- “small claims/sue them” - and unfortunately your gonna find out - no contract = no case.

It also bugs me that buyers ALWAYS assume it’s the sellers responsibility to honor terms of a sale without a contract - but shockingly feel it’s perfectly fine to “negotiate” once they show up and start finding every flaw imaginable (and a few unimaginable).

I’m not just talking cars here - it’s anything big. Hey - I get it, sometimes buying used stuff sellers aren’t honest. And if that happens - it sucks, but you still have recourse. Simply document clearly what’s wrong and if the seller won’t make it right - then take action. Understanding too - there are risk on both sides and being comfortable with those risk is part of any deal.

New - there are reasonably less risk, at least of seller mis- leading as to conditions. New is new…not “like new” - not “lightly used” and certainly not “never titled - just used by employees as their personal vehicle for a year. It might have been used on test drives for example - but never taken home overnight is my standard - regardless if it’s a customer, dealer GM or just a random car thief.

Bottom line - deposits are fine - but have a contract before you call it “sold” - on both sides. It’s very easy to spell out terms such as “payment on delivery - and delivery by xx date or within 10 days” - I’ve had a few people over the years make a “deposit” only to then come back and decide a week later they can’t afford it, a few who tried to flip it while I held it for them and the occasional one who thought I was running a lay-away plan where the put it on hold, pay $5 every paycheck and I just keep waiting on them to pay it off. Contracts eliminated all this risk - it’s in plain English and terms are clear.

Likewise as a buyer - if the seller got an offer 20% above mine 5 minutes after we signed - they are free to accept - but know I’m coming for my cost. I can’t force anyone to sell anything - but I can recoup reasonable cost or expected profit. So if I had to buy a plane ticket to fly 8 states away - and book a hotel/take off work for 2 days - I can clearly show those cost to a judge. Courts don’t like things without a clear line from a-b. They don’t want to see - “I really wanted this - so since I didn’t get it I want $$$” - they don’t deal in “heartache” - they deal in provable cost/losses”.

Ok, end of rant - happy Friday everyone. Just be smart in this stupid sellers market. Too many people chasing a dollar and too many buyers thinking they are “entitled” once they exchange a few emails and say “I want it” without making any firm commitments.