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Backing off a sale?

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CY8

Junior Member
What is the name of your state? CA

I posted an ad on one of those online car forums to sell my car couple months ago, and this guy who's interested and we have agreed on the price in emails. It's sold somewhat below the market value so he's pretty happy I guess. Last week he sent me a cashier check (he's in CA as well, but 600miles away) for the deposit which I have it deposited to the bank. Now we are in the process of paperworks (he got approved on the car loan and I have a loan on my car too).

Unforunately, due to some financial incident which just happened :( , I don't want to sell the car, instead I'm keeping it.

My question is, if I refuse to sell him the car, what am I liable for? Of course I can send him back the deposit right the way and I can pay him the interest of the deposit if he asks for it.

BTW, we haven't sign any paper yet, just a couple phone calls and emails.

Thanks for any advice!!!
 


dallas702

Senior Member
Technically you have completed a contract unless you have specified some conditions that would allow you to stop the sale. If you have not mentioned any time in which the car must be received by the buyer you may have an out because all contracts must have some timeframe. But, reality is most people aren't going to go to sue for "specific performance" unless there's a lot of money at stake. Just be honest with your buyer and repay his money plus any expenses he incurred in the transaction.

If he sold his car in contemplation of buying yours you could very well expect to be paying a whole lot more.
 

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