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jhigh_43
Proper etiquette for returning down payment on a used car – private seller?
I was selling a vehicle of mine and had found a buyer. The buyer asked if I would take $250 as a down payment to hold the car for two weeks while he arranged picking up the vehicle (the car sold for $24k, meaning the down payment was just over 1% of the sale price). In spite of what I thought to be a pathetic down payment, I accepted in my eagerness to sell the vehicle. Two weeks later, however, the buyer backed out and began asking about getting his $250 back. It is my understanding that the down payment in such a situation is to ensure that I do not sell the vehicle to another buyer and I believe that he has no business asking for his money back, especially considering how pathetic of a sum it was.
Am I required to give him back his money (and why or why not)?
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