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You gave a deposit on a motorcycle you decided it was not in your budget you called the seller and told them you changed your mind a you put a stop payment on the deposit Are you within your rights? |
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Answer
Yes. Until you sign final papers and get a title, you do not have to go through with the sale. He may have turned down other buyers and the motorcycle was taken off the market when you told him you would buy it. So he must put it back on the market and it has wasted his time. Be sure you have the money before putting down a deposit in the future.
Answer
If a deposit was required by a licensed seller then paperwork had to have been done and an agreement signed. Therefore the stopping payment of the check or withdrawal of the deposit amount was a very big mistake on the part of the potential borrower. It would be in the best interest of the borrower to seek legal advice as soon as possible. If the motorcycle was OBO then the seller still can use litigation to recover damages and applicable fees. In most states a verbal agreement will hold up in court if there is at least one creditable witness for the transaction.
First answer by Lkysmy. Last edit by Macky. Contributor trust: 3545 [recommend contributor]. Question popularity: 36 [recommend question]
Answers.com > Wiki Answers > Categories > Cars and Vehicles > Motorcycles > Motorcycle Buying and Selling > You gave a deposit on a motorcycle you decided it was not in your budget you called the seller and told them you changed your mind a you put a stop payment on the deposit Are you within your rights?
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