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Thread: Sale of motor.

  1. #1

    Sale of motor.

    OK,sold a motor to a guy in nov 2010,HE SAID HE WOULD PAY BY THE END OF THE MONTH,he sent me a deposit of 1,000 and over the next 9 months I have 1,500,Bal is 2500.He said he would pay by the end of 2011,I told him I was going to sell the motor,and when I did I would send his money back to him,He flipped out, Said I owed him interest on what he paid me.I would like to know if I should pay him interest...Somebody tell me what would you do...Thanks.

  2. #2
    Senior Member RACING JUNKIE TheYellaBrick's Avatar
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    As I'm sure you've figured out by now, NEVER sell ANY car part with payments. If they/you want it bad enough, save up!

    As per your current predicament, unless you guys wrote up a contract signed by both parties, YOU have no legal leg to stand on. You just may have to go ahead and sell it, pay him his 'deposit', and deal with his immature animosity. You might even consider going to the police to at least make them aware of any physical threats to you if he so chooses that route. No matter what, from now on, any contact/conversation you have with him, YOU should a witness with you. No matter what, stay cool calm and collected and just state your intentions. "Pay the balance by (date) or I sell it for cash after which you will be paid back your deposit in cash". He also owes YOU interest on YOUR money that you could have used if the engine had been paid for in full, even's out I'd say.
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  3. #3
    Senior Member EXPERT BUILDER
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    You should get interest for holding it that long !!!!!!
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  4. #4
    Senior Member RACING JUNKIE
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    I can't remember the whole deal but a buddy of mine had to give back a deposit plus interest that should have been charged on a car. The deal was that once an agreement is made to accept an installment of the sale price that interest from the seller should be charged. In the event the seller is going to return the funds, the interest should be included. However, I think he is assuming that the interest in this case would be like a savings. You could actually due the math and write it up that the money you have is the total of the hold plus interest on the installment payment.

    Best advice, consult local legal council to get advice on the deal.
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  5. #5
    Senior Member EXPERT BUILDER
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    Whatever interest he wants, double it for storage of the engine :roll:

    Any contract was voided after the end of the first month IMO when he didn't
    Fulfill his obligation :!:
    In a lot of cases he would have LOST his deposit anyway.

    Seems to me,You have been more than fair!

  6. #6
    Senior Member RACING JUNKIE TheRabbit's Avatar
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    Interest from the seller for financing a motor that he can't pay for. LMAO
    I'd tell him to pay me by end of the month or he looses his deposit!

    Almost sounds like he's been waiting to pull some kinda of bs on you anyway.

  7. #7
    Senior Member RACING JUNKIE
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    [quote="TheRabbit"]Interest from the seller for financing a motor that he can't pay for. LMAO

    I'd tell him to pay me by end of the month or he looses his deposit!



    Amen Wabb. Well said...

    Interest???? what about holding a motor you could have sold over the last 8 months???? Instead the DEAD-BEAT wants interest when he could not pay???? POUND SAND... tell him he is NUTS.
    "I would walk through hell on Sunday before I fear the enemy"

  8. #8

    sold motor

    If he said he would pay by the end of the month, HE is the one who voided the original agreement by not paying by the agreed time. Tell him to pound sand. Ask him what he would do in a reverse position

  9. #9
    Administrator RACING JUNKIE bjuice's Avatar
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    Quote Originally Posted by TheRabbit
    Interest from the seller for financing a motor that he can't pay for. LMAO
    I'd tell him to pay me by end of the month or he looses his deposit!

    Almost sounds like he's been waiting to pull some kinda of bs on you anyway.

    yup !!!!!...at a 0.15% intrest rate on a checking account...I don't really think the buyer would want to spend a retainer fee on a lawyer to try and recover literal pennies worth of intertest...lol.....tell ya what give me his address..I will send him $1.00 for the entertainment ( THATS 1 DOLLAR OR 100 PENNIES OR 10 DIMES OR 4 QUARTERS, OR WELL I THINK YOU GET THE PICTURE? lmao :shock: :roll:

    I love it everyime someone gets in a squabble about money and I mean a very small amount they go hollering lawyer.....cracks me up...trust me iF a man is sweatin 20-30-40 dollars he ain't got no money to go fooling around with no lawyer thats for sure....

    So bottom line I am with Rabbit tell him to go screw his-self !
    Bjuice..

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  10. #10
    Senior Member RACING JUNKIE lively's Avatar
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    Quote Originally Posted by TheRabbit
    Interest from the seller for financing a motor that he can't pay for. LMAO
    I'd tell him to pay me by end of the month or he looses his deposit!

    Almost sounds like he's been waiting to pull some kinda of bs on you anyway.
    x2 :roll:


    CROOK from the start---tell him to jump 8) 8)


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