Gentlemens Agreement

TitanTim · Post by **TitanTim** » Sun Feb 05, 2017 1:36 pm

I was washing the Z3 late yesterday when this young chap suddently appeared as I had me head under the bonnet and had heard the car was up for sale, well strictly speaking its been sold but it won't be going until March sometime. I've taken no deposit on the car from the prospective purchaser but we did handshake on it which for me is a kind of gentlemens agreement that the deal is done. Anyways this chap yesterday was really keen on the car, had a sit in it and said he wanted it and asked how much I was selling it for. He said he had the cash there and and then and would buy it now. I could see he was really keen on the Zed and that he wanted it and was asking loads of questions on the car. His face painted a picture of disapointment when I kept saying its sold and that I'd handshook on it which for me the deal is done. I said to the chap if the sale falls through I would let him know but I felt pretty bad as he walked slowly away as he was so keen. I'm unsure he understood when I said I had a gentlements agreement on the car and why I didn't accept his money there and then.

Anyone had anything similar?

Tim.

Marlon · Post by **Marlon** » Sun Feb 05, 2017 1:42 pm

Must feel good to have a cash offer there and then, but you are doing the right thing honouring the handshake. No deposit though - I think I would have wanted cash to reserve it as well as a hand shake - tell the buyer the situation and that you need a deposit.

paddy wright · Post by **paddy wright** » Sun Feb 05, 2017 1:43 pm

I'd contact the buyer and tell them you want to settle now or you will sell to the new person. As you have no deposit he has no duty to honour the deal and you may end up with no sale.

cj10jeeper · Post by **cj10jeeper** » Sun Feb 05, 2017 1:46 pm

Ask the first buyer for a deposit as the sale is a month away and you have other offers. If he's genuine handshake or not it should not be an issue. If he doesn't pay then move on having explained the position to him

All to easy to get to March and have no sale

Havard · Post by **Havard** » Sun Feb 05, 2017 1:53 pm

Hi Tim, you did the right thing in my book. I sold my Supra over a period of months to a guy who had promised to take it. We did this in private as I didn't want to be put in a position with someone flashing their cash in front of me. I am a man of my word but temptation is the enemy, especially where money is concerned.

I lost out on a very rare car years ago. There were two of us after it but the other guy was struggling to raise finance on £18K. I offered £17K for a deal now as I had the cash in an ISA. The guy was emmigrating in 4 days time and I agreed to collect the car the following day. Had an hour or so on the phone and the guy seemed genuine and also a man of his word.

Following morning I was walking into the bank to withdraw the £17K when the guy rings me to say that the other guy has got finance and offerered £18K. I said that he had agreed a deal and I had already withdrawn the cash. He reckoned his wife wasn't happy at missing out on a grand and had told him to accept the higher offer....

Thankfully, I hadn't removed the money as I wouldn't have been able to put it back due to limits on paying in, so I would have lost all the interest aswell as losing the car.

It's 50 / 50 if you get someone honourable in these scenarios.

H.

stevo///m3 · Post by **stevo///m3** » Sun Feb 05, 2017 2:03 pm

I agree with most above, Tim. Sticking to your word is honourable and to be commended but unless your deal was with someone you know very well, you probably could and maybe should have added conditions - deposit or subject to intervening offers or something similar. I'd be a little wary nonetheless of a cash-in-my-pocket and I'll buy now buyer - I think I'd want to see the cash cleared in my account before handing over the keys just in case.
Stevo

WLH · Post by **WLH** » Sun Feb 05, 2017 2:04 pm

The gentlemen's agreement and a handshake does not carry the same weight that is did say 30 or 40 years ago. The gentlemen's agreement relies upon the honor of the parties and honor seems to be in short supply these days.

Grumpyowl · Post by **Grumpyowl** » Sun Feb 05, 2017 2:10 pm

Marlon wrote:Must feel good to have a cash offer there and then, but you are doing the right thing honouring the handshake. No deposit though - I think I would have wanted cash to reserve it as well as a hand shake - tell the buyer the situation and that you need a deposit.

Marlon's right

TitanTim · Post by **TitanTim** » Sun Feb 05, 2017 2:19 pm

Thanks for the replies, the person who is buying the Zed is the salesman whom I'm dealing with on my new motor so in regular contact. He's buying it for his wife and did want it when I ordered the new car at Christmas but I wanted to hang onto the Zed to use it through winter which the salesman agreed too. Agree on the temptation when someone turns up on your doorstep offering cash but felt very much it would be doing the dirty on the other person even though no deposit has been paid. I guess it's not as if the salesman is going to disappear unless he leaves the dealership.

I'm probably a little old fashioned rather than taking the money there and then.

Tim.

cj10jeeper · Post by **cj10jeeper** » Sun Feb 05, 2017 2:38 pm

If he's a salesman he knows only too well that asking for a deposit is normal. He doesn't consider a car sold without deposit

Clearly you have doubts or you wouldn't have posted this thread

john-e89 · Post by **john-e89** » Sun Feb 05, 2017 2:52 pm

He's a salesman? What's good for the goose Tim...

Good on you for honouring an agreement though.

Silverzedtom · Post by **Silverzedtom** » Sun Feb 05, 2017 2:56 pm

Echoing what has already been said I would call back and ask the guy for a deposit. If he wants the car he will have no problem finding a small lump of cash. I gave the previous owner of my car £500 to hold it for a week, as I knew if I didn't the car would disappear. I'm surprised the salesman didn't want to leave some sort of deposit.

Nice to see there are some genuine people about such as yourself, I think a lot would have sold there and then.

firebobby · Post by **firebobby** » Sun Feb 05, 2017 3:31 pm

To be honest Tim, if I view a car to buy and really want it, I would insist on leaving a deposit and also if selling a car. I write out how much it's sold for, how much deposit and remaining sum, dates and both sign 2 pieces of paper.
Just one thing though Tim, if you had sold the car, how did chummy with the cash happen upon you ??

TitanTim · Post by **TitanTim** » Sun Feb 05, 2017 4:44 pm

firebobby wrote:To be honest Tim, if I view a car to buy and really want it, I would insist on leaving a deposit and also if selling a car. I write out how much it's sold for, how much deposit and remaining sum, dates and both sign 2 pieces of paper.
Just one thing though Tim, if you had sold the car, how did chummy with the cash happen upon you ??

I asked the chappie yesterday how on earth he knew I was selling the car and he said he was the son inlaw of a neighbour a few doors away who had heard from another neighbour next door, how word gets around

To be honest I hadn't really made any plans as yet to sell the Z3 so was taken completely by surprise when I mentioned it in passing when ordering the new car, the salesman just said I'll have it for the wife as he'd been looking for an MX5, he didn't even test drive it or anything so we agreed a price and shook on it. To be honest The deposit doesn't bother me in the least as I'm not desperate to sell the Z3, if the guy has the car then a bonus as it saves me advertising it etc.

Tim.

TitanTim · Post by **TitanTim** » Sun Feb 05, 2017 4:51 pm

cj10jeeper wrote:If he's a salesman he knows only too well that asking for a deposit is normal. He doesn't consider a car sold without deposit

Clearly you have doubts or you wouldn't have posted this thread

Think you might have misunderstood me

reason I posted was about the guy offering to buy the car yesterday and offering cash even though I had a verbal agreement/handshake with someone else but no holding deposit and the temptation to have sold it there and then.

Weirdly I never even considered a deposit when we agreed the sale, I was probably a little too trusting but then I'm dealing with the person on my new motor

I'm sure all will be fine. A little part of me is hoping the sale falls through so I have yet another excuse to keep the Z3

Tim.

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