Posted by CSCameron [68.228.198.56] on Wednesday, May 08, 2013 at 13:38:35 :
In Reply to: Interesting perspectives. posted by Jonas [156.74.250.7] on Wednesday, May 08, 2013 at 13:04:09 :
Not unreasonable at all.
The buyer gives you consideration in exchange for holding the vehicle for him. You have completed your part of the bargain, you held the vehicle for him. If the buyer changes his mind, for whatever reason, and doesn't complete the deal, he forfeits the deposit. That is what the deposit is for, period. Payment for you holding the vehicle for him.
If the buyer wasn't absolutely positive that he would complete the transaction, he was foolish to give you a deposit in the first place. An expensive lesson learned.
The deposit is liquidated damages for his refusal/inability to complete the deal.