A few of you may know that I am selling the Supra, but I need an answer from people more familiar with sales that involve a deposit to hold the car.
I have a guy sending me a deposit this week, and the usual "unwritten rule" is that deposits are non-refundable. Is this most people's understanding of this practice? The guy sending it to me was curious about it in-case anything fell through on his end, and he could not complete the sale. He is waiting on a re-finance check on his home for the rest of the principle. He wanted to know if he could get the whole deposit back...which is usually not the practice on Supraforums.
I look at it like: I'm telling other interested/potential buyers that the car is basically sold. So, if he backs out, at least I recoup something for the potential loss of money from other buyers who might have had other cars as options, besides mine. But, it also seems like it could be free money for something I never even sold. I am a little conflicted.
I'm not looking to be convinced that keeping a deposit is the right thing to do, I'm just looking for an experienced point of view on the subject.
Thanks
Scott
Peace