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Old 02-04-2008   #31
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Re: my blood is boiling

Quote Originally Posted by gar074 View Post
The simple truth is that (a) a dealer who is stuck with a vehicle ordered by a customer who has refused to complete the purchase will in all probability be able to find another purchaser for the vehicle with little (if any) net loss on the deal;
But why should any business expose itself to a vulnerability like this when it has an obvious option to help protect itself from it?

Quote Originally Posted by gar074 View Post
(b) the dealer is more likely to be in a financial position to absorb any loss incurred as a result of a customer defaulting on a purchase;

Not in this instance obviously.
However in the majority of dealerships the loss will be absorb with little issue. But then its hardly good business to accept losses so lightly without trying to stop it happening so often, or even all together.

Quote Originally Posted by gar074 View Post
(c) in any event the dealer will be able to sue the defaulting purchaser for any loss in an action for breach of contract (having first done its best to reduce its losses by looking for an alternative buyer for the vehicle).

And then await the bad press from "trying to force a car on someone who didn't want it.".

Quote Originally Posted by gar074 View Post
In contrast, a buyer who has paid a substantial deposit to a dealer that goes bust will have to take his/her place in the (probably very lengthy) queue of creditors, and as an unsecured creditor will find him/herself well down that queue.

John's advice to buyers is spot on. Pay the deposit by credit card if you have to - or better still take your business to another dealer who doesn't insist on a large deposit up front. There's a market out there - someone will want your business!
There are dealer groups surviving purely on turnover in their bank accounts these are the ones that if go bust will cause the most hassle getting anything back from. This is more likely if a big dealer group goes under.

Quote Originally Posted by gar074 View Post
Unless and until the manufacturers are prepared to guarantee the deposits of buyers in the event of bankruptcy on the part of their dealers (which will happen when hell freezes over), buyers will always be at risk in the event of a business failure.
My sister lost money when Tiny went bust. Risk is a factor in life we all have to try work around. There is nothing which is not risk free.

Quote Originally Posted by gar074 View Post
And to those sellers who moan about how hard-done-by they are - get over it! Too many of us have been turned over too many times by dealers to have any sympathy.

I'll just go cry in the corner then?
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Old 02-04-2008   #32
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Re: my blood is boiling

Quote Originally Posted by XIIX View Post
Soon its my birthday,
I don't have my car.
for what its worth.......happy birthday
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