Advice needed...

[MarkC]

Hi Guys some urgent advice needed...

I am in the process of selling my beloved Jensen Interceptor (see the car here: https://www.flickr.com/photos/markcjensen/albums) and am handing the car over to the buyer next weekend - Saturday 19 June. The process has been a long one, starting back last September, and there has been an amount of remedial / upgrade work as part of the sale (agreed to be paid in part by me, part by the buyer). The buyer has already paid me 2/3rds of the agreed sale price, and is flying over from England (I live in Belfast) to take the car for a few day's test drive after which he will drive the car back to England.

My quandary is this - he is asking not to pay the final 1/3 until he gets the car back. My restoration mechanic says he's hedging his bets in case any system fails and he can use possession to exert a further discount on final payment. I countered this request initially by saying he needs to pay me half the remaining balance this week and I keep the V45 until final balance, but my mech reckons this is naive on my part. I do feel the guy is honourable and for his part he's obviously concerned that he doesn't buy a lemon, so any suggestions how I work with his concerns AND mine on this would be very helpful.

Any thoughts gratefully received guys!

Mark Case - Belfast Jensen owner

[Mark1Stu]

I'm with your mechanic on this.

If the buyer is so concerned, I'd suggest he purchases an independent professional inspection from a source which you equally trust. Review the results together. Then I'd expect him to pay the agreed/revised price in full before taking it away.....or buy a similar car from a dealer.

[JamesE]

Sold as seen. Payment in full on collection.
The buyer is already having a few days' test drive before paying the final third when most people have about 15 mins before having to commit to handing over all the money.
Even that sounds like a potential negotiating tactic to me and that whole thing seems a very odd way to go about buying a car.
Plus, EVERY classic car breaks down on a new owner's maiden voyage with it regardless of condition, value or maintenance, so that should never be negotiable factor.
I would not hand over the keys without having all the money.

[SRD]

Caveat Emptor, but in this case - seller beware...

I think you have bent over backwards for this buyer.

This is a private transaction and not a purchase from a car dealer where there might possibility be some form of warranty.

My opinion for what it is worth, do not hand the keys over until you have money in your bank account as other club members have also said. These are expensive cars and you should not put yourself in a position that you might take a financial hit in any way. It is to late to renegotiate the price, once agreed, subject closed or it will never end.

I have never heard of such a set up and have puchased a fair number of cars.

Best wishes and take care

[VFK44]

Don't know how much it costs, but you could use an escrow service, where an approved company holds the money from the buyer until payment is agreed. At buyer's cost, I hope!

[AH1951]

A few days test drive is totally unreasonable.
It's ridiculous, really.
Should be a couple of hours at most.
With you in the passenger seat.
Do not leave him alone with the car.
The nightmare scenario would be if the car has a prang before it is fully paid for.
I suggest you ask for full payment after the test drive, before the car is released.
If the buyer declines, you should refund all the money paid so far and find another buyer.
Such a shame you got involved with 'remedial work' as that's a further complication.
This guy could 'create' a problem.
Well, he already has!

Adrian Harlow

[felixkk]

I agree, chances are that with the deal as it is you'll never get your last payment- or only a part of it with lots of hassle involved.

[David Davies]

He will only be insured to drive the Jensen on a third party basis on his modern car policy (and even that’s only if it allows him to drive a car he does not own with the owner’s permission, classic car policies don’t usually have that provision). Otherwise he would have to be named on your classic car policy (not recommended)

I have never let anyone drive a car I am selling (most people don’t want to anyway as they know they are not fully insured). He can find out what he needs to on a short test drive with you driving and him inspecting the car (or as already suggested getting an independent inspection done with you present).

No car should ever be released until all funds are transferred (which of course can be done very quickly).

All the best

[AH1951]

20210616_171452.jpg (72.38 KiB) Viewed 3409 times

The buyer should use the services of a professional transportation business to trailer the car to his home.

[Grant]

Whats the big deal ..he is making the big deal..if he's happy with the car..pay for it and leave..I tried myself with all this with Morrisons the other week for a bag of Oranges..they weren't having any of it and made me pay for the whole bag before I left the shop!!...Mark..think about it..why is he asking for this?..Only one reason..He's going to cause hassle for you!!

[RogerBrotton]

Don't even think about it, sir. You are walking right into a minefield.....lawyers will have a field day, and you will be left with nothing ! !

[johnw]

Don't even think about it, sir. You are walking right into a minefield.....lawyers will have a field day, and you will be left with nothing ! !

Spot on Roger! I can see that happening, both parties crying and the car ending up in limbo storage, only to emerge in 3 years, after being badly stored!

[Grant]

Don't even think about it, sir. You are walking right into a minefield.....lawyers will have a field day, and you will be left with nothing ! !

Spot on Roger! I can see that happening, both parties crying and the car ending up in limbo storage, only to emerge in 3 years, after being badly stored!

Yes..I found a Jensen in someone's garden once, I knocked about it to try to buy it..back in the 90's, it turned out it was being charged for as "In Storage"..it also emerged when I traced it all that it was Mike Yarwoods old Interceptor, it was a dispute with Slipstream Auto's..long story, it ended up in court and as John said it had just gone down hill in the 3 years of being sitting outside "In storage"..A chap on here ended up with it, but doesn't use the Forum anymore.

[JamesE]

I have never let anyone drive a car I am selling (most people don’t want to anyway as they know they are not fully insured). He can find out what he needs to on a short test drive with you driving and him inspecting the car (or as already suggested getting an independent inspection done with you present).

I would never buy a classic car that I haven't driven myself. However, I would make sure I had full and comprehensive insurance in place before doing so.

[AH1951]

A lie detector is what you really need.

https://m.youtube.com/watch?v=hTgxU1eJ4CY