Down payment or down payment for the purchase of a car? - News - Ouest France Auto

Arhhes or deposit for the purchase of a car

Whether you are buying or selling a used car, the subject of payment is always a delicate phase. The budget at stake is not insignificant, it often involves a car loan, a change of insurance, coordination with your bank and above all, mutual trust between the two parties.

To protect themselves, some sellers of used vehicles may request an advance payment in the form of a deposit or deposit. Attention, their value is not equivalent!

What are deposits?

If a seller asks you for a deposit for the purchase of his car, you must pay him an initial sum of money.

A car sale with deposit allows both the buyer and the seller to withdraw before the final sale.

In case of withdrawal:

Attention, certain conditions can be specified and drafted, in agreement between the two parties, which then modify these default conditions of sale.

What is a down payment?

If the seller asks you for payment on account, you must pay him part of the amount requested. The sale is then concluded, without possibility of withdrawal. It is a commitment to buy and sell the vehicle.

With a deposit:

Our advices

Take care to write a Promise of sale. This document is not mandatory but highly recommended. It allows both parties to specify the agreement reached for the sale of the car (the vehicle sold, the identity of the persons, the date of the transaction, etc.)

Be very specific about the sale price of the vehicle. If the seller requires a first payment, indicate precisely whether it is a deposit or a deposit as well as the amount requested. In the event that this mention is not specified, the amount paid is considered as a deposit.

Write very clearly and precisely the termination clauses desired by the buyer and the seller. For example, you can agree on a payment deadline pending the obtaining of credit, the agreement of your insurance or the sale of your vehicle.

This makes it possible to cancel the sale if the specified conditions are not met.

Use secure online payment solutions between individuals.

To avoid fraud of all kinds when selling a car, there is the online bank check. After verification of the identity and the presence of funds with the buyer, the transfer is made online instantly, evenings and weekends included.

For the seller, it is preferable to mention directly in your ad the desired payment terms.

Helene Galle