CHAPTER 7 COLLECT THE MONEY
All right, so you have negotiated the price. This is a big step and this is where you will start to feel some relief. Your work up to this point has paid off.
If he has the money right there – collect payment. If he has to go and get it – then you should take a deposit.
Always take a deposit
Some people in an effort to be nice or because they have got into such great rapport With the buyer don’t bother to take a deposit. This is a mistake. You must always Get a deposit and a decent one, not $20 – the minimum should be $100 - $200. Don’t ask for a small deposit because it cheapens your car. Ask for a good stiff one which makes it look more valuable.
Why you should take a deposit
* A deposit secures the vehicle for the buyer so you won’t sell it to anyone else
* The deposit is symbolic and shows you that the buyer is serious – the point that he flows some money to the vehicle is the REAL point where you know it is going to come off.
* The deposit is non-refundable so you are compensated if he does not follow through with the purchase. You could have sold it to someone else in the meantime.
* Once a buyer has left a deposit they tend to follow through with the sale. Many things can happen that will make the buyer change his mind while he is getting funds together. A deposit usually makes him go through with the purchase and overcome these obstacles.
Get an exact time that the buyer will be arriving with the funds
You should find out exactly when the buyer will be bringing the funds to finalize the transaction. The sooner the better for you - only because you are unable to sell the car to someone else if you have a deposit on it. If the buyer has cash then take the full money there and then.
Ok, now you’ve collected the full money, this is what you’ve been working for. Congratulations.
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