Your suggestion on how You would make this deal

[Bjj_junkie]

Current situation is that I found a good deal on a motor tranny combo. The engine is still in the truck but is ready to be pulled whenever deal is done. At the very moment I don't have where to store it but will in the next few weeks. I don't wanna risk losing it to another buyer so the seller suggested doing a partial payment and he could hold it for me for up to a month and then once i have the space I can give him the remaining money and take the motor. The guy seems like a clean family oriented blue collar dude but I still feel weird handing someone money with nothing in return and just trusting a stranger. How would you deal with this situation? Thanks

[Coley]

I would pay him something then take a small part of the motor off with me that would reduce the re-sell value and provide some 'in hand' value for myself.
Is this a 'carbed' motor? or an LS motor? (The LS stuff would be easy...take the ECM or similar).
As well, get him to sign some quick paperwork on it and ask to quickly see his Drivers license.
Remember....its your money right now and the ball is in your court so don't drop it at this stage of the deal.
All Good
Coley

[unclesalty]

Couldn't you just write up a sales contract, the terms seem pretty simple and straight forward. (Just like Judge Judy) He signs, you sign, both get a copy, done deal. Keep it simple, that benefits you both..

[bs46488]

I'm not the very trusting type.

I would find a way to take full possession. Can you store it with a neighbor? In the kids playhouse? Under the carport with a tarp on it?

[unclesalty]

An earnest money deposit is certain not unheard of. I'm sure the guy just wants to find someone to take the parts of his hands. Common sense goes a long way. If your too distrusting that can raise a few flags, too. I would put the terms to paper and relax. Remember that your deposit represents payment for his inconvienience if you back out. It doesn't have to be a huge amount, just an agreeable amount. The contract is what gives you your protection.

[GASoline71]

Originally Posted by bs46488

I'm not the very trusting type.

I would find a way to take full possession. Can you store it with a neighbor? In the kids playhouse? Under the carport with a tarp on it?

I am not either. There are a lot of good deals on engine and tranny combos across the country these days. I would pass and wait for something else when I was capable of full payment and could either store it or install it.

Gary

[unclesalty]

Your deposit compensates him for his time if you back out. It doesn't have to be a huge amount, just an agreeable amount. His security, as well as yours, is provided by the sales contract. Keep it simple. Dates, contact info, item specifics, $ amounts etc etc

[Longhorn 70]

I'm with Gary on this one. There are a lot of engine/trans deals.

Get all of your ducks lined up. If it's meant to be, it will be.

[truckster]

I'd do a written contract specifying the earnest money agreement and what happens to the money or parts if either party backs out. With a date and both signatures, it's a legally binding contract.

[Bjj_junkie]

Thanks a bunch guys, I'll probably do what most of you say and write some type of bill of sale and put down a small 10% payment and just hope it all plays out right. I wouldn't wanna miss this one out because it truly is a good deal and I've been looking for a while now, never in any hurry but I tend to jump on something that's a good deal and this is. Thanks again and any more suggestions are welcome, I'll continue reading

[LockDoc]

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I agree, all you need is a simple receipt for your deposit with the remainder due stated and have him sign and date it. If he wants a pickup date on it that would be fine too.

LockDoc

[Bucket of bolts]

How about a small deposit or post dated cheque .Do you know where he lives?take the carb and intake as a security��

[franken]

A receipt, or bill of sale is fine if someone wants to go to nonbinding (meaning even if you win you lose) small claims court, but in the real world it just makes honest folks feel nice.
Get your ducks in a row, be able to transport and store the parts, then go shopping.
Anything else risks your money, and the sellers time and effort.
Remember, more buyers flake than sellers.

Or, there are choices.
Make a small deposit, but be prepared to lose it and don't be upset if you or the seller flake.
Let things ride. Chances are the parts will be there later.

Banks often pay no attention to the date on a check...
A 30 day self storage place is what $50?

[DeadheadNM]

If you do place a deposit use a postal money order - fraud committed with a USPS MO may invoke some federal level intervention...

[franken]

Originally Posted by DeadheadNM

If you do place a deposit use a postal money order - fraud committed with a USPS MO may invoke some federal level intervention...

If you give me a money order paid to me, where's the fraud when I deposit it?

[davepl]

Just FYI, post-dated checks mean nothing. You can deposit them any time you like. It's merely a note to yourself.

I wouldn't leave any kind of significant deposit with anyone that a friend, unless it was an amount I was OK with losing. A friend has at least some incentive not to you burn you, but a stranger does not.

If you can afford to lose $100 and he will accept it, that’s not bad. But be prepared to lose your deposit, or wait until you can afford it.

I bought a complete 396 for $1300 in 1984 when I was 16. Paid cash. Got the receipt with the old "no debts, liens, or encumbrances". Went to the machine shop to pick it up, as agreed. Except the shop wouldn't release it because -they- never got paid. After a month with no motor, I paid the $700 machine shop bill. Then I went to small claims court, prepared and presented my case, won the case, and got a judgment in my favor (not bad for a 16 year old). What does that get you? A piece of paper. How do you collect? Well, you really don't most of the time, it's a moral victor. The court will not force him to pay. His bank doesn't care if you have a judgment. Neither does he.
It turned out in this case that 2 years later I was waking up to the radio and a woman had won a diamond engagement ring from the radio station. She was marrying the guy I sued, and I of course sat straight up when I heard his name. So I gathered what money I had, found out where he was working, and paid an attorney to just call and let them know we’d be garnishing his salary.

Of course I had no funds to pay an attorney the kind of money it takes to actually do that. But the threat was enough, given he didn't want his boss involved and was about to get married. So he coughed up the money finally. In short, I got lucky, and it took a lot of work, time, and expense even to get me to the point where I -might- get lucky.

Cheers,
Dave

PS: A motor that you did not see and hear running, and that you have not been able to do a leakdown and compression test on, should really be treated as a (hopefully) rebuildable core. Just ask around about “ran when I pulled it” and what that really means…

[cooperhw]

I also think you should give a "non-refundable" deposit. If you back out (happens all the time for one reason or the other) you are out the deposit. Basically this deposit asks him to take the item off the market and wait for you to come up with the money or space to hold it.
Remember You are holding up this sale, not him.

[DeadheadNM]

Originally Posted by franken

If you give me a money order paid to me, where's the fraud when I deposit it?

If you pay with a USPS money order and you are defrauded in the transaction you have recourse though USPS and/or the feds whereas with MO from your local grocery store you're prob SOL.