When is an RV purchase final?
Not real knowledgeable on this type of stuff but...here goes. We signed papers for the loan doc last week. Loan was approved yesterday. We are supposed to do our walk through on Monday. However, we ha...
Forum Discussion
I am of the mindset that if I make a verbal commitment to purchase something, or pay something for services I want performed, then I believe in living up to that commitment. Memorializing the verbal commitment/handshake with a contract/purchase agreement is obviously the right thing to do. I would not feel good backing out of the deal for a couple grand on a huge purchase. I might use what new information I have to get a little concession, but at the end of the day, unless there was another, valid reason, to back out of the deal (such as item was misrepresented), then I feel obligated to fulfill my end of the bargain.
Yes, the dealer has the upper hand in terms of knowledge, and perceived (or actual) leverage, but we all know that going in. It's no different with car salesmen, or even private party sales. The seller has knowledge of the product, and costs involved in the product, and the buyer is limited to what he can learn doing research and inspections. It's that way for everything and has been forever.
I have a friend who made a verbal commitment to sell a car. Then someone else offered him more, and he called the first guy and backed out. I lost some respect for him that day. Yes, he's still a friend, but I told him I would honor the first commitment, even though a bill of sale or a contract or anything hadn't been signed.
What if someone else came into the dealership and offered him more for the trailer? Would OP pitch a fit and say that was his trailer, and he committed to purchasing it and the dealer screwed him? The dealer is counting on the sale, figuring he's closed the deal. Salesman probably already calculated his commission. Other people visiting the lot will see the trailer is sold and not even consider it. In this case, dealer is spending money for labor (and possibly parts) to prepare trailer for walk through. Potential for lost sales and lost cost of labor because OP did not honor his verbal commitment. Honor and integrity in negotiations goes both ways. Consumer is trying to get the best deal he can. Dealer is trying to make as much money as he can. Everyone knows the game. You just need to learn how to play it. But, if you walked out with a commitment that you will buy it, and he made the commitment that he will sell it, then I think you should honor your commitment.
Mike
Yes, the dealer has the upper hand in terms of knowledge, and perceived (or actual) leverage, but we all know that going in. It's no different with car salesmen, or even private party sales. The seller has knowledge of the product, and costs involved in the product, and the buyer is limited to what he can learn doing research and inspections. It's that way for everything and has been forever.
I have a friend who made a verbal commitment to sell a car. Then someone else offered him more, and he called the first guy and backed out. I lost some respect for him that day. Yes, he's still a friend, but I told him I would honor the first commitment, even though a bill of sale or a contract or anything hadn't been signed.
What if someone else came into the dealership and offered him more for the trailer? Would OP pitch a fit and say that was his trailer, and he committed to purchasing it and the dealer screwed him? The dealer is counting on the sale, figuring he's closed the deal. Salesman probably already calculated his commission. Other people visiting the lot will see the trailer is sold and not even consider it. In this case, dealer is spending money for labor (and possibly parts) to prepare trailer for walk through. Potential for lost sales and lost cost of labor because OP did not honor his verbal commitment. Honor and integrity in negotiations goes both ways. Consumer is trying to get the best deal he can. Dealer is trying to make as much money as he can. Everyone knows the game. You just need to learn how to play it. But, if you walked out with a commitment that you will buy it, and he made the commitment that he will sell it, then I think you should honor your commitment.
Mike
