Question on Lay-aways and eBay

Rampage

I sold a coin on eBay in January. The buyer asked if he can send 4 equal payments and I agreed. The first payment came fast. The second payment came 40 days later. I have not yet gotten the third payment and now he is now answering emails.

So, what should I do?

Thanks. Richard.

Tootawl

Does he have the coin or do you?

Rampage

Well, I have the coin. So, do I just not worry about it and never email him again? If he decides to pay then fine and if not, then that is fine, too?

izzy452

I hope you didnt send the coin to him yet. If you didnt, just wait. Sh_t happens Computer crashes, changing ISP's, sickness. He will contact you Im sure.

Walt

ccrdragon

He will either contact you and ask for the coin (at which time you can deal with the remaining payments) or he will send you more money. If nothing else happens, give it about 2 more months, send him a final notice and then resell the coin.

cointagious

this issue is covered by the ucc.
this is simplified and a generalization and may vary from state to state.
if you have any doubts about your rights, consult an attorney.
inform the buyer of his breach by certified mail with a return receipt (enclose a copy of the agreement for the installment sale). allow a resonable amount of time for the buyer to come into compliance with the contract for sale. upon failure to comply, you are free to resell the item and hold that person liable for any losses including other associated costs.





review the ucc for your state

BAJJERFAN

But are you legally obligated to return the buyer's money (less a reasonable amount to cover costs if you have to resell the item)? One has to assume the buyer still wants the coin and may have run into unforseen difficulties. How much $$$ is involved?
I think it best not to enter into such arrangements.