Do you think this is an Ethical transaction?

Colorfulcoins

Say I sell a coin to someone (a collector) I know - that really wants the coin - and I know I'm selling it cheap. I give this person terms to pay that fit their financial situation (or lack of). Before the date when a significant balance is due, I see that coin for sale in a fixed price auction listed for substantially more that what I sold the coin for (note, I'm not yet paid on the coin). Should this person tell me they're selling the coin? Remember, this isn't a dealer and its someone I know.

Now, what if I change the situation a bit and say this collector is selling the coin because they don't have the money to pay for the coin and they still want to be an upfront person and buy the coin as they committed (vs returning it)? Does it make a difference if they are making money on the coin? Do you think this collector should tell me this is the case or not?

And what would you do if you discovered the above - would you contact the collectors and ask them or would you ???????

What do you think and what would YOU do?

darktone

I would say nothing. You obviously trust the person to sell it to them on payments so I trust you will get paid also. mike

sTONER

if your sitting on the coin for them and they didn,t fulfill their end of the deal, they have no right to list it for sale until your PAID-IN-FULL

100proof1957

he is using your money !

sTONER

just sell it to someone and if he asks for it tell him you thought he didnt want it

Dog97

You should feel used & abused. Your good nature was taken advantage of-see what you get for trying to be nice & help somebody?

<<<this collector is selling the coin because they don't have the money to pay for the coin and they still want to be an upfront person and buy the coin as they committed (vs returning it)?>>>
That's bullshiat!! If they didn't have the $$ they should have said "Hey Craig I can't pay for it, can I return it for refund or let you hold it for me until I pay it off?

<<<Does it make a difference if they are making money on the coin?>>>
L yeah-and it's @ your expense!

<<<And what would you do if you discovered the above - would you contact the collectors and ask them or would you ???????>>>
I'd contact them & tell them to GFY. If you haven't mailed them the coin yet then don't unless you are some kind of moron chump.

ziggy29

I might ask why they are selling this coin. If it's because they don't have the money to buy it and need to raise money to honor the sale, I might offer to buy it back and refund whatever they have paid me. If they refused that and insisted on profiting from this, I chalk it up as a learning experience and never deal with them again. And if it's because they want to flip this coin for a profit, again, I don't deal with them ever again.

I do uphold my end of the deal though, even if I felt used -- I'd just not let this person burn me a second time.

relayer

If he can't afford to pay for it, the correct action would be to return the coin.

By offering it for sale without owning it, he is converting the property for his own use - basically stealing.

I think the next time you sell on an installment plan, you should hold the coin until you get paid.

onlyroosies

"I think the next time you sell on an installment plan, you should hold the coin until you get paid"

A similar situation happened to me and I now follow this rule.

shmort6552

He's selling a coin he doesn't even own!!!!!
Its his coin when he has paid for it. I don't think you'd want him selling your car under the same circumstances.

sliderider

There really isn't anything that you can do. As long as the person selling the coin continues to make his payments on time. If you had a lien on the item in question it would be different as the law requires lien holders be paid before a collateral item is sold. Is this someone you know well? Do you have a retail location that this person patronizes? If you trusted someone with a payment plan for an internet sale, you may be out of luck unless you got them to sign a note or a contract. It's actually no different than being a vest pocket dealer. He bought the coin from you with a small downpayment and terms, now he's hawking it around to see if he can turn a profit. The logical conclusion to this transaction would be that he would pay the balance in full. If he continues to want to make payments, even after you know he sold at a profit, you should say something to him.

Is this coin currently on ebay, BTW?? Maybe if it's something someone here needs, and the price is still reasonable, they can buy it as a means of getting you your money.

DocMortar

You made a contract with this person for X dollars and you sold him the coin and allowed him to charge it.
His contract with you is to pay you what he owes based on whatever terms you agreed upon. I don't think that you established any other ground rules regarding the coin based on the info given. Has he violated his contract with you? Based on the info given he has not. IMHO he has not done anything wrong or unethical unless he does not pay you according to the agreement you made with him. If this were my situation I believe I would help promote his auction so that I would get paid.