truck purchaseI sold a semi truck to a friend, on payments minus title. He was to get title upon completion of payments. He gave a 5,000 do...

Question

truck purchase

I sold a semi truck to a friend, on payments minus title. He was to get title upon completion of payments. He gave a 5,000 down payment and then gave it back. Do i have to return the down payment?

Answer

Re: truck purchase

Maybe. Return of the down payment will depend on the terms of your agreement. Did you have a written agreement, or an oral agreement? Assuming no provision for return of the money, and your friend gave the truck back, then you may keep the money for loss of use of the truck and wear and tear and return the remainder.