What would you do?

[Lucky Derby]

I would sell the rifle and hold onto the money in case he resurfaces, for a while. There may indeed be a legitimate reason. However I would not feel obligated to do so, but karma is a good thing.

A friend had a deal to sell a car that was similar to your situation. Eventually he sold the car to someone else.
About a year and a half later he was contacted by the first buyer's daughter. It seems the buyer had passed away during the time between the deposit and the date he was to get the car. The daughter was finally going through dad's things. She found an envelope with about half the amount due on the car, in cash. The envelope was marked:
Ford LTD
Friend's name
Friend's phone number

The daughter knew nothing of the deal on the car. My friend offered to return the deposit. The daughter refused.

 

[Deus Machina]

Technically, the money's probably yours at this point.
Me, I'd hang onto it, sell the rifle, and return the money when possible.

If there's a legitimate reason he hasn't gotten back to you, not only is it a good show of character, $150 could be a huge help to whatever hardship he's come across.

 

[Dr. Sandman]

Unfortunately for some, words means things. He was supposed to pick up the gun by a certain date and was a no-show. At that point, your obligation to the buyer ended. You can do whatever you want to with the gun and the money.

 

[jrmiddleton425]

You have held up your end...the fact that he broke off contact following your statement that a background check was required, probably means that he voluntarily forfeited the deposit.

On the other hand, let's say you find out he died or something, the laws of the state prevail in determining if his estate and heirs can recover his deposit.

 

[krupparms]

As I understand things, if you put a deposit down & you don't make your next payment date. You lose the deposit! And whatever the deposit was on. That said, it's up to you! I would put the gun back up for sale. The cash is yours at this point. I would hold it another month . But if 3 months go by & you haven't heard from him. I would consider the money forfeit. As others have said he may have a good reason! In that case it's up to you! If you had put money down on a gun at the store &didn't pay on time you lose it all! But your not a store . So it's up to you!

 

[redneck2]

Some people do stuff that most of us would think is pretty goofy. Look at those storage wars shows. I know that most storage units just have a lot of junk, but some hold really valuable stuff and people just let them go for whatever reason.

I worked in the LGS. We had a couple guys that had guns on lay away literally for years, paying 18%. One had paid more in interest than the gun originally cost, but he just kept paying every month

Or, a more likely reason is that he either had health issues or more likely money issues. More guys have desires that exceed their checkbook than not. If I had to guess, he hasn't come up with the money. Then again if he travels, he might be stuck in a Mexican jail.

Me? I'd hold the gun 90 days, then put it up for sale to someone else unless you really need the money, then I'd maybe cut that to 60 days. I'd hold the money for a year

Are you legally obligated? No, but you know the right answer or wouldn't be asking here