Accepting Payments For A Car Being Sold

I'm a young guy and a few years ago was into the whole mini truck scene, I'm still on a few of the local Michigan forums and mostly just use em to find out when shows are or to sell my ****, well I listed my 1968 Cadillac Deville on there thats bagged, I've had some interest off of craigslist on it but seems people always check it out and then offer a trade when I say no trades right in the ad but anyways this guy from Detroit area asks if I'd do payments for the car

basically what he was saying was $3,000 down payment and then $755 a month for 8 months until its payed off (I'm asking $9,000) and we put both our names on the ***le...I told him if I did this I would have a legal contract made up and a set date every month when payments due and if he doesnt pay I get the car back and no refund of money

just wondering if anyone has ever done this before, I'm very leery of doing this especially because I dont know the guy but I could use the cash and want this car gone so I can move on to new projects and finish ones I already have...let me know what ya think

picts of my car

 

Drop the price if you wanna make it move. If the guy gets in an accident when the ***le is in your name and walks on you it would be a pain to get your money. Paid in full or cya later is the way to go.

 

good call didnt even think of the accident, and I was just thinking this over..why doesnt he just take out a loan and make payments to the bank

I've always done paid in full in cash or car isnt going anywhere, never had anyone even ask me if this was an option before

 

Probably because no one (but you possibly) would give him that money to play with.

 

NO NO NO NO NO NO !! Let a bank finance him, or p***. If a bank won't, neither should you. Who knows what could happen to the car once he's got it. It could get wrecked, or just vanish or get sold. Then where's your leverage to get the rest of your money? Run, don't walk, away from this deal.
Ralph

 

true, and I was checking over his profile on this forum appears he has a young kid about 2 years old...I could see him saying oh cant pay you this month the kid needs something

 

Damn, I type slow.
Ralph

 

The only way I would do it, is hold the car until it's pay for. Unless you want go into the finance business.

 

The one deal breaker with any car sale; Does the buyer have the money?


If you are willing to take $3,000 cash for the car, and reconciled that you never will get the rest...................
Because once he has it, unless you follow him around every day by the time the next payment is due the car could be stripped, parted out, or disguised to where the only thing you got in the future would, if you won in court, a judgement that he would never actullay have to pay..........

If he wants the car, he'll come up with the money.......

 

^^^^^^^^^^^^^^^^^^^^ What they said!!!

 

don't do it

 

Cash and carry. Do you want to be a bill collector? It's not for me.

I rented my first house for a year and did not like chasing people down for payment. Some people can do it. I can't.

No tickee no laundry! First man with the cash or my bank has ***ured me that the check has cleared before the car leaves my possession. It's nothing personal just bidness.

Banks that loan money can check to make sure that the borrower can actually pay you back. I doubt that you have that ability.

 

I did that once for the son of a co-worker that bought my car. I only did it because I knew his mom would pay up if he didn't. I wouldn't do it for a stranger unless your happy getting $3000 for your car, and it looks like it's worth much more than that.

 

Bad idea. You are not the bank. Wait for the right buyer.

 

Do this and you'll most likely get introduced to a whole world of ****. If someone wants it, they'll come up with the cash.

 

good advice, a few things I didnt even think of until you guys pointed em out...after thinking it over for the last 10 minutes or so this would be an incredibley dumb deal and the fact that he lives about 2 hours from me, I'd be worrying about the car everyday until I got all my money

thanks, appreciate the input

 

When I was younger, there were a couple of times that guys let me make some payments on a car. There's no way I would've been able to get them otherwise. BUT...nobody ever let me take the car, until it was paid off! And I've never heard of having two names on a ***le B.S.

 

Yep, the two names on the ***le B.S. makes you both owners, and he has posession. Say goodby to mama...........

 

Money talks, BS walks.
If anyone tries to pull this **** again with you be quick to respond with something crazy like " Sorry, I really need all the money at once so I can afford to pay for a ***change operation for my cat".
Theres no reason to be serious with them if theyre not gonna be serious with you.

 

I sold lots of stuff I financed, cars , boats etc. etc.
Usually had a contract written up by an attorney. Never had a problem. If you ain't strapped for cash you get more money out of deal. If they don't abide by the contract you take it back and re-sell it.
It's kind of funny, dudes who can't come up with $150.00 / month payments will pay $ 50.00 a week in the blink of an eye ?

Strangest one I did , way back cigarettes were 25 bucks per carton, sold an old POS Ford Eddie Bauer Bronco to a dude who had no cash for 4 cartons a month, for 12 months, with a written contract.
He needed a vehicle and I smoked
Worked for me.

 

At what interest rate? What's it worth to carry the guy for $6K? The bank or credit unions won't do it for free. There is the "90 days, same as cash" deal with most finacial ins***utions. Try this. Offer the car for a set price. Drop it a little o keep him hungry. Tell the guy you'll accept a deposit of "X" amount but hold the car for a set time period, but a period of time you'd both be happy with. Make a decent percentage of the deposit non-refundable for the grief of waiting and potential loss of sales. Neither of you are out anything, if he defaults you got something for your trouble, he got a chance that only cost him the amount you BOTH agreed to let you keep.

 

Run, Forest...........Run

Trust me....this will not end well 95% of the time.

 

How about if you kept the car (and in your name) until it is paid for in full. You would have to have a contract written up (to protect buyer and seller), and have a stipulation put in the contract that says if the monthly payment isnt made, the buyer surrenders all rights to the car.

That way, if the buyer flakes, you just got paid 3k+ for you to merely hold onto your car a while longer.

Sounds like a h***le, but it could work. I have a feeling this particular sale wont ever come to fruition anyway, though.

 

I'd say let him come up with "all" of the cash. He should be able to get a personal loan for the difference somewhere bank, credit union or loan office or off a credit card pay in full. If he can pay a note off in that period of time he won't get beat up on interest.

My stock answer when I sell anything is "cash green money in full, no be backs and no part payments".

 

No, Never, now or ever!

 

I did that once for 14 months with a late model truck. Guy always showed...but I kept the truck and the ***le, and he got both once he paid in full. Thats the only way to insure you get your $$...

 

Tell him this Give you the 3 grand he has a certain amount of time to come up with balance or lose 3 grand deposit the car doesn"t leave your property until paid in full,and as far as the ***le goes it is where it should be,YOU PROBABLY WON"T EVER HEAR FROM HIM AGAIN,If he can afford that kind of payment he was probably going to p*** a bad check on you take your car and it dont matter about the names on ***les with scammers.

 

Those people that have never heard of two names on a ***le should go check their ***le. There will probably be a space for "Registered Owner" and a separate space for "Lienholder" (at least that is the way it is in California). I still wouldn't sell it on time. When the transmission goes out he will claim it is your fault and he will stop paying. When he needs the money for his son's medical bills he will stop paying (probably a good priority). The excuses will be endless. If you can't afford to pay cash for an automotive toy then you shouldn't buy it (and from that you can probably guess my age).

Charlie Stephens

 

I did this once and the guy defaulted,I kept the car from the get-go too. Had he left with the car and defaulted I know good and well it would've been gone. I've bought several cars this way (over 25 years ago) and ended up with the car because I honored the contract.
He could always pay 3 Grand and then change the VIN and,,, SeeYa!!

 

I sold a VW bug to kid on payments once. I think I got about 95% of the money, eventually.

Don't do it. Cash on the barrelhead, son.