Accepting Payments For A Car Being Sold

It smells funny.

 

I have sold and traded a lot of things in my life from cars to parts and so on , but I would NEVER finance a car for someone while they are driving it .
If they get into a wreck and he doen't have insurance you , my friend are out of a car and money . You are also responsible because your name is on that ***le ! So what if he just gives you the money and keeps driving down across the Mexico . How are you going to get your money or car ? What if he sell it for parts to someone ? get what I am saying ? You are asking for nothing but trouble !
With me it's cash and then you get the item I am selling ! If someone makes a very short payment plan they still don't get a thing from me but a receipt for their payment and balance they owe .
You better think twice before you d that deal !

RetroJim

 

Like what the majority of the people have already said, "Don't do it", not even if you keep the car until it's paid for. It's bad business, unless you're a loan ins***ution or a finance company, and it's just tying up your money to use on another project. Besides as soon as you do the deal with him, someone will come along who would have given you full price for it.

 

no way,he crashes the car,needs to make payments for a replacement,you are screwed.lower the price you might get some serious action.

 

Here is the one that I made up and used:

This Do***ent is an agreement between ************ and ************x that will be legally binding in court if it should reach such an occasion​

<O</OThis Do***ent is an agreement for __________________________(************) to purchase a car <O​

(vin# **********x) as is in current condition, from _________________________ (**********x) with the agreement stated below. (************ holds no responsibility towards breakdowns, repairs or accidents from this day forward)<O
<O


__________________________ (************x) agrees to buy said car (vin above) for $******** <O
(****************x)

<O</O<OThis amount is to be paid in full within 18 months (starting January 1<SUP>st</SUP> 2009) Agreement end date to be July 1st 2010.<O
<O


Line 1) At Minimum payments should meet $277.78 (Two Hundred and seventy seven dollars and seventy eight cents) a month for 18 months with the understanding that this could be paid off before the 18<SUP>th</SUP> month (July 1<SUP>st</SUP> 2010).<O
<O
Line 2) If a $500 (five hundred dollar) payment is made by January 1<SUP>st</SUP> payments will be a minimum of 264.71 (Two hundred dollars and seventy one cents) a month for 18 months with the understanding that this could be paid off before the 18<SUP>th</SUP> month. (July 1<SUP>st</SUP> 2010).<O
<O


If this above agreement is not met __________________________(****************) agrees to pay<O
_______________________(****************) the difference lost in payment every month with an additional 20% (Twenty Percent) late charge every month added to minimum payments in lines 1 or 2 until balance is paid it Full (paid full balance will not include additional 20% late charge per month)…with the option to go to court to ensure payment to ----------------------------.<O
<O

****This contract was signed as a gentleman’s agreement that holds all parties responsible for items stated above, if for some reason this do***ents/agreement goes to court over failure to meet agreements agenda/deal, no amount of legal action shall or will be used to trump/overturn or deem unacceptable/Illegal as such. We as fully understanding adults (**********x **********) agree whole hardily to this do***ent as it serves for a stake in the ground and a base as our legal do***ent/purchase/sell*****<O</O​

 

A lawyer would use this to wipe his ***. Don't do it man it isn't worth losing your equity.

 

Take my advice and dont do it .save yourself a ****load of grief!

 

yep, def not going to do it..I sent him a PM and said the cars all his if he can get a loan from his bank and brings me $9,000 cash other wise it's still for sale...havent heard back from him yet

 

Genuine ***biter for sure.

 

How's the statement go? Possession is 90% of the law?

I did it once when I was young. I never got the first payment. Luckily it broke down and he actually called me to come fix it.

I fixed it and drove it home. I never heard from him again.

 

Just from the legal issue here, if you had your name as a co-owner you too would be responsible criminally and financially if anything were to happen to the car. Such as a property damage/personal injury accident. Uninsured, underinsured, a smart lawyer will look anywhere that they can for a payoff for their client.

While I'm not a lawyer, and never played one in a movie, I don't think I would want my name on a ***le, even as a lienholder (if possible in Michigan for a individual) in this situation. He may have the best of intentions, but things go sour all the time.

 

The name of this game is "dollar down, dollar if you catch me". A friend got ****ed into one of these deals years ago on a Peterbilt conventional w/flatbed trailer. He got tired of trucking and the payments and found some other fool to take it over. The guy made one or two payments and also lost interest. Long story short: bank repo, credit rating in the toilet, bankruptcy.

Repeat after me: cash is my friend.

 

No way !!!