I am looking to buy a Deuce sedan on a payment plan. Does anybody know of a good contract to use that protects the buyer and the seller? I need help so I don't get screwed in the end. The idea is that I make payments and when its paid off I take delivery. Thanks
A couple years back it wouldn't have been a problem. Could have probably paid cash for it then. Hard times hit and don't have good credit right now.
This can be a dangerous road your headed down. Best is to go to the bank and get the loan if you have to. This is the best way to protect all parties.
How about you hold the unsigned ***le, and he holds the car until paid off. That way, he can't sell it to someone else, and the ***le can't be transferred until he signs it, after you are done paying.
No offense, but don't finance "toys". Save up and get it when your budget matches the car you want. You'll appreciate it more. If you don't have the money now, what makes you think you'll have it in the future?
Go to the bank, start a separate savings account called Duece. start funding it. when you have enough money saved up. Go and buy one. Between now and then you can have fun looking to decide what you really want and what price you want to spend.
Not a good idea financing something like that.What if this guy you are dealing with dies? Lawyers will chew you up,spit you out. You said hard times hit,well its that way all over.In this bad economy don"t make things worse on yourself.Open you up a saftey deposit box,make that payment to yourself everymonth and when you have enough buy what you want.
I don't think anyone will advise you to make that kind of deal. I am guilty of spending money an this stuff when I shouldn't. I just wonder, could you sell a few of the other 6 cars you own? (I may be asking this question to myself)
To be honest , i can't believe someone would sell a DUECE on payments . Like said , they sell themselves.
What you're suggesting wouldn't be wise choice. If the seller isn't a trustworthy fellow, all he'd have to do is file for a replacement for a "lost ***le" and then sell the car to someone else.
I have found that bankers are not stupid. They usually have a good reason not to lend money to somebody. In the old days bankers were pretty good people. This last housing boom makes me wonder now. I agree about loans for toys. Do not do it.
That's not something I'd get involved with on either end. If I were the buyer I wouldn't make payments unless I already had the car in my possession. If I were a seller I wouln't give the car unless I was already paid in full. The best way really is to just save the money first. Lots of things can go wrong on both ends with the kind of deal you're proposing.
I'd consider it based on how many payments and how far away you are. Too many and too far increases the chances of a loss. If it's close and just a couple months, then maybe it works out. I'd want a detailed bill of sale...but even with that, say he sells the car and keeps your money...you still need to get the law involved and then pay to sue him to get your money back...so you're out even more dough.
no way..too many things can go wrong....a fire,it gets stolen,the barn roof caves in ,he dies, he sells it too some one with cash....now he owes you !
All these guys are baggin on ya bout payments! I say go for it! Set it up with an all money down, no monthly payment plan, and your golden!
I say go for it. Buying on terms provides a way to get better stuff than you would ever get if you only pay cash. As long as it is a good deal, not a bad deal that just seems good because he will finance it. Plus it is like a forced savings account. Just make sure you get a lawyer of someone really knowlegeble to set up the terms. Things to provide for in the contract: Who gets possetion and when Use during the finance period ***le in your name with seller listed as a secured party Insurance -who pays, and both parties named on the policy What happens if you default Good luck!
Agree completely. I've found that I really enjoy something when I spend time saving up for it. All the anticipation is great. I'd bend my rule on this for the right car though
Why not use the little money you have and slowly as money allows after important stuff, build a rolling ch***is. Find a body when its done or buy a brookeville. Even if it takes 10 years its yours and nobody will fault ya for takin care of business first.
Not safe. The registered owner can always get a replacement for lost ***le. Bottom line is, if you ain't got the cash, don't buy the toy. Sorry.
I'd be leary for sure. Even if it was a buddy nothing says the guy, car and your money all dissappers before you get the car with ***le. Up to you to find him and then sue him to get anything back. Add to it if the guy is willing to sell it on payments it sounds like to me he needs cash now, unfortunatly finiacally strapped folks tend to get desperate more often and do thing they might not normally due like rip someone off.
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