Asian LSX

iTrader: (4)

Anybody ever sold a car having the buyer make payments? What kind of paperwork is involved?

I know it sounds shady but I'm just curious as to what the process is.

spoonraker

iTrader: (5)

Do all the paper work you want, but if he doesn't pay the only thing you can do is take him to civil court and hope you win. Not worth the risk IMO.

RPM WS6

iTrader: (3)

I would only do this if it was somebody I'd known for a long time and trusted completely.

Having said that, a friend of mine sold a cargo van to a private party via payments. Long story short, it was a mess and he ended up having to reposses the van. He was in IL and the van was in MI, making it even more difficult.

slow

iTrader: (7)

there is no reason to do this, just have them get the car financed.

Ryan

NC98Z

iTrader: (1)

What happens when they blow the engine, which is never their fault and stops making payments and your left with a blown up car?
What happens if somebody steals the car while they are making payments and your left with nothing?
Money talks and bullshit walks! Don't do it.

slow

iTrader: (7)

best case you sell the car and get paid over time.

Most likely case, is either the guy stops paying, blows the car up, or worse strips the driveline out of the car, leaves the car somewhere where it is impounded and then you owe towing fees and impound the chassis and you loose the vehicle title legally.

Ryan

y2k_ta

iTrader: (80)

Set it up to where the car is delivered once the final payment is made. If they truly want the car, that'll keep them making the payments. Now if they need it for transportation right now, then I'd just have the buyer get a small loan.

z28bryan02

Not worth the risk.... Have them finance what you owe on the car best way to do it.

spaz1

iTrader: (9)

Don't do it.. I almost went to jail because of this. I sold my truck to an older dude back when I was 17 we drew up a contract. I had to sign over the owner ship to him so he could get insurance and registration. He gave me 1500 bucks and then was gonna pay me 500 a month till he paid off the other 2000.. He dissapered on me and i was out 2000 bucks. About 5-6 months later me and my buddy saw the truck sitting at market mall. I still had keys for it so I took it I couldn't register it cause i didn't have a bill of sale for it.. hah anyway I called the cops and told them the story they showed up at my house and were gonna charge me with theft... The old ****** sold it to someone else a week after he scammed me.. lesson learned.
Never again...

evilZO6

iTrader: (4)

Thats your STUPID mistake for giving him the owners slip, called a Pink Slip here in the states (i think we're talking about the same thing). I can't say for there, but here you can register a car and insure it without the pink slip. and NO MATTER WHAT, once they have that slip, they ARE the LEGAL OWNER of the vehicle. Once he had that slip he could legally do any damned thing he wants with that truck. On top of that, if you were 17, you were a legal minor which means any contract with your name is invalid unless signed by your guardian, that guy should have got in trouble for even signing a contract with you. But maybe Canada is different. On top of that, if you didn't have any witness and/or legal notary present, it would be considered invalid because you could just pull it out of your ***!



If you draw up the contract, and have it legally notarized, and keep the pink slip to the vehicle, you'll be fine. Just put in the contract that they have to make all payments and that they cant return the car for any reason and if they do they are still responsible to repay the loan etc etc just include all stipulations in it. And NEVER give the pink slip until you have all the money, regardless of what they say. And charge them for financing them too. An extra %5-%10 depending on the value of the car.

AronZ28

iTrader: (2)

I've seen this happen to a couple of my friends who had somebody in their family loan money to another family member. All it did was create a world of heartache and bullshit.

I've always held the view that you should never be the banker for another individual. If somebody needs money or a loan, they should borrow it from a bank. If they ask you for money/loan, it generally means they are such a shady indivdual that the banks refuse to deal with them.

If you want to become a personal lender(aka loan shark), be prepared to threaten violence on your scumbags. Be prepared to actually beat them senseless, either yourself or with hired goons.

My point is that if you loan people money, be prepared to operate like the mafia. Nonpayment=a smashed in face or death.

lemons12

iTrader: (71)

I rode bikes with a guy for quite a while.. When it was time for me to sell my bike one of my riding buddies said his brother was looking for another bike because the trans was acting up on his other one.

We made a little contract stating the details of the negotiation and had the guy I have the loan through along with my GF and one other person witness it. Every time he makes a payment we write it down on that paper and both sign it along with with witness. So far he has made every payment on time. He has the title and it is registered in his name.
I guess it helps because I know where he lives and we keep a very close eye on what is paid and what not. I also am good friends with all his friends.
He did this with a guy he got his bike from and the guy fucked him over, so he knows what it is like.

Hopefully I don't end up getting screwed out of a lot of money. Don't think it will happen, knock on wood!

I ONLY did this because I had to get out of the payment IMMEDIATELY!!! My payoff was more than I could sell the bike for. I did him a favor and he did me a favor.

sway99bird

iTrader: (22)

nawww I wouldn't do it

wooddaniel

iTrader: (28)

So what happens when they blow up the motor or screw the car up and quit paying? I've been through it. I got most of my money because I had documentation and a signed bill of sale but it was more trouble than it was worth. No matter how many contracts you make up and how much you document it you can still get screwed. Trying to get your $ in civil court is a pain and it costs more than it is worth. Easier to have them finance the car. If the bank wouldn't loan someone money because they have shitty credit then I damn sure wouldn't either. Their credit is **** usually for a good reason. I would never sell anyone anything on payments. Just wait and someone who has credit to get a loan or has the cash will buy it.

98TAjwh

iTrader: (4)

bad idea, don't do it

billyb

iTrader: (15)

if and when you sell it you need to get the tittle out of your name, for legal reasons.

evilZO6

iTrader: (4)

You still get paid as per the contract or you can take him to court, courts not a big deal people make too big a deal out of it. And as far as cost, you add that into your claims so that when you wn the settlement it hasnt cost you anything.

You absolutely DO NOT need the title out of your name, only a release of liability. That means you are not legally responsible for the car. But you need to keep the pink slip until its paid off so that they cant take off with it.

wooddaniel

iTrader: (28)

You are pretty safe with a contract, but at least here in Florida court is a pretty big deal. It took me six months to get back my cash, and I asked for court costs but the judge ruled that I still had to pay some. Canada's legal system must be a lot better.

The point I was trying to make is why sell it for payments and go through all that hassle(Possibly) when you could just wait for someone who has the money. I understand if it was a family friend or if you were in dire straits. Otherwise, I would not do it again. Also you can't get money from someone who does not have any.

By no means am I trying to start an argument so please take no offense. I respect that you have your opinion.

spaz1

iTrader: (9)

Sorry I am so stupid smart American... you can't register a car if you arn't the owner in Canada... So explain to me how I was to keep the ownership and have him insure and register it..

My point to the OP was it isn't worth the risk...

Jwright41

iTrader: (2)

Id have him do it in two payments... 99.99% down on the first one and .01% on the next, hahaha