creating a contract.....input?

NYSpeed Automotive NYSpeed Off Topic
1

[FONT=Helv][SIZE=2]I have a person who wants to buy the car im selling, but wants to make payments of $1000 per month for 6 months until paid off. I told them I would need a detailed contract signed by them and myself to protect my ass. So im in the process of devising the terms and was wondering if anyone else has done anything like this or may have some input. here are a few of the stipulations i’ve come up with so far.

  1. minimum of $1000 payment per month. payments less than $1000 per month(30 day period) void contract and all previously paid funds non-refundable.
  2. contract is binding agreement, and non-reversable. If at any point during contract buyer changes mind on purchase, all previously paid funds are non-refundable.
  3. no penalty for payment in full before 6 month period
  4. car is sold as-is and no warranty is available.
  5. car and title remain in seller’s posession until car is paid in full(thanks Joe)

what else should i make sure to note? I dont really wanna go this route, but it seems the only way to unload this car.

any help/input is appreciated.[/FONT][/SIZE]

2

what are you doing about the title? holding it til paid off or letting them have it up front?

3

no, the car and title stay in my posession until paid in full

4

Eventhough you plan on stating it in the “contract” be prepared to handle any issues that arise with the car over the 6 month period.

5

in terms of maintenance, etc?

that shouldnt be an issue as it has seen about 30 miles in the past 2 years.

6

i wouldnt do it.

7

honestly, sell it quick for 5000 or something all at once.

8

Yes, in terms of maintenance, shit breaking, etc. The fact that whatever it is has only been driven 30 miles in 2 years is even more scary.

What vehicle are we talking about anyway?

9

just list in the contract that any maintenance that is needed to the caar while in teh buyers possesion he is responsible for ad the car is being sold as is.

10

:word:

These things never end well.

11

Wait, you’re going to keep the car while he’s making payments?

That’s not as bad. I would just not touch the money until he has the car, for the inevitible “I changed my mind” 2 months in…

12

nope, they don’t but as long as you keep the car, keys and title… can’t go tooooo poorly

13

Please post follow up links as to the date and time of this case being on Judge Judy

14

thats the part that makes me potentially willing to do it. And the clause int he contract that even if they decide 2 months later they want to back out, I keep all previously paid funds.

Basically I wanna make sure that if something like that were to happen, they have no legal recourse to try and recoup the funds, etc

15

If youre hanging on to the car,title, and keys- It cant go too bad.
Wow someone with some common sense- Selling the car and not giving possession untill paid–Brilliant!!!

16

as long as buyer doesnt take delivery of vehicle until paid in full, I think your pretty much set, maybe you want to add in that you retain ownership of vehicle until paid in full and reserve the right to drive it until that point. to cover HIS ass maybe a stipulation that you agree to take pictures of the car and notes of its condition, and agree to deliver the car in its current condition upon full payment.

17

This is a bad idea.

What if a tree falls on it?

What if your garage burns down?

What if someone vandalizes it?

You have to babysit this thing for 6 months. Fuck that.

Are you really that hard pressed to sell it?
Can you not take a little lower price and move it immediately?

18

:word:

Are you going to keep coverage on this car for the next 6 months?

19

You’ve covered the usual pitfalls, but honestly, sell it for payment in full.

Personal payment plans are a headache, to say the least

20

What’s the car? Is it a cavalier…

Haha.