Deferred Payment on 240SX Parts? Interested?

SON240sx Automotive
1
  • caution: this is long and fairly intricate, if you aren’t in the mood to read come back later :slight_smile: *

OK so, I’ve been trying some crazy things lately because I’ve been getting bored a little too often and here is my latest and greatest.

I’ve been noticing a common generic excuse being used on this board and in person, “I wish I had the money”. Sometimes in other forms, but thats the general idea.

What?
What if you were able to take advantage of some sort of a payment plan on your private purchases from sellers on SON?

If you wanted to drop $1000 on parts from Varun but for whatever reason, maybe you’ve got bad spending habits and can’t save large amount of cash or maybe Varun has one of his fantastic ONE-TIME-ONLY deals going and you want that $1000 part so bad, you just don’t have the cash on you at the moment… well thats where I come in.

[before I go on, I’d just like to say that I’m using Varun as a common ground for explanation simplicities sake only, this has nothing to do with Varun in particular]

How?
Using this $1000 ONE-TIME-ONLY item that your dying to have as an example. This is when you contact me… You and I would work out a unique deal so that you can secure that item and pay it off over an extended period of time. Say you’ve only got $250 for this $1000 part… Well, I would take your $250, give the seller (Varun in this fabricated scenario) their $1000 and secure the part for you. As far as the seller is concerned, they made their money and the part has left their posession - this is a done deal on the sellers part. Now it’s up to you and me to even up. So, as an example we may have agreed that once per month you will pay me an additional $250 and after 3 months of payments the part is yours to take home and everyone is happy!

Why?
Well if you don’t have the money for something but you know you want it, the answer is obvious… but why would I do all of this for you? Well, of course there has to be some extremely strict guidelines in place and of course there will be penalties if you were to miss a payment, back out all together, etc. But just like your credit card - if you pay the bills you’ve got nothing to worry about.

Now, I haven’t sat down to design a structured plan for this yet so this is more of an interest check. I hope to not have to charge any sort of interest in most cases, and hopefully little to no fees unless payments are not made. I would be willing to do this for purchases from me, as well as from other sellers on SON. Everything will be completely 100% legit, no funny games. There may or may not be a limit on the amount I will cover - this would likely depend on how well I know you, your financial situation, and how much I trust your ability to fufill your obligations to me.

Before anyone tries to call me out on trying to scam people or anything like that - suck it up and don’t bother posting even though I know how bad you guys love online drama :slight_smile: I feel like I’ve gained enough trust here to be taken seriously in something like this. If you have an opinion - negative or not… I want to hear it! Just, be mature in your wording and it will be taken as constructive critisizm and thats what I’m after!

What do you think? Would you take advantage of this type of offering? Is this the most rediculous thing you’ve ever heard and don’t think it could ever work? Let me know!

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Who’s gonna pay for the hitmen and enforcers you’re going to need to hire for this lone shark endeavour?

3

I won’t need them, if you don’t pay - you don’t get your part and I keep your money. Sounds simple enough to me :slight_smile:

4

this method works great for me…I dont remember anyone who paid for their whole sr20 motor upfront…i think i worked out some sort of payment plan for almost everyone who bought an sr20 from me…it worked out great, ive never had to remind anyone to make payments for motors everyone on here seems really honest and trustworthy so far…

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You’re an enterprising little fellow, arentcha.

6

It’s an interesting idea, but has the possibility to go terribly wrong.

7

This is not called defferd payment its loan sharking in essense. I dunno I only see bad things happening with this idea.

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Marc: … yes ;] Business makes me tick.

Varun: thanks for heads up - that makes me feel better about this since that means I’m not the only crazy SOB :slight_smile:

dnash: i appreciate the input - care to elaborate?

S14_240sx: What sorts of bad things can happen — I can’t think of any thats why I made this post to get your input! Also, if this isn’t a deferred payment - what is? Loan Sharking is much different my friend :slight_smile: – This would NEVER involve me giving cash to anyone other than someone selling a part here on SON. It’s not like people can go blow my money on poker, hookers, beer and drugs and then commit suicide and leave me high and dry…

http://www.google.com/search?hl=en&lr=&oi=definer&q=define:deferred+payment&defl=en

For those who are lazy and don’t want to click, the first definition is:
Deferred Payment: “payment of fines and/or costs postponed to a future time; installment payments of fines and costs.”

http://www.google.com/search?hl=en&lr=&q=define%3Aloan+sharking

For the Lazy:
Loan Sharking: Usury (from the Latin usus meaning “used”) was defined originally as charging a fee for the use of money. This usually meant interest on loans, although charging a fee for changing money (as at a bureau de change) is included in the original meaning. After moderate-interest loans became an accepted part of the business world in the early modern age, the word has come to refer to the charging of unreasonable or relatively high rates of interest.

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Very nice idea you have there and VERY generous too.

I do think you should get a little something depending on the amount people are “derfering”.

Maybe like $20.00 for anything under $500.00 and say like $50.00 for anything over that up to the amount your willing to give. It’s not a lot of money but it just lets you get a little something for what your doing.

I’m sure you’ll get a lot of guys doing this and I know they’ll be very appreciative.

Big props and respect to you for looking for everyone who wants but maybe can not afford at the time. :smiley:

Way to go brother. :wink:

Take care.

Easy 8)

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Thanks Bruce, hopefully others feel the same way so I can structure this properly and start offering!

Keep the comments and critisizms coming!

I’ve been getting an assload of pm’s from people wanting to start doing this right away - I’m not going to answer them all right away sorry guys – I’d like to get this sorted out here first and I’ll let you know when I have definitive answers to give you. Keep an eye on this thread!

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Like I said before, I think it’s a really good idea and like Sidewaze mentioned, this is very generous of you.

But I think that if something goes wrong, then there could be legal consequences etc. Perhaps you could have the customer sign some sort of legal waver, statement, or document outlining the terms of said deal.

Also, it seems that alot of people are going to take advantage of this service. Do you have an area to store all these parts while the loans are being paid off?

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i’m still not exactly sure what you guys are talking about when it comes to legalities…

as far as storing the parts goes - I of course have a capacity to deal with - it really depends on the specific parts. To answer your question though, I’ve got a secure garage and house.

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Hey, let me know where you’re going to be storing the parts. i wanna be sure they are safe.

So that me and tony240 can come pay you a visit. :wink:

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definatlly a good idea and heres a suggestion:

offer to take things (most likely non car related) as collateral because i garuntee they will want their stuff right away. Just make sure you could sell it on ebay for the same amount or more before you do so and you’re golden.

Def dont do it for free because then its not much of a buisness enterprise is it? You’d be too kind of a guy in too harsh of a world :stuck_out_tongue:

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Yeah I think Sasha is right, and I definitely wouldn’t have a problem with some slight interest… theres gotta be something in it for you :wink:

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Hey John, it’s a great idea. I would agree with dnash that you should sign a waiver or a contract with the actuall buyer. I know you are a good guy but there are morons out there trying to take advantage of good people. In your case there might be some people that after paying you off and installing the part might claim it doesn’t work, and want their money back. It’s very easy to grab a similar part that does not work and they can use it to make their claim. I would be carefull, but great idea.

-Arslan

Answer my PM, I want parts. :wink:

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Arslan,
I’d answer my pm’s if I had from you :slight_smile:
Also, I’d like to thank you for being the first to bring up an exellent point… I couldn’t think of a good reason to do any sort of a contract but now you’ve convinced me… People could blame me for damaging their parts.

So, what I’ll probably do is a basic ‘audit’ on in part, take details photos of its condition for my record and also to send to the buyer, as well as long the actual condition of the product. I guess a waiver is necessary too in case someone tries to pull a fast one on me. Great point bud, thanks.

Thanks sasha and jesse also for the input, its appreciated.

Don’t get me wrong guys - I don’t plan on doing this for “free” necessarily. I just havent decided where/how to charge yet - if its going to be interest a fixed price, or jsut to rely on penalties given to those who pay late, etc. I’ll figure it out but whatever it is … I promise will be completely fair to everyone.

I’m also going to be assessing each buy on an individual basis - I may refuse to hold certain items, or possibly charge fees for storing large parts if it was say a bodykit or something like that.

Anyhow, it sounds like for the most part people aren’t too opposed to this - keep the comments coming and in the near future I’ll start structuring how this might work and post about it.