Taking payments on a car

NYSpeed Automotive NYSpeed Off Topic
1

A member on here is interested in my car, only problem is he is having difficulty getting a loan(no credit,young age)
He offered me a grand up front, and he would pay me weekley 125$ for the next month or two untill he could get a cosigner or the loan.
Now I don’t know him but he seems legit, but then agian I’ve been fucked by what I though was a legit person before.

If I wrote up a paper and had myself,him and two witnesses sign it saying he will be paying me weekley and then a lump sum in a month or two, could that hold up in court if by chance he stopped paying?

Is this just a bad idea or would it work?

2

BAD IDEA.

3

If he had some sort of collateral and it was in a written agreement…maybe.

It sounds like a overall bad idea though.

4

[quote=“newman,post:2,topic:36226"”]

BAD IDEA.

[/quote]

+534532135

5

just about any REASONABLE payment plan would hold up in court

if you DID write up a payment plan, it would be wise to include details about being allowed to repo the car and such

that being said, this is an incredibly bad idea for so many different reasons. the only proper ways to sell a car (as a private seller) are either:

a) payment plan, you retain vehical till its paid in full
b) lump sum payment (via cash, cashier check, or bank transfer)

6

how about when he’s only paid you a grand, has only liability on the car, and wraps it around a pole.

yeah, you might be able to get a court to do something, but do you REALLY want to go through that hassle?

7

Very true. I kinda thought it was a bad idea, no matter how good the person is it’s way to easy to get fucked.

Hope he gets a loan.

8

people can make payments to me on a car any time…

They can have the keys when the payments are complete.

9

the member is me…i know it seems bad…i did the same thing with my accord though. I was also thinking that the car could be collateral. If i were to stop paying and ignoring him that he would have the right to come get the car and keep the money that i did pay him. I’m no one to fuck anyone over…as bad as i would feel paying someone weekly for a car, i would feel worse to fuck them over. But coming from the sellers view, i would be iffy too…btw i find out tomorrow if i can get one or not…ill give ya a call :tup:

10

I guess if you hold on to the car, until every last penny is paid to you, then maybe it’s worth considering. Otherwise, I give a huge no.

11

its just not a good situation for either party.

Cash only, clear and concise bill of sale signed by both parties, and title should all be exchanged at the same time, and then hand over the keys. Leaving any part of a transaction for later is just asking for trouble.

12

[quote=“newman,post:2,topic:36226"”]

BAD IDEA.

[/quote]

seriously… just wait someone with money will buy it. The only circumstance where I would consider this would be if I was selling the car for 2K OBO, but really planned on getting 1K for it and found some kid that wanted to pay over your expected price.

Basically just assume you are not going to get the money, and feel comfortable with it. Anything that you will have to go through to get it will not be worth the hassle.

for example, a simple search of nyspeed for the name “cuban crisis” should show you some things. He is a prime example of a deadbeat buyer that promised to pay money after the fact. :tup:

13

i did this once before i said i wold take payments for 2g he gave me like 350 up front and never saw him again i see the car all the time but nothing i have contemplated taking the car so many times as i have a key to it but then i would have to deal with all the police and court bullshit.

14

[quote=“newman,post:2,topic:36226"”]

[SIZE=“7”]BAD IDEA.

[/quote]

[/SIZE]

calling FDbonedonlettingthecargobeforeitspaidinfull

15

do not want

16

Bad idea.

17

lol fuck no

18

Negative.

19

horrible idea. if you dont qualify for a loan and dont have the cash - you cant afford it. just save up until you can buy it or have your parents cosign the loan.

20

IN for that thread that i think fuzzy posted?
IF YOU AFFORD IT!! DON’T BUY IT!