How do I BUY a USED CAR???

[DaFOBulous1]

Hey guys. I'm a bit confused on the used car process.

There is a guy who goes to the same school selling his car. If everything goes OK, I will have checked it out and have an OK on the deal by today. There is another buyer who wants it but cant come until tonight.

Since I can't have the money straight up, I want to give him a deposit, a deposit of $500. He is OK with that. What else should I do to prevent myself from him running away with the deposit?

For curious folks, it's a project car:
http://function-go.com/mr2/

He gave me his address and number where he staying at. He is also from my area (hometown) but that wouldn't help much. Should I write a letter and make both of us sign it where I get a copy of his and my driver's license and college ID card on the same page? Could I use that to back me up just in case anything happens? Any suggestions?

Any help is appreciated.

 

[NeoPTLD]

Originally posted by: DaFOBulous1
Hey guys. I'm a bit confused on the used car process.

There is a guy who goes to the same school selling his car. If everything goes OK, I will have checked it out and have an OK on the deal by today. There is another buyer who wants it but cant come until tonight.

Since I can't have the money straight up, I want to give him a deposit, a deposit of $500. He is OK with that. What else should I do to prevent myself from him running away with the deposit?

For curious folks, it's a project car:
http://function-go.com/mr2/

He gave me his address and number where he staying at. He is also from my area (hometown) but that wouldn't help much. Should I write a letter and make both of us sign it where I get a copy of his and my driver's license and college ID card on the same page? Could I use that to back me up just in case anything happens? Any suggestions?

Any help is appreciated.

Put the whole $500 thing in writing. State its purpose and the terms and have him sign it and issue you a receipt once you give him the deposit.

If he doesn't give you the money back, sue him in small claims' court.

 

[Injury]

Originally posted by: NeoPTLD

Originally posted by: DaFOBulous1
Hey guys. I'm a bit confused on the used car process.

There is a guy who goes to the same school selling his car. If everything goes OK, I will have checked it out and have an OK on the deal by today. There is another buyer who wants it but cant come until tonight.

Since I can't have the money straight up, I want to give him a deposit, a deposit of $500. He is OK with that. What else should I do to prevent myself from him running away with the deposit?

For curious folks, it's a project car:
http://function-go.com/mr2/

He gave me his address and number where he staying at. He is also from my area (hometown) but that wouldn't help much. Should I write a letter and make both of us sign it where I get a copy of his and my driver's license and college ID card on the same page? Could I use that to back me up just in case anything happens? Any suggestions?

Any help is appreciated.

Put the whole $500 thing in writing. State its purpose and the terms and have him sign it and issue you a receipt once you give him the deposit.

If he doesn't give you the money back, sue him in small claims' court.

You COULD write a personal check for the $500, and tell him if you don't buy, it's his to cash, but I doubt he'd be comfortable with that. If he takes it and runs, you stop payment on it and he gets the shaft.