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Selling Used Car Help

T

TygGer

Senior member
The buyer wants to pay for part of it up front and give me the rest in the remaining 2 months. The total costs is $5000 and he has $2000 now and can give me the $1500 each month for the next 2 months.

What would you do?

And how would you go about working out the details? If I kept the title untill I received full payment, then he can't register the car. If I gave him the title, then it will be up to his "word" to pay me in full.

Has anyone done anything like this before?
 
Sure..........sell him the car in payments, no problem. Just let him know he cannot get the car or title until the car is paid for in full. You write up the bill of sale to reflect the terms as such and you can even get it notarized to make it more "binding."
 
Originally posted by: DougK62
100% cash or no car. Don't ever let someone take your car without having all the money.
Click to expand...

Exactly. I made this mistake once. Got $3000 of a $6500 agreement. Person was supposed to take the car for one night and have it looked at by a mechanic. Person kept the car for three days, drove it around, and then decisded they didn't want it. Brought it back and asked for thier money back. Like an idiot, I gave it back. Two weeks later I got a parking ticket in the mail from when that bitch was driving.
 
Or tell him you'll still be the owner of the car (ie no title) until he pays in full, but he can drive the car provided that he registers at the dmv for that car.
 
I spoke to that person again.

Have any of you heard of putting a lean on the title at the dmv? This way, the title will still be under my name until he pays in full while allowing him to register at the dmv.

What if he defaults a payment?

Thanks for all of your inputs!
 
One more question.

What if the person pays with a cashier's check? Do I have to wait for it to clear? I thought it was the same as cash, but read somewhere online that recommended to wait atleast a week for it to clear. ???

How long does a personal check usually take to clear?
 
Originally posted by: TygGer
I spoke to that person again.

Have any of you heard of putting a lean on the title at the dmv? This way, the title will still be under my name until he pays in full while allowing him to register at the dmv.

What if he defaults a payment?

Thanks for all of your inputs!
Click to expand...

What if he gets into an accident crashing into a $130k Mercedes Benz, killing 2 people and YOU are the title owner or lien holder.

All or nothing.
 
Originally posted by: RossMAN
Originally posted by: TygGer
I spoke to that person again.

Have any of you heard of putting a lean on the title at the dmv? This way, the title will still be under my name until he pays in full while allowing him to register at the dmv.

What if he defaults a payment?

Thanks for all of your inputs!
Click to expand...

What if he gets into an accident crashing into a $130k Mercedes Benz, killing 2 people and YOU are the title owner or lien holder.

All or nothing.
Click to expand...

Exactly!! Tell him to get a loan from the bank so you can get paid in full. Then he can just pay the bank back. Even if he's young, it's not a huge loan. Should be feasible.
 
Originally posted by: notfred
Originally posted by: DougK62
100% cash or no car. Don't ever let someone take your car without having all the money.
Click to expand...

Exactly. I made this mistake once. Got $3000 of a $6500 agreement. Person was supposed to take the car for one night and have it looked at by a mechanic. Person kept the car for three days, drove it around, and then decisded they didn't want it. Brought it back and asked for thier money back. Like an idiot, I gave it back. Two weeks later I got a parking ticket in the mail from when that bitch was driving.
Click to expand...

LMAO!!!! you got to be kidding right? no offense to you but when I read this I started laughing, sorry about your expereince, but when you said you gave the money back that made me laugh more and then the parking ticket part i nearly peed myself....,,, really sorry, its funny though...just wondering if this persone does the same thing to others....hahah...
 
Originally posted by: notfred
Originally posted by: DougK62
100% cash or no car. Don't ever let someone take your car without having all the money.
Click to expand...

Exactly. I made this mistake once. Got $3000 of a $6500 agreement. Person was supposed to take the car for one night and have it looked at by a mechanic. Person kept the car for three days, drove it around, and then decisded they didn't want it. Brought it back and asked for thier money back. Like an idiot, I gave it back. Two weeks later I got a parking ticket in the mail from when that bitch was driving.
Click to expand...

Sucka you got SERVED!!!!
 
Originally posted by: Passions
Originally posted by: notfred
Originally posted by: DougK62
100% cash or no car. Don't ever let someone take your car without having all the money.
Click to expand...

Exactly. I made this mistake once. Got $3000 of a $6500 agreement. Person was supposed to take the car for one night and have it looked at by a mechanic. Person kept the car for three days, drove it around, and then decisded they didn't want it. Brought it back and asked for thier money back. Like an idiot, I gave it back. Two weeks later I got a parking ticket in the mail from when that bitch was driving.
Click to expand...

Sucka you got SERVED!!!!
Click to expand...

more like pwned
 
Originally posted by: TygGer
One more question.

What if the person pays with a cashier's check? Do I have to wait for it to clear? I thought it was the same as cash, but read somewhere online that recommended to wait atleast a week for it to clear. ???

How long does a personal check usually take to clear?
Click to expand...

 
Originally posted by: TygGer
One more question.

What if the person pays with a cashier's check? Do I have to wait for it to clear? I thought it was the same as cash, but read somewhere online that recommended to wait atleast a week for it to clear. ???

How long does a personal check usually take to clear?
Click to expand...

Can anyone answer this? Thanks for the help guys
 
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