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Old 04-06-2007, 07:45 PM   #1
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Default How does a private party selling a car setup a payment plan for a buyer?

I'm selling my car and I just got a guy offering his dsm and $6k for my accord, but he doesn't have the cash. He said he could do it if I would take payments, but I wouldn't do that. However, if I were to have a solid upperhand, I would be more than willing to do some sort of payment plan. So, does anyone know how a private party can setup some sort of safe payment plan for a buyer?
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Old 04-06-2007, 07:48 PM   #2
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Default Re: How does a private party selling a car setup a payment plan for a buyer? (HeWhoIsHites)

I wouldn't do it.
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Old 04-06-2007, 07:51 PM   #3
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Default Re: How does a private party selling a car setup a payment plan for a buyer? (HeWhoIsHites)

Point him towards a lending institution and be done with it.
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Old 04-06-2007, 07:52 PM   #4
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Default Re: How does a private party selling a car setup a payment plan for a buyer? (snailcurry)

Sounds like a bad idea. Can he not get a loan or something? Do you know the guy on a personal level?
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Old 04-06-2007, 07:54 PM   #5
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Default Re: How does a private party selling a car setup a payment plan for a buyer? (HeWhoIsHites)

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Originally Posted by HeWhoIsHites
So, does anyone know how a private party can setup some sort of safe payment plan for a buyer?
Yeah it is called a bank, tell him to go there and get a loan. If he can't get a loan then find someone else that can.
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Old 04-06-2007, 07:55 PM   #6
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Default Re: How does a private party selling a car setup a payment plan for a buyer? (haveaniceday)

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Originally Posted by haveaniceday
Sounds like a bad idea. Can he not get a loan or something? Do you know the guy on a personal level?
Good point, but even at a personal level, I would never do it..

<-- speaking from personal experience.
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Old 04-06-2007, 08:08 PM   #7
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I wouldnt do it based on the fact that if he cant get a loan, he doesnt have good credit which means he does questionable things or he is irresponsible. Then, from there, you have to hang onto the title if you're gonna do it, and get it in writing from him that you want all payments in cheque and he has to sign a piece of paper that says, I do not own this car until I pay the 6k I owe in full.
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Old 04-06-2007, 08:18 PM   #8
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Default Re: How does a private party selling a car setup a payment plan for a buyer? (HeWhoIsHites)

tell him your not a ******* bank
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Old 04-06-2007, 08:27 PM   #9
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Yeah, if he can't get a loan what makes you think he can pay you off?
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Old 04-06-2007, 08:34 PM   #10
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Default Re: (Jobe16)

Maybe the kid is too young/has no credit history to speak of therefore making him unable to secure a loan? I would check into this first. I have done this sort of thing before, but I knew both my buyers on a personal level so it was a bit different. I'm sure a lawyer could draft up a contract that would legally bind him to finish paying you. look into it. Click the image to open in full size. .......or get ahold of me on aim.
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Old 04-06-2007, 08:37 PM   #11
 
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only way i know of to really secure yourself in a private party loan deal is using a Chatel MNortgage-- basically a form you file with the DMV thay says you are the lienholder and the title to the vehicle willnot be released to the buyer until said payments are complete-- he is able to registerit just like if here were to finance through a dealership and if he defaults the document allows for legal collection/recovery methods
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Old 04-06-2007, 08:41 PM   #12
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Default Re: (b16clutch)

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Originally Posted by b16clutch
only way i know of to really secure yourself in a private party loan deal is using a Chatel MNortgage-- basically a form you file with the DMV thay says you are the lienholder and the title to the vehicle willnot be released to the buyer until said payments are complete-- he is able to registerit just like if here were to finance through a dealership and if he defaults the document allows for legal collection/recovery methods
thats exactly the type of thing i was wondering if it existed. basically, i keep the title til he pays in full, but he still register and all that jazz, correct? would it be smart for me to get his ssn? ssn = gotcha by the *****, correct?
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Old 04-06-2007, 08:46 PM   #13
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Default Re: (wiscteg)

send him to the bank. If he can't get it from there, it's not a smart idea to set up a payment plan.

Make sure you draft up a legal document and set it at XXX amount that he has to pay each month if you decide to ignore this advice.
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Old 04-06-2007, 08:52 PM   #14
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Originally Posted by njn63

Make sure you draft up a legal document and set it at XXX amount that he has to pay each month if you decide to ignore this advice.
well yeah, thats just common sense. im not gonna be like "heres the car! now you better pay on time, or youre grounded mister!"
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Old 04-06-2007, 09:00 PM   #15
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You want his SSN and his drivers license numbers.
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Old 04-06-2007, 09:16 PM   #16
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Default Re: (Mani Fresh)

bottom line are you this desperate to sell a ******* accord??

its honda plenty of LEGIT buyers will come with cash and easy transaction

you really want to have to deal with the possible missed/late payments etc, plus from 99% of buyers you could have all the cash NOW instead of gay payment plan
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Old 04-06-2007, 10:31 PM   #17
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Default Re: (.m a c a)

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Originally Posted by .m a c a
bottom line are you this desperate to sell a ******* accord??

its honda plenty of LEGIT buyers will come with cash and easy transaction

you really want to have to deal with the possible missed/late payments etc, plus from 99% of buyers you could have all the cash NOW instead of gay payment plan
going by what this b16clutch feller is suggesting, if hes late making a payment, i can reposses my car. just sent the guy an email askin him how long it would take him to pay it off. if he says anything over a year, he can promptly expletive off.
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Old 04-07-2007, 08:49 PM   #18
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Default Re: How does a private party selling a car setup a payment plan for a buyer? (HeWhoIsHites)

guy just said that he could do $350 per month. im thinkin of makin him go for a loan instead.
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Old 04-07-2007, 08:54 PM   #19
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Default Re: How does a private party selling a car setup a payment plan for a buyer? (HeWhoIsHites)

Do it but keep the title. If he misses a payment, report the car stolen.
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Old 04-07-2007, 09:06 PM   #20
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Default Re: How does a private party selling a car setup a payment plan for a buyer?

they don't.
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Old 04-07-2007, 09:12 PM   #21
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three fifty? he better triple those payments.

ive done stuff like this before. the seller always kept the title till they got all of their money.

at least half was given to the seller up front. two weeks later he received the balance in full. second time i gave the seller a deposit to let him know i was serious. the remaining balance was paid with two separate money orders.

payment schedule never stretched longer than three payments.

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well Ill be damned if it isnt the drug dealing version of danny glover himself
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Old 04-07-2007, 09:15 PM   #22
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Default Re: (EGlovr)

I sold my teg to a car buddy, he's paying me $600 a month.. he's been really good about it, but I wouldn't do it with someone i didn't know
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Old 04-07-2007, 09:21 PM   #23
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Default Re: (Mani Fresh)

Quote:
Originally Posted by Mani Fresh
You want his SSN and his drivers license numbers.
haha that will do you a lot of good. Click the image to open in full size.

what you want is a legal contract signed by him and a witness also you keep the title, make sure you have all of his current information ie: home address phone number ect. and keep a set of keys, make him agree that if he misses a single payment you get the car back.

you both get a copy of the contract and then pray to your god that you don't get scammed.

but I wouldn't ever do it. even for a friend. it just makes a complicated situation that could turn very ugly.
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Old 04-07-2007, 10:03 PM   #24
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Default Re: How does a private party selling a car setup a payment plan for a buyer? (White Lotus)

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Do it but keep the title. If he misses a payment, report the car stolen.
i thought about that for a second, but he wouldnt be able to register it without the title.
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Old 04-07-2007, 10:05 PM   #25
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Default Re: (god.loves.ugly)

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Originally Posted by god.loves.ugly
haha that will do you a lot of good. Click the image to open in full size.

what you want is a legal contract signed by him and a witness also you keep the title, make sure you have all of his current information ie: home address phone number ect. and keep a set of keys, make him agree that if he misses a single payment you get the car back.

you both get a copy of the contract and then pray to your god that you don't get scammed.

but I wouldn't ever do it. even for a friend. it just makes a complicated situation that could turn very ugly.
agreed. i aint got the power of a stealership, so im not going to act like i do. loan or gtfo are his options.
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