Selling a vehicle for payments

[SRT10Killer]

I'm selling a car to a friend, he wants to give me payments over a certain period and I'm sure he's good for it, but what's the safest way to transfer ownership with payments ?

[300zxfairlday]

make sure you make contracts!!
With all payment plants fully listed and how long full amount has to be payed within

[Tomaz]

Take payments on a contract. Then give him the car AFTER he has paid it off.

Or, tell him to get a loan.

As much as I trust my friends, I hate money getting involved with them because of the high risk of damaged relationships after. Best bet would be having 100% payment before transfer of ownership.

[Eken9]

Originally posted by Tomaz
Take payments on a contract. Then give him the car AFTER he has paid it off.

Or, tell him to get a loan.

As much as I trust my friends, I hate money getting involved with them because of the high risk of damaged relationships after. Best bet would be having 100% payment before transfer of ownership.

:werd:

Money and friends don't mix. As much as you want to help your friend, in the end it never works out that way.

[JAYMEZ]

Dont do it at all.

[Clever]

Originally posted by JAYMEZ
Dont do it at all.


:thumbsup: :thumbsup:


But if you really have to, post dated cheques and a written contract will come in handy.

[Mibz]

Tell him to get a loan. If he can't get a loan then, chances are, he's not good for it. As well intentioned as he may be, it will cause nothing but problems. He'll miss a payment for a legitimate reason, you'll let him, he'll take advantage, you'll dawdle for fear of ruining the relationship, eventually you'll get fed up and start hassling him for it, he'll keep making excuses and in the end you're out money and a friend.

Avoid the situation altogether and, at worst, you'll be out a friend. If a dude hates on you because you won't put yourself in a shitty situation then he's not a friend to begin with.

If you think a contract is going to change any of that, you're wrong.

[core_upt]

Originally posted by Mibz
Tell him to get a loan. If he can't get a loan then, chances are, he's not good for it. As well intentioned as he may be, it will cause nothing but problems. He'll miss a payment for a legitimate reason, you'll let him, he'll take advantage, you'll dawdle for fear of ruining the relationship, eventually you'll get fed up and start hassling him for it, he'll keep making excuses and in the end you're out money and a friend.

Avoid the situation altogether and, at worst, you'll be out a friend. If a dude hates on you because you won't put yourself in a shitty situation then he's not a friend to begin with.

If you think a contract is going to change any of that, you're wrong.

absolute truth.

[Kloubek]

What everyone is saying is the truth. It may seem like a fine idea now, and you probably think everyone doesn't know what they are talking about, but we do.

Probably everyone posting has been burned or knows of someone who has been by allowing payments from a friend.

If you insist on going ahead with this, then a signed contract is an absolute must, in case you need to take him to court. Postdated cheques are good as well as Clever said, but in the end they mean little if he doesn't have the money in the account.

So again, HIGHLY advise against this. But if you go ahead and it causes problems, I guess that will be considered a lesson learned.

[blackteg2]

You will get burned. Let the bank deal with him via loan.

[topmade]

Originally posted by SRT10Killer
I'm sure he's good for it
That's how it ALWAYS!! starts. Everyone else has already told you what to do.

[SRT10Killer]

Originally posted by Mibz
Tell him to get a loan. If he can't get a loan then, chances are, he's not good for it. As well intentioned as he may be, it will cause nothing but problems. He'll miss a payment for a legitimate reason, you'll let him, he'll take advantage, you'll dawdle for fear of ruining the relationship, eventually you'll get fed up and start hassling him for it, he'll keep making excuses and in the end you're out money and a friend.

Avoid the situation altogether and, at worst, you'll be out a friend. If a dude hates on you because you won't put yourself in a shitty situation then he's not a friend to begin with.

If you think a contract is going to change any of that, you're wrong.

That's what I'm afraid of, I did ask him about the loan, but he won't be able to get in until mid july.

I also work with him, he's my supervisor lol

[vengie]

Originally posted by SRT10Killer


That's what I'm afraid of, I did ask him about the loan, but he won't be able to get in until mid july.

I also work with him, he's my supervisor lol

So in other words, you're setting yourself up to lose a friend, a car, money, AND a job?

:dunno:

[TorqueDog]

Are you a bank? Because you don't sound like a bank.

Whether it's with a friend or with family, you do not want to do this. Tell them to get a loan. You don't want to deal with the headache this can bring.

[483hp]

Act like a leasing company. With a personal guarantee and a security interest. I don't suggest this though.

Tell him to get the money from the bank. If he can't then, you know something's up.

[urban.one]

Just in case youre not convinced yet, Ill say it again: ITS A BAD IDEA.

[ExtraSlow]

+100
you probably wouldn't loan him money to buy someone else's car, so why is this any different?

Let him geta bank loan in june or whenever he qualifies for it, then sell him your car. Or better yet, let him buy someone else's. I have a strict rule about not selling cars to friends. if anything ever breaks, you'll look like a douche for selling a "busted" car, even if you had the best intentions.

[SRT10Killer]

Originally posted by ExtraSlow
+100
you probably wouldn't loan him money to buy someone else's car, so why is this any different?

Let him geta bank loan in june or whenever he qualifies for it, then sell him your car. Or better yet, let him buy someone else's. I have a strict rule about not selling cars to friends. if anything ever breaks, you'll look like a douche for selling a "busted" car, even if you had the best intentions.

Yea, also was afraid of this, I know the car is 100% mechanically sound, but what if he beats the crap out of it and blaims it on me for selling a bad car ?


K, I'll talk to him about getting a loan AGAIN

[2fast4me]

Don't do it. If you need to get rid of the car, sell it for cheap on the market....for 100% of the payment from some buyer. I rather lose $2000 than losing a friendship (in your case, more than that).

[Mibz]

Originally posted by SRT10Killer
I also work with him, he's my supervisor lol Run.The.Fuck.Away.

I know you're probably in pretty deep already and you're gonna feel like a dick telling him "no", but the sooner you do, the better the situation will turn out.

[SRT10Killer]

Originally posted by Mibz
Run.The.Fuck.Away.

I know you're probably in pretty deep already and you're gonna feel like a dick telling him "no", but the sooner you do, the better the situation will turn out.

Not really, I just promised I'd sell it to him so far, but yea I don't want any problems, I'll try to work a loan out with him from the bank

[vengie]

Originally posted by SRT10Killer


Not really, I just promised I'd sell it to him so far, but yea I don't want any problems, I'll try to work a loan out with him from the bank

If he can't get a loan on his own, tell him to get a co-signer. If no one is willing to co-sign for him then you know something is wrong.

[banned3x]

if you say no to him hell get mad
if you sell it to him and it breaks down hell get mad
if you do sell it to him on payments and he doesnt pay you ask for a payment hell get mad.
if your smart run!!!!!!!:burnout:

[adidas]

6 months later....


Beyond HELP!

I sold a car to my supervisor 6 months ago, he has failed to make a payment for it in the last 2 months and now has fired me from the same company we both worked at. I didnt make a contract or have anything written down on paper.

Can i take him to small claims court guys?

[blackteg2]

Originally posted by SRT10Killer


Not really, I just promised I'd sell it to him so far, but yea I don't want any problems, I'll try to work a loan out with him from the bank

Let him worry about securing the money from the bank. That shouldn't be your problem.

The only thing you should be worrying about is receiving a certified bank draft and signing the title over to him.

[Kloubek]

He's your supervisor too? Oh shit - that kinda opens you up to be fucked in every oraface doesn't it?

[G-ZUS]

Originally posted by Kloubek
He's your supervisor too? Oh shit - that kinda opens you up to be fucked in every Orifice doesn't it?

:)

[SRT10Killer]

Talking to him bout getting a loan, he will probably get one.

But I have no concern of him getting the money, we worked together for 2 summers and june-sept he averages about 10k per month, which is more than enough to pay off in 1 payment, me a little less

[atgilchrist]

No matter how much a person makes, they can blow it without covering financial obligations. If he makes that much, he should be able to secure a proper loan, leaving you with no risk.

[luv2ride_bikes]

You can always tell him that you need the entire amount right away as you need it to purchase your next vehicle or pay bills. something like that. Whether it is true or not.

[SRT10Killer]

Originally posted by atgilchrist
No matter how much a person makes, they can blow it without covering financial obligations. If he makes that much, he should be able to secure a proper loan, leaving you with no risk.
Yea that's a good possibility. The thing about the loan is he was a contractor for 1.5 years and the banks need some sort of assurance that work is permanent, so they if he was a contractor for more than 2 years it would be no problem

[Sugarphreak]

Originally posted by Eken9

Money and friends don't mix. As much as you want to help your friend, in the end it never works out that way.

This is good advice

[5hift]

Originally posted by SRT10Killer

But I have no concern of him getting the money, we worked together for 2 summers and june-sept he averages about 10k per month, which is more than enough to pay off in 1 payment, me a little less

Every additional bit of info you add, just contributes to the reasons why you shouldnt get involved in any way.

If he earns 10K/month for just the summer, add to that what he gets the rest of the year, how is someone with this kind of income in the position that he has to ask one of his subordinates at work for a loan?

Usually when someone needs money, they go to either the bank for a loan or ask family. The fact he's resorting to asking people who work for him, should tell you how many bridges he's probably burned elsewhere in much closer relationships.

If he likes your car, and can make the money to pay it off in 1 payment in one summer month's worth of work, why dont you just hold the car and wait until one month has passed?

[SRT10Killer]

Originally posted by 5hift


Every additional bit of info you add, just contributes to the reasons why you shouldnt get involved in any way.

If he earns 10K/month for just the summer, add to that what he gets the rest of the year, how is someone with this kind of income in the position that he has to ask one of his subordinates at work for a loan?

Usually when someone needs money, they go to either the bank for a loan or ask family. The fact he's resorting to asking people who work for him, should tell you how many bridges he's probably burned elsewhere in much closer relationships.

If he likes your car, and can make the money to pay it off in 1 payment in one summer month's worth of work, why dont you just hold the car and wait until one month has passed?

he was a party animal up to November 2008, he got his first credit card last summer and ruined his credit rating.

He needs a car soon, he uses his gf's car to get to work currently, we will make something work

[sputnik]

Originally posted by SRT10Killer


he was a party animal up to November 2008, he got his first credit card last summer and ruined his credit rating.

He needs a car soon, he uses his gf's car to get to work currently, we will make something work

If he can't get a loan tell him to get a SAVINGS account.

Then he can buy the car from you when he has saved enough money.

In the meantime put the car up for sale for $500-1000 more than what you are selling it to him for.

[canuckcarguy]

If you're charging fair market value for the car and it's an easy car to sell, there's no point carrying financing. If you're charging too much, or it's a car that's difficult to sell, then it makes sense to carry the financing.

What kind of car is it?

[5hift]

Originally posted by SRT10Killer


he was a party animal up to November 2008, he got his first credit card last summer and ruined his credit rating.

He needs a car soon, he uses his gf's car to get to work currently, we will make something work


Are you reading what you are typing?
I just have 3 things to say:

1) Party Animal going through 10K a month? - DRUG HABIT!!

2) Bad credit rating - this happens when you dont pay what you owe to someone. If he doesnt pay back a credit card company that has him legally by the balls, sends him monthly statements, warnings, and has a call center of employees just to hassle him daily, the chances of you getting paid like you expect are pretty slim

3) Can I borrow 10k? I have a good credit rating, a savings, and I promise I'll pay you back too. :D

[SRT10Killer]

it worked out great with payments, he payed me off in 45 days, but in the future I probably won't do it again

[403Gemini]

How are you making payments ? A car loan through your bank? A lease?

Sit down with your friend at the bank / dealership and find a way to transfer the loan / lease into his name.

[Moe Man]

If the car breaks down or even has small issues say goodbuy to the payments, people dont want to pay for broken shit.

Second, when you first buy something you love it and think you got a good deal, then everyone starts to get sick of their cars, doesnt matter if it is a bugatti, people will lose interest in their vehicles. So they find other things to put their money in! YOU WONT GET PAID!

[Graham_A_M]

Originally posted by Tomaz
Take payments on a contract. Then give him the car AFTER he has paid it off.

Or, tell him to get a loan.

As much as I trust my friends, I hate money getting involved with them because of the high risk of damaged relationships after. Best bet would be having 100% payment before transfer of ownership.

Exactly. The strain this can put on a friendship is enormous. I've been down this road before. We agreed he'd pay for the car over three months ending in May, it wasn't until late August that I was finally paid in full. I had to twist his arm around his back almost just to get the rest of the money:banghead:

Keep the car until its paid off, and for every monthly payment he misses, add $100 (or whatever) to the remaining cost of the car.

[badatusrnames]

Don't mix money and friends.

[Mibz]

Originally posted by SRT10Killer
it worked out great with payments, he payed me off in 45 days, but in the future I probably won't do it again Grats man, consider yourself lucky.

[nykz]

Originally posted by Mibz
Grats man, consider yourself lucky.

Very lucky, just don't do it ever again, chances of you getting screwed over is a lot higher than a successful transaction.