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 ?
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Selling a vehicle for payments
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 ?
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make sure you make contracts!!
With all payment plants fully listed and how long full amount has to be payed within
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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.
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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.
Money and friends don't mix. As much as you want to help your friend, in the end it never works out that way.
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Dont do it at all.
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Originally posted by JAYMEZ
Dont do it at all.
But if you really have to, post dated cheques and a written contract will come in handy.
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.
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absolute truth.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.
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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.
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You will get burned. Let the bank deal with him via loan.
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That's how it ALWAYS!! starts. Everyone else has already told you what to do.Originally posted by SRT10Killer
I'm sure he's good for it
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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.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.
I also work with him, he's my supervisor lol
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So in other words, you're setting yourself up to lose a friend, a car, money, AND a job?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
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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.
-James
Current beast: E550 Coupe (M278)
Previous beasts: AM Vantage, E90 335i (modded + JB4 Map2), E39 M5
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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.
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Just in case youre not convinced yet, Ill say it again: ITS A BAD IDEA.
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+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.
Originally Posted by killramos
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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 ?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.
K, I'll talk to him about getting a loan AGAIN
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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).
Run.The.Fuck.Away.Originally posted by SRT10Killer
I also work with him, he's my supervisor lol
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.
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