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Thread: potentially selling a car to a buyer who wants to make monthly payments, help?

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  1. #1 Default potentially selling a car to a buyer who wants to make monthly payments, help? 
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    so im planning on selling my car to a guy who wants to put $2k down and make $500 monthly payments. i know i can do a private lienholder contract (as rich mentioned) to make sure i don't screwed over, and i keep the title until all payments are made full. but what do else do i need? question is how does the buyer get plates and insurance if i still hold the title?. etc etc. Opinions and insights appreciated
    '00 GS300
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    Quote Originally Posted by Philsans5
    Wes get your hands out of there!
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  2. #2 Default  
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    Absolutely positively not.

    If he can't get a personal loan himself to buy the car- don't sell it to him- if he isn't responsible enough to have the ability (or credit worthiness) to get a personal loan to buy the car. He won't pay you either
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  3. #3 Default  
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    Agree with Chris, not worth the risk. If he can't get a loan from a bank don't do it

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  4. #4 Default  
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    Yeah man don't do it. You will end up getting the shaft for sure. Are you making payments on your car? Can I help you out at all? I don't have to much but I can spare a bit.
    Matt
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  5. #5 Default  
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    Quote Originally Posted by Chris! View Post
    Absolutely positively not.

    If he can't get a personal loan himself to buy the car- don't sell it to him- if he isn't responsible enough to have the ability (or credit worthiness) to get a personal loan to buy the car. He won't pay you either
    Quote Originally Posted by Josh S View Post
    Agree with Chris, not worth the risk. If he can't get a loan from a bank don't do it
    Quote Originally Posted by [cerberus] View Post
    Yeah man don't do it. You will end up getting the shaft for sure. Are you making payments on your car? Can I help you out at all? I don't have to much but I can spare a bit.
    yeah thanks for the input, now that you all mentioned it, i remember duey getting screwed over on his ruckus for payments when he sold it. yeah i'll kepp ti safe. and @matt, it's all paid off ever since i bought the car
    '00 GS300
    '08 IS250
    '05 IS300
    '73 240Z
    Photos


    Quote Originally Posted by Philsans5
    Wes get your hands out of there!
    Quote Originally Posted by streetxdreamer View Post
    spotted LFA in toilet, promptly flushed it
    Quote Originally Posted by MassBimmer View Post
    Hennessey
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  6. #6 Default  
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    Fail
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  7. #7 Default  
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    I had a guy call me and ask the same question about my Z, I told him the car is for sale not for lease. He said "but I'll give you $5k down". Blah I just hung up on the dude, then sold the car 4 days later to a younger guy that got a loan and showed up with a bank check for exactly what I was asking. Just be patient and the right buyer will come around.
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  8. #8 Default  
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    If he can't find a bank to lend him money, why in the fuck would you consider lending him money? Do you have more money than the banks? Can you just toss it around without worrying about repayment?

    -Justin

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  9. #9 Default  
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    Quote Originally Posted by Justin.b View Post
    If he can't find a bank to lend him money, why in the fuck would you consider lending him money? Do you have more money than the banks? Can you just toss it around without worrying about repayment?

    -Justin
    Chinese banks are more lenient in their lending.
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  10. #10 Default  
    I say....

    Let him make all the payments to you he wants. In whatever increment you and he agree upon.

    Obviously, don't give him the car until he's paid you for it in full though.
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  11. #11 Default  
    pretty much what everyone else said

    if he cant get a loan, most likely he cant pay you
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  12. #12 Default  
    tell him to save the $500 a month until he has your asking price then its a deal.
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  13. #13 Default  
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    When I was selling my 240, I went to meet a guy up in NH. He was an out of state contractor in town doing work on a public building. I picked him up from his hotel. He then tells me about how it's a great deal that I should take $1000 down and he'll make payments. I immediately dropped him off back at his hotel and stopped taking his calls, pissed off that I wasted the time driving there. If he had mentioned on the phone that he had no way of paying for the car, I wouldn't have gone up there.

    I'm not a lending institution. I have no collection agencies ready to go after the deadbeats, I have no out of state repo guy on speed dial. Hell, I don't even know how to run a credit check on someone.

    IMHO, you're better off waiting a few months for a real buyer than waiting months for car payments that will never arrive. Sure, you may hold a lien on the title, but the other guy has the car. And once it's parted out or loaded on a container and shipped off, nobody cares about who holds the legal title.

    -Justin

    White Hairdresser's Car, Orange Car with Hand-Built Engine (Like AMG) and 6-Speed (Not like AMG)
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  14. #14 Default  
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    Lmao I'm beating a dead horse here but I agree with all posts above. Big red flag here. Leave the debt enforcement to lending institutions.

    Cash only, especially since it's an older, depreciated car. If they can't raise the money for what is probably $10k car, they most likely have bigger problems than buying a car
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  15. #15 Default  
    Thing I would worry most about is what if he took out just the min insurance? Good luck repo'ing if it gets wrecked or stolen.
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