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Selling car, offered payments, should i run?

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Im selling a car for 6000. Someone offered to pay 4000 up right and the rest in payments. Ive only ever sold mx bikes so I dont really know much about this. Is it even possible? Or is he going to screw me and possibly not pay me the rest? I know to never except anything other than cash, so if he starts talking about paypal and all that stuff I'm out

Edited by Tony477g

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Selling car, offered payments, should i run?

I would run.

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Just don't give the car over until its fully paid for...... Give a deadline and keep 1000 cash for the non refundable down payment. put the other 3k in a bank account if the deadline is missed keep the 1 k and give the other 3 back. what the heck any way you win. Just get a lawyer to draw up the agreement. No full payment, no car.

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Never never never!!!! Especially family! Rented a house to some family members and house was not taken care of and when they moved out, left a pile of kitty litter in the front yard......

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Just don't give the car over until its fully paid for...... Give a deadline and keep 1000 cash for the non refundable down payment. put the other 3k in a bank account if the deadline is missed keep the 1 k and give the other 3 back. what the heck any way you win. Just get a lawyer to draw up the agreement. No full payment, no car.

Took the words right outta my mouth!

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I would make it the banks problem not yours.

Atleast your not being offered a 100 dollar downpayment and 12 monthly payments of 42 dollars on a 600 dollar dirtbike. True story.

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If they need to make payments they can get a loan. If they can't get a loan, that's their problem, not yours.

9 out of 10 stories I've heard about someone letting a person make payments to them on a car/boat/bike/etc does not end well.

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Nope. What recourse would you have if they stiffed you? They have no intentions of paying for the rest.

I would NEVER sell anything on payments. Let a bank take payments, NOT you - as has been said.

The only other thing I would do is also what was stated. You keep vehicle until paid off.

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I'd laugh hysterically and then respond with "OK, now seriously..."

Unless they leave the car with you until it is paid off (with interest) and if they miss a payment due date, they lose the $4,000 'deposit' and all payments made to date.

I did buy a dirt bike from a guy back in 1970 on payments to him however. Looking back he was stupid to of done it.

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If he can throw $4k down cash, and the car's worth $6k, it shouldn't be too hard to get a loan on that LTV ratio.

And if he can't get a loan for two grand, then he outta be shopping for a four thousand dollar car.

Unless it's someone you really, really trust, and you can write off their friendship and the $2k if things go awry, then don't do it.

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If they need to make payments they can get a loan. If they can't get a loan, that's their problem, not yours.

THIS! :thumbsup:

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Im selling a car for 6000. Someone offered to pay 4000 up right and the rest in payments. Ive only ever sold mx bikes so I dont really know much about this. Is it even possible? Or is he going to screw me and possibly not pay me the rest? I know to never except anything other than cash, so if he starts talking about paypal and all that stuff I'm out

Do NOT take payments, even if it is your best friend. Only take payment in FULL. Let them get a loan from a bank if they want to do a payment plan.

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Ya I wont take payments, I didn't really think it was a good idea in the first place just wanted to see if any of you had ever done it. One other thing, when showing the car and they want to test drive it, should i just get in the car with him or should i make them hand over the money first and then get in with him. What do you guys do and say?

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Ya I wont take payments, I didn't really think it was a good idea in the first place just wanted to see if any of you had ever done it. One other thing, when showing the car and they want to test drive it, should i just get in the car with him or should i make them hand over the money first and then get in with him. What do you guys do and say?

Use your judgement. If they arrive walking, on the bus, or in a really crappy car or look like scuzzballs, I'd go with.

If they look respectable and arrive in a decent car (which they leave in your driveway) I don't have a problem with letting them go solo.

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I vote No. No payment plans. I have tried to be helpful and the good guy, burned both times.

Before I had a good job, credit was no option, paying cash in full was no option. I was hung in the middle. Two different fellas, for 4 different items let me make payments. I paid them off in a reasonable amount of time, never had to hound me for money. This led to one of the guys opening a tab at his automotive shop and between tight paydays he will fix or spot me parts as much as he can and never ask for a dime up front. It's worked out great.

These relationships made me say yes to another fellow I knew a long time. He burnt me. Big time. 80's ford bronco for $1,500. Took him 3 to 4 years before I got all of it. Several month maybe a year span between payments or even a return phone call.

Next guy caught me at a good time. Got all the cash from the bronco guy, I got a good deal on my new truck, I was feeling generous . Same deal. Knew him for a long time , we worked at the same truck shop. This was a late 80's ford 4x4 truck. I asked $1,500 with $300 down & $ 100 a week. Those were my terms take it or leave it. I did it at 16 washing dishes. I knew he could if he wanted it. Made a payment or two, truck was covered in mud, shit hanging out from underneath it. I never treated it this way . I drove it daily until I sold it to him. But whatever as long as he paid for it . Well about 1 1/9 payments in(lol brought me $9) he got fired . Bout 6 months later I repossesed it. Then about 2 years later I sold it to him again . $1500 again all cash . No b.s.

Never again!

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