Selling a car and the guy wants to finance.

[khaxnguyen]

I have my 95 civic which i'm letting go for $2600. The car has no insurance and it's not registered right now(perfect condition just havent been driving it). The person that wants to buy it is willing to pay $250 a month. I need help on figuring out a plan/scheme to get this all working properly for the both of us where i wont get fucked over. My plan is to create an agreement paper and have both of us sign it and get it notarized at the bank. well the problem is i dont know what to include in the agreement: title info, insurance, the deal, payments, etc.
*what do i do with the title? i'm keeping it til it's FULLY paid off--i know that much.
*What do i do about the insurance? he needs the title to get insurance,
right?
* I need things to put in the agreement paper before notarizing it.

Help me out. Anonymous reps will be giving =P it's not like u can see it but u'll get them!
** i didnt want to finance with him but i just dont want to let the car sit and rot. lol

[HeLLo iM iZzY]

Just put, I (name) am holding the title till the full amount of XXX is paid off. The amount of XXX will be paid monthly in the amount of XXX. (Buyer) agrees to these terms and if monthly payments are not made in the amount of xxx I have the right to a night in the sheets with his girl.

Lulz.

[tdurr]

Just put, I (name) am holding the title till the full amount of XXX is paid off. The amount of XXX will be paid monthly in the amount of XXX. (Buyer) agrees to these terms and if monthly payments are not made in the amount of xxx I have the right to a night in the sheets with his girl.

Lulz.

i like the last part.

[redrumracer]

Just put, I (name) am holding the title till the full amount of XXX is paid off. The amount of XXX will be paid monthly in the amount of XXX. (Buyer) agrees to these terms and if monthly payments are not made in the amount of xxx I have the right to a night in the sheets with his girl.

Lulz.

lol

but just put something down with the everything that is going on, oh and id make sure he got full coverage with you designated as the recipient of the funds if something happens. im not sure if individuals can do liens on the cars or not.

[silversol]

dont do it!

[SiRed94]

dont do it!

X2 Fuck financing. You will always get burnt, even if it is with a friend.

[redgst97]

I would not do it.
The ONLY payment plan I would entertain is $2595 down, and the balance due in 10 minutes.

[rickgiblin]

about insurance... he DOES NOT need the title to get insurance. its basically like getting a loan from a bank. all he needs to say to the insurance company is that there is a lein on the title and there for make sure taht he covers full insurance till its fully paid off. that will really save your butt incase he wrecks it and totals it. also, you need to put something saying that this is the total price which will be paid in x amounts of months with this price per month. the total will be paid in full by x date or the vehicle of vin number will be reopessed. but i can ot express how important it is to make sure he puts full coverage on it. and both of you will have to go to the tag office for the title part

[TIGERJC]

I wouldn't do it, too much of a headache for only 3k

[SEAN]

I wouldn't do it either...I tried something similar with one of my cars when I lived in ATL...even with a document similar to what has been said I got screwed...the guy was a friend of a friend and drove my car for 3 months and never paid a penny...he also blew the transmission out and didn't bother to tell me when I finally went and got the car back...I would take cash only...peeps will screw you over otherwise...

[keevo54]

no no no run away. sell to someone with cash....u will get fucked if u finance

[Kasper]

you better word things carefully so that theres no loop holes and be prepaired to take his ass to court. cause when he doesnt even give you a reach around and blows your shit up. thats the only way you'll be able to get your money.

[eYezs1ck]

fluke! who the fcuk finances a 14 yr old civic? hes must be broke as a joke or sumthing

[collins]

Don't do it man. It's got fail written allover it. You'd be better selling the car for a lesser amount than trying to personally finance it. Muuuch less headache!

[G.C]

Lol....Finance for 3g...Don't do it.

[K20Z1]

find another buyer

[umairejaz]

Don't do it. Not without a downpayment and 29% interest . I believe you should be able to list yourself as a lien holder when changing the name on the title, fill out a MV1 form.


But seriously do not do it, if a bank wont loan him money you shouldn't either.

[RL...]

lol @ financing an old civic

[Got Milk?]

WHY GO THROUGH ALL THAT TROUBLE WHEN YOU CAN JUST WAIT FOR ANOTHER BUYER WHO IS WILLING TO PAY FULL AMOUNT IN ONE PAYMENT?

[uproot]

But seriously do not do it, if a bank wont loan him money you shouldn't either.

Wise words.

[blaknoize]

Wise words.

How were those wise words? Thats like me asking my bank for a small cash loan. I did it once before but now since this crunch or whatever I cannot take out another loan till the "time between" is settled. I took out a 2500 loan before but I cant even get another from the same bank.

Has nothing whatsoever to do with a persons creditworthiness.

[sogood]

LOL @ needing to finance a '95 Civic.

[jfman]

Those deals never end well. Hes gonna make one of two payments, trash the car and something will break then you wont ever see a dime from him and you will have to hunt your car down.

[Juggernaut]

How were those wise words? Thats like me asking my bank for a small cash loan. I did it once before but now since this crunch or whatever I cannot take out another loan till the "time between" is settled. I took out a 2500 loan before but I cant even get another from the same bank.

Has nothing whatsoever to do with a persons creditworthiness.

LOL, you keep thinking that. I am sure it helps you sleep better.

[umairejaz]

^Lol

[er1c]

...i wouldn't do...90% of insurance companies will not insure that car for him b/c he doesn't have an "insurable interest"...wait for another buyer.

[khaxnguyen]

thanks! more will suggestions are welcomed.

[Vayda]

If it comes to it that you absolutely must do it for this guy, or you really want to, I'd get a lawyer that specializes in this nonsense and have him draw it up for you. Add the cost of it into the cost of the car. That way at least you know it's airtight.

You'll probably still get screwed over and end up repossessing a blown-up civic and having zero dollars to show for it, but at least the law will be on your side.

[Nikola]

Why doesnt the guy go to his bank and get a loan from them, give you the money and then pay that loan off... you get your money and dont have to worry about him making payments.

[SmackedInATL]

IMO this is a no brainer, but since you asked, DON'T DO IT!!

[95alty]

Lol feel like getting burnt out of a car and 3 gs??? The guy can just dip with your car and "say" he is going to pay you... I dont care if you get it notarized.... he can still move to another state or dip in between houses and you will be on a wild goose hunt... plus the cops wouldnt even care and if the guy is that broke then he obviously doesnt have anything you can sue for

[Vayda]

Why doesnt the guy go to his bank and get a loan from them, give you the money and then pay that loan off... you get your money and dont have to worry about him making payments.

They won't give out a car loan for something that old, or likely, that small. he would have to get a personal loan and banks are really stingy with those right now. It may not be that the guy is a deadbeat at all, just needs a ride and doesn't have the cash.

[Z0_o6]

i recently bought a camaro by making payments to the guy. we wrote up a bill of sale that agreed to split the amount into 4 equal payments, with me taking possession of the vehicle AFTER IT WAS PAID FOR. no problems whatsoever. i mean, don't get me wrong the guy is a friend of mine and the car was paid off in a week and a half lol... but regardless, if he wants to make payments, fine, just don't let him have the car.