Personal Payment Plan...

[eeboater]

I want to run a hypotheical scenario here...<br /><br />Lets say you have a vehicle for sale for about 2000 dollars. Someone approaches you, loves the vehicle, but doesn't immediately have the cash. Also, the person who approached you is afraid that the vehicle will be sold BEFORE he comes up with the cash.<br /><br />1. Would you consider a "personal payment plan" from the person buying the vehicle where they would pay you?<br /><br />- The conditions would be this:<br /><br />a. While the person is paying for the vehicle, it would remain in your driveway.<br /><br />b. The payments would be made on a weekly/monthly basis as agreed by you and the borrower.<br /><br />c. Obviously, you have to take it off the "market" once the person begins payments on it.<br /><br />or<br /><br />2. Would you say, go away you're not worth the work.<br /><br />Which way would you go? Has anyone did this before? The key piece of information here is that the person trying to buy the car from you is a TOTAL STRANGER.<br /><br />Sean

 

[LadyFish]

Re: Personal Payment Plan...

I would ask that he pay it off in 2 months or no more than 3, and it, and the title remain in your possession, what do you have to lose?<br /><br />I would do it unless I really needed the money quick.

 

[SpinnerBait_Nut]

Re: Personal Payment Plan...

Put it all in writing and get it notarized.<br />I am a notary and I do this all the time for people.

 

[rogerwa]

Re: Personal Payment Plan...

Don't mess around with it. It will only benefit them and not you. Find a buyer that has the money.. There is a reason they can't or won't get a loan. Will you charge interest??

 

[Drowned Rat]

Re: Personal Payment Plan...

I would probably do it as long as they understand that all payments are considered non-refundable if he changes his mind. Get it in writing.

 

[rogerwa]

Re: Personal Payment Plan...

OOps double..

 

[JRJ]

Re: Personal Payment Plan...

As long as the vehicle stays at your place, yes.<br />Is there a lot of interest in it at $2,000? Then it depends on how long you want to wait on your money. Good luck

 

[mattttt25]

Re: Personal Payment Plan...

why not? unless you need the full amount right now.<br /><br />write a contract, both parties sign, notarize it if you want. charge an interest rate close to prime. when the contract amount is paid off, car is released.<br /><br />nothing to lose. your contract will clearly state that if the buyer backs out of the deal or misses payments, he is refunded but charged a fee. you pocket the money and resell the car.<br /><br />it's all about fair and reasonable...

 

[Terry H]

Re: Personal Payment Plan...

You are not a bank, don't mess with it. If the guy doesn't have money or credit, he's just gonna cause you grief...just my humble opinion...Chief

 

[JB]

Re: Personal Payment Plan...

If a bank or loan company wont lend him the money to pay cash, neither will I.<br /><br />I have been known to accept a deposit to hold something for a fixed, and contracted period. If it isn't paid off by the end of that period the deposit is forfiet. The item, of course, stays in my posession, with any title, until/unless full payment occurs.

 

[SpinnerBait_Nut]

Re: Personal Payment Plan...

Originally posted by eeboater:<br /> I want to run a hypotheical scenario here...<br /><br />Lets say you have a vehicle for sale for about 2000 dollars. Someone approaches you, loves the vehicle, but doesn't immediately have the cash. Also, the person who approached you is afraid that the vehicle will be sold BEFORE he comes up with the cash.<br /><br />1. Would you consider a "personal payment plan" from the person buying the vehicle where they would pay you?(yes)<br /><br />- The conditions would be this:<br /><br />a. While the person is paying for the vehicle, it would remain in your driveway.(spot on)<br /><br />b. The payments would be made on a weekly/monthly basis as agreed by you and the borrower.(spot on again)<br /><br />c. Obviously, you have to take it off the "market" once the person begins payments on it.(yes)<br /><br />or<br /><br />2. Would you say, go away you're not worth the work.<br /><br />Which way would you go? Has anyone did this before? The key piece of information here is that the person trying to buy the car from you is a TOTAL STRANGER.<br /><br />Sean

 

[agrazela]

Re: Personal Payment Plan...

Making out a "payment plan" ain't worth the hassle...like Chief said, you are not a bank.<br /><br />JB's non-refundable deposit idea is good. Give the guy 2 weeks to a month to come up with the rest of the cash. If he needs more time than that, don't bother...sell it to someone who has the money.

 

[dolluper]

Re: Personal Payment Plan...

I always say money talks and bull-sh#t walks, someone else will have the money 2 grand isn't the wad for a vehicle hang on it will sell for good old american green

 

[DJ]

Re: Personal Payment Plan...

NO CASH-NO SALE!<br /><br />Don't buy ANYTHING without a clear title either.

 

[TwoBallScrewBall]

Re: Personal Payment Plan...

Best option - A good faith non-refundable deposit with a predetermined date of final sale. If he comes up with the $$ then all is well, and if not then you pocket some extra cash and put the car back up for sale. <br /><br />Second option, Take the payments but make them nonrefundable if the car is not paid off in a certain time. Maybe 50% non-fundable. <br /><br />Good luck with this one.

 

[Link]

Re: Personal Payment Plan...

Originally posted by Chief 101:<br /> You are not a bank, don't mess with it. If the guy doesn't have money or credit, he's just gonna cause you grief...just my humble opinion...Chief

If you need the cash Chief just gave you the answer.<br /><br />But and there is always a but isnt there <br />If the hypotheical $2000.00 loss wont hurt you or your family.<br /><br />There is a real good market out there for people who want or need things that dont have cash or good credit.<br /><br />A GOOD contract is key. As a hobby I used to fix up Travel Trailers and sell them 100 down and 100 per month. Didnt think much of it until the company I worked for went under in 1991. I was very grateful for the 2000+ in small payments which made the difference between having to take the first job that came around or picking one I wanted. <br />Hmmm nevermind.. one time deal. Take Chiefs advice<br />Too many people out there with thier ducks in order and have cash

 

[brother chris]

Re: Personal Payment Plan...

Just put a time limit on it. Say 2-3 months. <br />If the car is still in your driveway, then it is okay. <br />But I think you should draw up some kind of form stating that the car is still yours until paid in full. <br />Because the fellow could call the cops and say you have his car and he wants it back(that is, if you let him put it in his name while it is still in your driveway)<br />And definitely a 50% non-refundable if he does not pay in full by the end of the agreement.

 

[SpinnerBait_Nut]

Re: Personal Payment Plan...

EDIT: EE, you have enough options already.<br />Good luck on what you decide.

 

[roscoe]

Re: Personal Payment Plan...

Everything above sounds good, except do not charge interest. This makes you a lender and legal hassles abound. <br /><br />I have done this with two items.<br />Have been asked to do it many times. Most recently was for a $45 item. Go figure.

 

[rudeafrican]

Re: Personal Payment Plan...

Sometimes people just need a break to get their head above water. Youv'e got nothing to lose on this one except the minor hassle of having the car while it's being paid off. Who knows, this guy's probably already embarresed like hell for having to ask you for a deal like that. Do what your heart tells you...