Owner financing?

[stang2be]

Ok I got great info from folks on trading cars but what about a situation where someone wants to make payments?

Total amount will probably 2500-3000 with a down payment then paying off in 2-3 months.

I would hold possession of the vehicle, title, keys, etc till its paid off. What kind of documentation would/should I have?

I would think the deposit/down payment is non refundable in the event they fail to pay the balance of the debt?

Thanks for any advice

[Kenny_Stang]

It's a bad idea. I've never personally done it, but I've heard plenty of horror stories. I would avoid that situation at all costs.

[Lone Sailor]

[Txstang1]

It's a bad idea. I've never personally done it, but I've heard plenty of horror stories. I would avoid that situation at all costs.

X2

[Swamp Donkey]

oh geeeeez...

[stang2be]

Sounds good. No payment plans then here

[onemeangixxer7502]

tell him yes sure you take payments "one"

[VaderTT]

Worst idea ever, I would never owner finance a vehicle to anyone again.
Did it with a board member, for my aprilia and got fucked bad!!!!!

Still want to kick that guys ass, but it's not worth it.


---edit----

Re-read and in your situation it wouldn't be bad as you'd be holding on to everything until full payment is recieved. Just make sure you give him a maturity date that states all payments are non refundable and get it in writing/notorized and shit!!!!



word!

[ELVIS]

whew.... did i miss anything? i was ridin' whoolies on my free aprilia!

god bless.

[Ratt]

whew.... Did i miss anything? I was ridin' whoolies on my free aprilia!

God bless.

LMAO!!!! Fuckin' Paul...

[347Mike]

I guess I am the minority on this one. If you are keeping possession of everything, car, keys, title, etc then I don't see the problem. I would make a contract, if you are late you have X amount of days to pay or I keep the down payment/deposit, and the car.

It depends how bad you need the money, who it is, etc. Now, if you are asking should you accept payments while they take your shit, then absolutely not.

[VaderTT]

whew.... did i miss anything? i was ridin' whoolies on my free aprilia!

god bless.

Lulz

I guess I am the minority on this one. If you are keeping possession of everything, car, keys, title, etc then I don't see the problem. I would make a contract, if you are late you have X amount of days to pay or I keep the down payment/deposit, and the car.

It depends how bad you need the money, who it is, etc. Now, if you are asking should you accept payments while they take your shit, then absolutely not.

Agreed, see my post above!

[MattB]

Worst idea ever, I would never owner finance a vehicle to anyone again.
Did it with a board member, for my aprilia and got fucked bad!!!!!

Still want to kick that guys ass, but it's not worth it.

What board member? Did you ever post about this?

[VaderTT]

What board member? Did you ever post about this?

I'd have to look up his name, he owned sik autosports, name is Mike Brindamour and he fucked stunter bob the exact same way (I didn't find this out until it was too late). I posted about it a little, prob last year or so.

[MattB]

I'd have to look up his name, he owned sik autosports, name is Mike Brindamour and he fucked stunter bob the exact same way (I didn't find this out until it was too late). I posted about it a little, prob last year or so.

Post up his number! People tat fuck others out of money need to get phone calls at all hours of the night IMO. How much did he screw you our of, what were the details?