A small business idea

[Gasser64]

I want to try to note out a couple of cheap cars for some extra income. GPS tracker installed in case they dont pay.

But what is the best way to collect payment? Just tell them to put the check in my mailbox? lol doesnt sound very professional. But I guess I could do it. How would you collect payment? Maybe there is some kind of easy internet service they can use?

[Forever_frost]

Hell, have them paypal you

[War Machine]

You want them paying weekly, on fridays. You want to get your money as soon as they get paid, or they will blow the money. You have to understand that people who have to buy tote the note cars are not the classiest people, or the most responsible. I used to make them bring the payments by in cash, and the people who mailed were always late. If I didnt get payment by tuesday or a call it would be repo'd tuesday night.

Hard business, but very lucrative.

Do your best on hiding the GPS. If they lose their job, they will pay a stereo shop to remove the gps instead of paying you.

Got any questions feel free to PM me

[SMKR]

You want them paying weekly, on fridays. You want to get your money as soon as they get paid, or they will blow the money. You have to understand that people who have to buy tote the note cars are not the classiest people, or the most responsible. I used to make them bring the payments by in cash, and the people who mailed were always late. If I didnt get payment by tuesday or a call it would be repo'd tuesday night.

Hard business, but very lucrative.

Do your best on hiding the GPS. If they lose their job, they will pay a stereo shop to remove the gps instead of paying you.

Got any questions feel free to PM me

Buzzo knows

Sent from my SAMSUNG-SM-G900A using Tapatalk

[Gasser64]

Hell, have them paypal you

You want them paying weekly, on fridays. You want to get your money as soon as they get paid, or they will blow the money. You have to understand that people who have to buy tote the note cars are not the classiest people, or the most responsible. I used to make them bring the payments by in cash, and the people who mailed were always late. If I didnt get payment by tuesday or a call it would be repo'd tuesday night.

Hard business, but very lucrative.

Do your best on hiding the GPS. If they lose their job, they will pay a stereo shop to remove the gps instead of paying you.

Got any questions feel free to PM me

Ok thank you I will probably PM you. But we can keep the conversation going a bit.

What GPS would you recommend? I have heard that some people have had trouble out of some of the cheaper GPS systems. But how cheap is too cheap? They range widely in price

And this would be done from my house. So just have them put the money in the mailbox or in another box? I could affix something on the side of the house for them to put it in.

[JC316]

Most people drop off cash or check, but I have a paypal business account for those that want to pay by credit card. I allow weekly, bi weekly, or monthly. Most choose bi weekly payments. For the most part, I don't have a problem with people paying, only had one person stop so far.

Are you a dealer, or are you planning on doing this owner finance? Because owner finance is almost impossible to do. Another thing, prepare to have a lot of cash on the street.

[Cooter]

owner finance has never and will never work on vehicles

I hope you've got $10k set aside just to get all your ducks in a row to meet all the criteria to get your dealer's license... I'm sure Buzzo can give you a rough estimate on what you're looking at for 6 months or 12 months in operating costs.

[YALE]

Just flip them, and keep moving.

[Sean88gt]

Just flip them, and keep moving.

This generally is the best call, unless you're looking to deal with shit bags that force your hand.

[JC316]

owner finance has never and will never work on vehicles

I hope you've got $10k set aside just to get all your ducks in a row to meet all the criteria to get your dealer's license... I'm sure Buzzo can give you a rough estimate on what you're looking at for 6 months or 12 months in operating costs.

I would say thats about right for getting the license and inventory set up, so long as you have decent enough credit to not get ass raped on the bond. Location is by far the most difficult thing and owning the place beats the ever loving shit out of leasing a location.

Once you get into financing, that is when the cash flow needs to get serious. I have 11 or 12 on the street right now, 4 more on the lot, you do the math.

[Gasser64]

Hell, have them paypal you

Maybe im wrong but i find that most people dont actually have a paypal account. Young people are more likely but older 40's and 50s age people tend not to. Paypal in my experience is almost as much of a hassle as just dropping off some money or a check. They charge you for the transfers and then the banks always want a few days before they will transfer the money to paypal and vice versa

Most people drop off cash or check, but I have a paypal business account for those that want to pay by credit card. I allow weekly, bi weekly, or monthly. Most choose bi weekly payments. For the most part, I don't have a problem with people paying, only had one person stop so far.

Do they have to have a paypal acct or can they just go to paypal.com my info and enter in their credit card information and just make a payment?

Are you a dealer, or are you planning on doing this owner finance? Because owner finance is almost impossible to do. Another thing, prepare to have a lot of cash on the street.

From a couple of replies it sounds like i need to clarify. I am not a dealer im just a guy who wanted to try this on the side. I have had a couple of friends that did it once or twice over the years and it seemed to end well for them. I am not really interested in getting a dealers license or involving the state. With open titles its not really necessary. Just like all those guys that flip cars at their house. Or is it? I guess they want their title but ill have to put a lien.

This generally is the best call, unless you're looking to deal with shit bags that force your hand.

I dont want to repo anybodys car, but a deals a deal and i held up my end and thats business. So i will if I have to

Look forward to the replies

[JC316]

Maybe im wrong but i find that most people dont actually have a paypal account. Young people are more likely but older 40's and 50s age people tend not to. Paypal in my experience is almost as much of a hassle as just dropping off some money or a check. They charge you for the transfers and then the banks always want a few days before they will transfer the money to paypal and vice versa



Do they have to have a paypal acct or can they just go to paypal.com my info and enter in their credit card information and just make a payment?



From a couple of replies it sounds like i need to clarify. I am not a dealer im just a guy who wanted to try this on the side. I have had a couple of friends that did it once or twice over the years and it seemed to end well for them. I am not really interested in getting a dealers license or involving the state. With open titles its not really necessary. Just like all those guys that flip cars at their house. Or is it? I guess they want their title but ill have to put a lien.




I dont want to repo anybodys car, but a deals a deal and i held up my end and thats business. So i will if I have to

Look forward to the replies

They have to have an account, but most people do have paypal accounts.

Financing by owner is not a good idea. They won't be able to get tags on it without transferring the title and you won't be able to put a lien on it. I don't even think you have a legal leg to stand on for repoing it.

The best way to owner finance is to have them pay you, but not take the car until it's paid off. I did that with a local guy, he slowly paid me over the summer.

[Baron Von Crowder]

They have to have an account, but most people do have paypal accounts.

Financing by owner is not a good idea. They won't be able to get tags on it without transferring the title and you won't be able to put a lien on it. I don't even think you have a legal leg to stand on for repoing it.

The best way to owner finance is to have them pay you, but not take the car until it's paid off. I did that with a local guy, he slowly paid me over the summer.

We do the lay-a-way for customers, and most of the time they come pay it off and ride away in it. A few times they put a couple hundred down, and we never hear back. Win/Win.

[Gasser64]

Financing by owner is not a good idea. They won't be able to get tags on it without transferring the title and you won't be able to put a lien on it. I don't even think you have a legal leg to stand on for repoing it.

The best way to owner finance is to have them pay you, but not take the car until it's paid off. I did that with a local guy, he slowly paid me over the summer.

I have noticed that people are often fooled by what they think the law can do. If they know there is a lien and they can see it on their copy of the title then my guess is they woudnt raise a stink (a legal stink) when you came to repo it.

Or maybe they could just leave the title with me, but yeah the registration sticker might be a problem if it didnt have a long time left on it. Even then they wouldnt pay it off in time. Need a way to get a sticker so i can hold onto the title. My friend that did this once kept the title the whole time till the guy paid it off. It was a guy he worked with. Also my dad did the same thing but it was a random buyer. I dont know what they did about the sticker i will have to ask.

We do the lay-a-way for customers, and most of the time they come pay it off and ride away in it. A few times they put a couple hundred down, and we never hear back. Win/Win.

I find that hilarious for some reason. Some people lol

But I guess I could always ask them if its something they would like to do. Offer it as an option. To me it seems like nobody would go for it but i guess im wrong. Seems like the type of people youre lending to, need that car to get to work! They need a car now! lol

[DFWtechie]

Pass time GPS is for tote the note lots, it allows you to give them a code to only allow the car to start for how many days you set the code up for. It is also illegal to remove them from the car if it financed and from what was told it is a felony.