Question about payments

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Jul 21, 2006 | 02:54 PM

BlessTheMartyr

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Question about payments

I'm selling my car and the person that wants to buy it can only make payments to me for it. How is the best legal way to sell this person the car while assuring legally that they make the payments to me as agreed.

Jul 21, 2006 | 02:59 PM

koreandragn

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Re: Question about payments

Tell em to get a used vehicle loan from a bank, let the bank deal with payments

Jul 21, 2006 | 03:03 PM

BlessTheMartyr

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Re: Question about payments

they have no credit to get one.

Jul 21, 2006 | 03:07 PM

NYSEownsme

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Re: Question about payments

Quote:

Originally Posted by BlessTheMartyr

they have no credit to get one.

Is it because they are young or is it because they tore their credit up? Either way I would be hesitant.

Jul 21, 2006 | 03:08 PM

BlessTheMartyr

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Re: Question about payments

they are young haven't established any credit.

Jul 21, 2006 | 03:10 PM

Keepin it Klean

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Re: Question about payments

not a good idea. tell them to get a cosigner for a bank loan, trust me you dont want to deal with tracking down a payment every month from anyone much less a younger kid.

Jul 21, 2006 | 03:10 PM

NYSEownsme

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Re: Question about payments

I guess you could draft some sort of legal agreement where you hold the car until they complete payment within a reasonalble amount of time.

Jul 21, 2006 | 03:21 PM

BlessTheMartyr

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Re: Question about payments

where would i get that written up?

Jul 21, 2006 | 03:24 PM

NYSEownsme

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Re: Question about payments

You can write it up yourself, just spell out the terms plain and simple. Both of you sign it along with a witness and you should be good to go. Just a simple agreement that you both agree on.