My question is..if i end up making payments to a guy here on dragva what would be the first step besides giving him my word? Is there any way to give him my reasurence that i will pay? does the bank have to get involved?
thanks
aaron

 

First step would be to go to the bank and get a loan. Then make payments to them. That way, your seller doesn't have to sweat it AND you'll help your credit score by paying it off in a timely manner.

WIN WIN! ! !

Who's dumb enough to except payments on a car without a legally binding contract anyway?

 

Apparently a lot more people than you'd think, lol.

 

Bill of Sale and a binding contract/lease with both of your names on it. Make sure it's notorized, and it will hold in court. If you default even 1 day he can "repo" the car at his convience.

 

Make sure you offer to pay him a good interest rate on it also. Maybe 16% or so.

 

thanks guys for the answers..

 

Whatever the contract says is binding. Read it over. Make payments on time. I would never do something like this, to many "what if's" and loops. Don't get mad if you forget to make a payment and the next day its gone. All the money paid before hand is his. IF the contract stated it could make you complete payment in full upon default. Which is what I would do.

 

yeah im actually going toward not doing this anymore....haha i might just take out a loan or something....

 

Take a loan out and just buy my RSX it's for sale also

 

yeah, you can write out a bill of sales saying ur making payments, and the guy can leave a lien on the title until its fully paid off