I'M OWNER FIANANCING A CAR HOW DO I DO IT??

Question

I'M SELLING MY CAR BY $1,500.00 DOWN AND 200.00 A MONTH FOR 30 MONTHS. BUT HOW DOES THE PAPERWORK WORK?

Answer 1

there is a place on the title to put a lean on the car so they cannot go sell untill its paid off.  when u put a lean on the title  when they go get tags on aand transfered to there name they will send you the title back untill they get it paid off.   they miss the payments you can go and repo the car so you dont get screwed out off the car..

Answer 2

not to be rude  but not do this, they always go bad. the reason they want you to lend them the money (make no mistake ,you are making them a loan of $6000) is that no one else will. you are making a mistake. how do you  inforce they mantain insurance., what if they move and dont tell you, what if they wreck ,what if they over heat and ruin the engine,what if they report it stolen, and stop paying you and they will.  you will be holding all the bags.if something happens they will stop paying you for a car they cant use. or leave you wrecked or broken car in your driveway with a note that they are sorry but!!   sell the car at the market rate for cash and  dont try to be greedy ,this could cost you many thousands of $, dont be foolish. ---however if this is someone you know and trust and must do this niave thing---go talk to your bank ,they can set up a account that they manage for you ,the billing etc.your like the cosigner,then the buyer pays the bank and the bank makes a couple of %   good luck  a final piece of advice if this is afriend of yours do not do this. three years too long of time too many things can happen .if they cant afford it they need to buy cheaper car. also, if your trying to get rid of a car you cant afford. and is worth less than you owe on it. this not the way to handle the problem only a way to make a bigger problem .--any way you do this YOU are resposible for all the eggs , and someone else is driving them around at 70 miles per hour. what happens if they break the eggs?????       [e-mail]     Dennis

Answer 3

You can write it on a piece of paper and it would be a legally binding contract, as long as they sign it.

If they pay, great.... but if they don't, it'll be a pain in the *** suing them and collecting. Are you sure you want to do this?????

If they can't even get $6000 loan then they probably have horrible credit, which means they have stiffed people and will probably do it to you also.

Answer 4

WHY??  Let them get a loan. You will major problems doing it this way. You have alot of legality and liabilities to deal with.