I am looking to buy a used car from a private seller. he has offered a car instalment plan for me. any feedbk?

Question

The contract's key points:

- the contract will legally bind you to make repayments to myself until the total amount owing is repayed, - you will be liable to pay back a total amount of $7400 to myself within the agreed repayment period (15mths)

- you will be required to pay $500 a month over a 15 month period with the last month's payment being $420

- the car will be turned over to your possession once the upfront payment of $3180 is made, and from this point onwards you will be liable for any accidents, fines or any other incidents which may occur.

- missing a payment gives me the right to re-possess the vehicle and have it transferred back to my name if I choose to

- you will be you liable for any costs associated with the transfer back to my name if needed, including court fees if required. Also you will lose any money you have paid to me in the period prior to the breach of contract.

- failure to make repayments will also result in criminal charges associated with breach of contra

Answer 1

The contract is written to cover him. But according to what state you live in it may not be legal. Even a private seller has to follow state reposession laws. Saying you default if you miss one payment is an example. Does missing a payment mean making a late payment, payment being held up by mail etc... Are you recieving a warranty, what happens if car breaks, An $500 a month payment for any one is a hugh ammount add insurance and for that amount per month you could be driving a new Vette. Now imagine you pay him $7000 and the mail loses a payment, He has right to take car back refuse accepting a replacement payment and reselling it.

Your call I find it to one sided

Answer 2

I would not do any contract of this sort w/ a private seller. The problem is that you will never get any credit ratings doing it. If it's your intention of getting a vehicle because you have bad credit, then I would take a pass on this & wait until my credit improved. If you do have decent credit, then by all means get a loan through a bank. When you deal with a bank, you know where the title is being held. Having a private seller hold the title is just not right. When you transfer the tags, the dmv will send the new title, which is in your name, to the lein holder. That would be the bank. To a bank it's just business. Having a private seller can get personal & you don't want that.

Answer 3

keep looking

this contract is set up for you to lose.

failure to step on left instead of right will ...

too much BS

Answer 4

I don't advise you to do this.

As G D said above, if your payment gets 'lost' somehow, or it is late he can simply just re-posses the car and you will be losing money, and you would have lost the money you already paid.

This is purely to save him and, what is stopping him from saying you didn't pay on say, the last payment? Then he could just receive them all, but the last one then he re-posses the car and you lose out.

If you are in search of a new car, but you can't afford a new model, or you don't want a new model, check out the seized car auctions. Usually they have great models for a reasonable price. A link to one site is http://www.easycarblog.com/auction.php

Also, if you do want a new model, there is an eBook called TopSecretCarSecret which can help you get the price of a new car down to something reasonable. Some people have claimed that they have benefited from around 40% discounts on some models.

The link to this eBook is, http://www.easycarblog.com/go.php