Selling car to kid down the street..good idea?

Question

I have a 2000 car for sale. the asking price is 2 grand. I am not needing the money as much as i just want to get rid of the car. The kid down the street came and asked me if i would make payments (he is 17). His father came along as well. The kid has a job and the dad is willing to "co-sign". He asked if he could pay $400.00 a month. Would you allow this and if so..how would you go about it? Like a promissory note with his and his father signature?!?

Answer 1

the thing is, that you still have the title until he pays it off.

wiht you having the title, if he crashes it, its going to be YOUR liability, meaning that if your insurance doesn't pay for it, YOU will. he can't buy insurance on it until the car is in HIS name.

Tell him you'll accept payments- make a WRITTEN contract that he'll pay you 400 dollars a month until the car is paid off.

Make sure to give him a written reciept, make him sign the contract, and make him sign every time he gives you money.

DO NOT GIVE HIM THE CAR UNTIL YOU SIGN OVER THAT TITLE/

Answer 2

No! Nononononononononono!!!

This a disaster about to happen. I BEG you, don't do it!! You will end up in court trying to repo a trashed and /or wrecked vehicle wityhin two months.

RUN! Run away from this 'deal'.

Answer 3

I would only allow it if he did not take possession until it was paid in full. This has nothing but bad written all over it. I guarantee if he has a problem or wrecks it, the payments end

Answer 4

ya it is a good idea and u have like contract made out were u sign and he signs and his father signs and there u go an agreement and if anythin happens its not a big deal cause he lives right across the street u can always track him down lol