buying used cars privately, paying off - Ford Forums - Mustang Forum, Ford Trucks, Ford Focus and Ford Cars
The Pub For General Discussion

 
LinkBack Thread Tools Display Modes
post #1 of 9 (permalink) Old 10-15-03, 06:14 AM Thread Starter
Ford Veteran
 
gmanEA's Avatar
 
Join Date: May 2002
Location: Melbourne
Posts: 685
buying used cars privately, paying off

Hey guys,

Just wondering if many of you have heard of, or been in agreement where someone buys a used car off another person privately and doesn't quite have the cash so it is arranged between the two that the buyer will pay the remaining amount off over a set period of time.

My mother bought a car a few years ago in a private agreement like this where it was about 2k remaining and she paid it off to the guy over a year, im just wondering how common a practice this sort of thing is...
gmanEA is offline  
Sponsored Links
Advertisement
 
post #2 of 9 (permalink) Old 10-15-03, 06:16 AM
Registered User
 
EFFalcon's Avatar
 
Join Date: Oct 2002
Location: Mornington Peninsula
Age: 32
Posts: 7,517
Re: buying used cars privately, paying off

never heard of it before, but i know if i was doing it i would be doing everything in the best possible way in terms of receipts and signitures everywhere.

1995 EF II Falcon GLi: Heritage Green, 4spd Auto, AUII 17" Rims, Custom BA Front Bar, Lowered, Gas Research LPG, Clear Indicators, JVC MP3 Headunit, Phoenix Gold 6.5" Splits, Coustic 481QE Amp, Clarion 12" sub, Leather Seats, Power Window Conversion, 3.45 LSD, Pacemaker Comp Extractors, 2.5" Exhaust, Mandrel Bent Intake, High Flow Filter, Wade 1004 110 cam.

In Progress: BA XR Side Skirts, BA XR Rear bar, BA Shifter Handle.


Want your EF on effalcon.com? Drop me a PM!
E-Series Club Stickers Here!

E-Series Moderator/Membership Officer/Webmaster/Cruise Official
EFFalcon is offline  
post #3 of 9 (permalink) Old 10-15-03, 07:10 AM
Faster than Zyrtec
 
dave_au's Avatar
 
Join Date: Nov 2002
Location: Sydney.
Age: 33
Posts: 2,105
Re: buying used cars privately, paying off

Maybe if you buy off a loan shark.
dave_au is offline  
post #4 of 9 (permalink) Old 10-15-03, 07:14 AM
disarm you with a smile
 
blackout's Avatar
 
Join Date: Oct 2002
Location: in a box with cardboard walls
Age: 30
Posts: 2,046
Re: buying used cars privately, paying off

There'd have to be a decent sort of contract set out before I allowed it to happen, thats IF I could afford to not have 2k in place from selling my car.

blackout is offline  
post #5 of 9 (permalink) Old 10-15-03, 07:17 AM
Registered User
 
Join Date: Aug 2002
Location: VIC
Posts: 911
Re: buying used cars privately, paying off

Even amongst friends such a deal is just to risky..and if payments stop how do you reposses the car when you are not holding any title over it as a lease/finance company would until final payment...I'd advise STAY CLEAR!
Curls is offline  
post #6 of 9 (permalink) Old 10-15-03, 08:27 AM
Registered User
 
davocol's Avatar
 
Join Date: Apr 2002
Location: Melbourne
Age: 34
Posts: 765
Re: buying used cars privately, paying off

I know of a friend who did it, everyone was happy loan was paid off, car was fine. IF there is trust I dont see the problem.

Now the proud owner of an AU xr8 220... OHHH YeAh
davocol is offline  
post #7 of 9 (permalink) Old 10-15-03, 11:09 AM
Rip Up The Track Join OFR
 
XRFPV8's Avatar
 
Join Date: May 2003
Location: Melbourne
Posts: 6,021
Re: buying used cars privately, paying off

i trust my brother to take over payments of last car. but a compete stranger no way....






PHANTOM BA XR8 UTE, AUTO, UNICHIP, APS TUNED 229 RWKW ET:13.47.

Rods Rocket, Boss n/a 290 Unichip Tuned by APS et:12.6@110 Mph
We are all inclined to judge ourselves by our ideals; others, by their acts.


XRFPV8 is offline  
post #8 of 9 (permalink) Old 10-16-03, 02:31 AM
Lamahs approve of manuals
 
Join Date: Mar 2003
Location: Sydney, Australia
Age: 38
Posts: 1,382
Re: buying used cars privately, paying off

Like they said, lotsa trust would be critical. THAT said, I never want to sell a car to anyone I know, on the basis that if things go wrong....
XR8 Lamah is offline  
post #9 of 9 (permalink) Old 10-16-03, 05:05 AM
Registered User
 
Join Date: Oct 2002
Location: Gippsland, Vic.
Age: 46
Posts: 371
Re: buying used cars privately, paying off

Its called vendor financing and is done in the real estate industry frequently.

The seller offers finance to the purchaser, usually at an interest rate 1-2% higer than the banks. The purchaser then pays back the seller over the agreed term. Obviously a lot of legal stuff has to be put in place for this.

Never heard of it being done for a car though.
mondie is offline  
Sponsored Links
Advertisement
 
Reply

  Ford Forums - Mustang Forum, Ford Trucks, Ford Focus and Ford Cars > Fordforums Community > The Pub
Gear in this thread - Powered by O'Reilly Auto Parts


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Show Printable Version Show Printable Version
Email this Page Email this Page
Display Modes
Linear Mode Linear Mode



Similar Threads
Thread Thread Starter Forum Replies Last Post
Ford US auctions Concept Cars Aussie Falcon Ford Worldwide News 5 10-27-03 02:17 AM
10 most significant cars and 5 worth forgetting Stacy94PGT Ford Worldwide News 12 07-31-03 08:00 AM
More high school students driving nicer, bigger cars Stacy94PGT Ford Worldwide News 0 03-04-03 12:12 AM
Cars beign registered illegaly in Vic - corrupt Vicroads staff sandmanls1 The Pub 4 02-19-03 09:19 PM

Posting Rules  
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On

 
For the best viewing experience please update your browser to Google Chrome