gmanEA

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...

EFFalcon

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.

dave_au

Maybe if you buy off a loan shark.

blackout

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.

__________________

Curls

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!

davocol

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

XRFPV8

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.

XR8 Lamah

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....

mondie

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.