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Selling Truck, Buyer Wants Payment Plan

By texasrolla, January 13, 2007



I thought this is the best place to ask the following question because of so many wise men and women on this forum. I am having my chevy truck for sale for 3500 bux. A potential buyer is asking for payment plan, i.e., pay a small amount every month until the full amount is paid. I'm thinking of asking at least half of the 3500 up front, and the rest will be paid off using payment plan. I'll give him the title and put a lien on it when he gives me the first half of the money. If he quits making payment, I reposess the truck. What do yall think? Is this reasonable?

Tell him you are not a bank or credit union. Considering the age of the truck, expect 1 payment from him and watch him and the truck disappear. A lien will not get you your money back when he vanishes.

  • 1,424 posts

I agree with Nillinois, you aren't a bank, credit union or financing company. Doing what this guy wants is a sure fire way to end up with half the value of the truck plus 1 payment and no more.

If he wants to buy the truck, make him get a loan or pay you in cash or with a cashier's check.

If he can't do this, find another buyer who can.

I agree, accept nothing less than the full amount when you hand him the keys....then expect to never see him again.

Bikeman982

DON'T do it - get the full amount before you give up the car!!

I was a nice guy once and accepted payments for a car. What happened was I got 3 payments then had to steal the car back.

The car was damaged and the buyer had no money to fix it - I had to sell the car again and ended up losing $$$$.

refer him to the nearest payday loan store and tell him to come back with a check for the full amount.

i wouldnt even let my GF of nearly 2 years do a payment plan to ME for something like a car default_laugh

NO no no no no... I agree with every one.. You are not a bank... There will be someone else out there to buy the truck if this guy cannot get the money together...

Also when you buy a new vehicle you do not get the title until after you pay off your loan...

Until then the bank holds the title...

Allow me to add my voice to the choir. Under No Circumstances would I EVER do as you suggest. What everyone is saying is exactly what he will do -- he will vanish off into the sunset with the truck he paid half-price for, and you'll never see another brass farthing. If he doesn't have good enough credit to get a stinking $3500 loan for the truck, then insist on cash, or sell it to someone who has some money in his pocket.

You are not a bank. You have no way to establish the guy's credit rating, and no legal recourse other than small claims court -- unless you want to make some lawyer's day by paying him dearly to sue the guy to get your truck back. DON'T DO IT.

If you do do it, let me know if you have any more vehicles to sell.

Bikeman982

Don't be a sucker. As tempting as it is for you to get rid of the truck and get some money - consider the first payment the final selling price, as you will be hard-pressed to get much more from the buyer after he takes physical custody of the truck.

Big mistake to take payments, unless you hold his wife or daughter for ransom for the balance. Take it from all the people here - we would not steer you wrong.

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