Voting Pole Added - Selling truck to coworker w/ payments

[nurkvinny]

I have a coworker that I am trying to decide on selling my Ram to. First, this is a very good friend that I have worked with for 13 years. Has done me a lot of notary favors over the years and is in general trustworthy.

 

She wants to give me ~80% down and pay off $5000 over the next 12 months. Would anyone else do this?

 

My biggest hangup is that who knows what can happen in a full year? Layoffs, divorces, deaths. She does not want to get a loan to cover the $5000.

 

I'm just torn. I haven't gotten any other serious offers, and she wants to do this tomorrow because her current truck finally collapsed after 300k miles. Any chance this could work out? I have always been a cash now, no payments guy. Don't know, guess I'm just looking for stories where this actually panned out and worked as planned.

[stangsn95gt]

If you are gonna do it get it in writing and don't sign over the title until paid in full.

[POS VETT]

I wouldn't.

[bahd-ler]

interests rates?

[acklac7]

If you are gonna do it get it in writing and don't sign over the title until paid in full.

 

+ A million.

 

When/if it comes to taking a hit on her credit record (late mortgage payment, credit card balance etc) or shafting you she's probably going to choose the latter...

[acklac7]

She does not want to get a loan to cover the $5000.

 

Why?

[Ramsey]

you can put a lien on the truck and have a notarized bill of sale with all of the contract agreements.

[99BlownYellowGT]

Just get everything in writing. If she doesnt pay for it you just take it back.

[Green Bastard]

i did this with a good friend of mine, granted the money exchanged was much less, however there was no title transfer until the car was paid off and it worked out well for both of us, i suppose it depends on the situation though, you do run a risk of loseing a friendship if she doesnt make payments as scheduled, but at 80% down and if you do have everything in writing, then i see no down side.

[DKilbourne]

Every time I hear of something like this it ends with "We aren't friends anymore, because they tried to fuck me over". Ask yourself this question, is the friendship worth losing? If you don't care, then accept the payment plan and don't be surprised when they pull the "I didn't think it would be an issue if I didn't pay the past few months" or something along those lines.

[Rocky31186]

I would say yes, if you know them.. and they're only paying on 5k$.... Document it ALLLL, even late payment fees....

[Sturg1647545502]

Yea, because involving money and friends always ends well.

[acklac7]

I would say yes, if you know them...

 

I have a couple buddies that are extremely good friends, like help you out in a pinch, bend over backwards to help you move, work on a car, etc. But when it comes to money, or worse, paying people back money, they have huge HUGE problems...

[LJ]

Her not wanting to get a loan is not your problem.

[copperhead]

I voted hell no

 

the only way that I would say go for it is if she for whatever reason stops paying, and you are able to just shrug it off. If you will be hurt in any way for missed payments, either financially or emotionally, then absolutely do not do it.

[Skinner]

If you are gonna do it get it in writing and don't sign over the title until paid in full.

 

Edit: more I think about it, its a bad Idea

[TTQ B4U]

I re vote for a HELL NO.

[jeffro]

HELL NO

[Stallion Motorsports1647545491]

i voted hell no.

 

i have taken payments before, but was very strict when i set it up. i told the buyer 2 payments, 1 for 50% that day, and one for the remaining 50% within 30 days. If you don't pay the remaining 50% within 30 days guess who keeps your deposit...ME! Also i let them leave with nothing more than a signed agreement to those terms, I kept the title, and the item. It actually worked out, but i would only do it over again if i could get someone to agree to those terms.

 

tom

[nurkvinny]

I already knew deep down what I was going to tell her, which I just did - "No".

 

I would trust her more than some of my family, but just too many unpredictable things. One thing - even though there would have been a clear AS-IS agreement - sure as shit, an engine or transmission would have grenaded 100 miles after she bought it.

 

I guess for me it came down to keeping the drama meter as low as possible in life for a while.

[STEVE-O]

you can put a lien on the truck and have a notarized bill of sale with all of the contract agreements.

 

Just get everything in writing. If she doesnt pay for it you just take it back.

 

I say this. That is how a dealer does it and usually doesn't get anywhere near 80 percent down

[V8 Beast]

I voted hell no, but if you had trouble selling the car then it might be the only way to get of it. If you do work out a deal I would follow these basic rules.

 

1. Keep an extra set of keys

2. Keep the title

3. Install a gps locating device in it

4. Legal documents

5. Dont spend any of the money until you have collected it all and hand the title over

[iwashmycar]

I vote hell no as well. I wouldn't even want to sell a car to a close friend or coworker, even if it is mechanically and visually flawless... You never know how people will react if a transmission or something goes out... Let alone when they still have to pay YOU money.

 

Her best course of action is to go buy a truck worth 5000 less than yours!

[TTQ B4U]

I voted hell no, but if you had trouble selling the car then it might be the only way to get of it. If you do work out a deal I would follow these basic rules.

 

1. Keep an extra set of keys

2. Keep the title

3. Install a gps locating device in it

4. Legal documents

5. Dont spend any of the money until you have collected it all and hand the title over

6. Integrate weekly blow jobs as part of the deal.

 

Fixed.

[V8 Beast]

Fixed.

 

Win