Hot Rods Buying a car in payments

I found what I believe to be a relatively good deal in my local classifieds (I will keep it a secret for now as to what it is). I don't have the money to buy it now but after talking to the seller he said he will keep the vehicle and write me up a contract. I can pay it off in monthly payments (it would probably take me three months).

Is this a smart move? I mean I could get taken for a ride. Has anyone else had any success in this? Or should I just hold off until I actually have the cash in my pocket.

Thanks guys!

 

It is a vehicle that is not super sought after, but nontheless hard to find and it is a good deal.

 

sure, it is always a good idea to give a stranger money and not leave with what you are buying. what could go wrong?

 

How well do you know the seller? Is it a business or individual?

I have bought and sold cars this way and so did a garage where I used to work. I wouldn't do it with just anybody. And I always have an agreement in writing stating how much money, how much time, and other details.

There is also the chance the vehicle may not be in the same condition as when you made the deal if you know what I mean.

Could you borrow the money or use a credit card advance? How much are we talking about?

 

I can't borrow money or do a credit card advance. I don't know the seller at all. He lives 12 minutes from my house.

He told me over the phone that he would have to keep the vehicle, but I thought maybe if I told him he could keep the title to I pay him in full and I could have the vehicle sit at my place?

 

If you can pay it off in three months why not use your local bank and float a personal 90 day loan?

I've done it in the past,,not for cars but equipment for my business. HRP

 

I've done it a few times, and done it for people, but I don't think I would do it again. The Internet makes it too easy to sell out from under you nowadays, and integrity isn't what it used to be.

 

I've bought soooooo many hot rods in payments, but I knew the people good and it worked out great, but I knew them

 

It's a chance you are taking, but I still believe 99% of the world is honest. I have done it before and it's worked out fine. Trust your gut feeling and go from there. Having the payment arrangements and terms in writing certainly helps too.

 

In my situation that just wouldn't work right now

 

I know what you mean. I want this vehicle pretty bad, but at the same time I'm a bit weary of leaving someone my hard earned money.

I always thought that as well. But in the past couple years I got burnt a couple times with selling parts

 

I would come up with the cash and buy it out right.
He may be a stand up guy, but I've heard the whole
I will hold it for you routine, then poof it's gone.

 

I did that for a friend. A wrote a contract and allowed him to dictate the payments. I also added the fact that I would repo the car if a payment was missed. Come the first payment, he didn't pay, so I told him to bring the title, I was going to sell the car. He gave me half payment the next day and paid the car off the next payday. I would never do that again!

 

How about a slightly different way: Tell him you will give him $1000 down (or some amount) to hold it for xx days or months. Save your money in your piggybank and, when the time is up, go to him and give him the balance. That way, you have only risked the down payment....instead of almost all of the amount. If you dont pay within the xx days, he keeps the down payment.

 

I know what you mean. Just a little hard for me to come up with the cash RIGHT this instant. Unless anyone in the Toronto area needs hubcaps, wheel covers, headlight trim, tailight trim, etc

The one time it worked in my favor was I was selling an O/T car and someone came and game me a $500 deposit. I could never get a hold of the guy after that and never saw him again. Ended up selling the car for what I paid for it, but in the end made a $500 profit

 

I bought my first car that way,... A channeled 32 Ford roadster with a 283 and a speed-jem adapter to a 39 trans and a 40 rear.... Had to walk by the street it was on everyday after school on my way to my job pumping gas. I gave him around $75.00 down (my entire savings)

Every Friday on my walk back home from the gas station I would stop and pay the guy my entire paycheck ( I think it was like $38.00 a week ) until the entire $275.00 was paid. I was one happy kid !,... until the rear axle broke on my way home.......

 

Do you know someone that could lend you the money and have you pay them back over 3 months so you could pay for it up front?

 

Something like that could work I suppose. I would just be upset even still if I lost the down payment.

I was just wondering if there was a way to do this where both parties could come to an agreement and feel safe.

I suppose I could wait three months, but who knows if it will still be there. There are always other deals out there thought I suppose.

 

Not really. Mostly all my friends are broke and if I asked my family they would probably kill me for buying another car that is bad on gas, old, etc

 

Just ger it!!!!!

 

I would say to pass on deal. since you are strapped for cash now, and apparently have no available credit. we have all found deals something like this one. be nice to have but, not the right time to buy. a simple contract can not cover all of the possible things that can go wrong in 3 months time.

 

NO WAY, as a seller would I ever even consider letting you take off with the car till I have my asking price. Its not a new car we are talking about, way too easy to part out with no trace the car ever existed.

 

^^^ this.

You may also be able to negotiate holding the keys or holding the title (or whatever) while he holds the car....

PLUS - the fact that he is willing to sell you the car in payments means he doesnt have any other offers..IF you had full cash on hand, you would certainly be able to get a lower price than you are now......I would find a way to borrow the money.....

 

I suppose you're right. I'm still young, but I'm so anxious to have more hot rods, kustoms, and projects

 

HAHA it's not like you are going to be able to hide the fact that you bought a car from them anyways is it? Not going to hurt to ask.

 

I know what you mean man. It is hard to find trust in people.

I also thought that but even if I had the title can't he just go to the DMV and say he lost his and get another one?

 

They live overseas so I will do my best to keep it a secret

 

If he agrees and agrees to a written contract I don't see a problem. The contract would protect both of you.

Something such as:

I _________________ agree to Buy_______________________ _
Year model ________ vin number _______________________ As is where is with all agreed upon parts and equipment intact at time of final payment and pickup.

From ___________ ____________ for the sum of ___________ payable in X number of payments with a Down payment of ___________ on ___________.

Payment of ________________ is due on _____________________

final payment and taking possession of vehicle is due __________________


Signed _________________________ Buyer


Signed __________________________ Seller

Witnessed by______________________

The agreement doesn't have to be elaborate but needs to be written to protect both sides. If the car is more than a few hundred dollars I would suggest signing in front of a notary. And of course both parties get a copy. And make sure you get signed receipts for the other payments.

 

Back in the 1970s I occasionally sold an old car to someone who wanted to
make payments. For my part, I told the guy I would hold the car and not
drive it, and not sell to anyone else. I think I may have given him some
sort of paper to summarize the deal. I did my part, and when he finished with the payments,
gave him the keys, title and car. But, that was just me. Not everyone these days is honest......
but some still are.

The main reason I kept the car and everything related to it......I got ripped
off back in the 1960s one time on a '39 Chevy I sold. I stupidly let the buyer
(who I really didn't know well at all) have the car, but I kept the title.....
which he was
supposed to get when payments were complete. I think it was to be only 3 or 4 payments.
Well......guess what......the guy disappeared into the
sunset and I never got the rest of the money or the car back. Fortunately
it was only a 100 or 200 dollar car.

So, Mitch, I probably wouldn't let you take the car under any terms, but
would honor the deal. Perhaps if the seller isn't all so much into cars and
not a regular seller type, he might work with you. You'll just have to
try and get a feel for his honesty.

Paperwork would probably be good and make the deal seem more
legit, but things can sometimes still take a sudden turn......
Worth a shot though.

 

Thank you very much!

I am not offended that someone wouldn't let me take thier car. I am honest but how is anyone who has never met me to kow that. I am not sure if he is a car guy or not. I will go look at it tomorrow and see what kind of guy he is and what the vehicle is like inperson. For all I know it could be a totaly piece of shit which is usually what I stumble upon these days It looks amazing in the pictures, but I have went out to see far to many cars that looked amazing in pctures to be junk.