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Hot Rods Buying a car in payments

Discussion in 'The Hokey Ass Message Board' started by Mitchell de Moor, Jun 21, 2013.

  1. Don's Hot Rods
    Joined: Oct 7, 2005
    Posts: 8,319

    Don's Hot Rods
    from florida

    I think most of us have been in a similar situation, a car we really want comes up and we are short the money to buy it right now. I know I have been in that situation a bunch of times in my life so I can't condemn you for feeling the same way.

    There is a 50/50 chance this deal could go down smoothly, you make your final payment, and you drive off into the sunset with title in hand. But there is also a 50% chance something goes wrong on your end or his end in the next 90 days and you guys end up in front of Judge Judy.

    If it were me I would tell him I would prefer to simply sign a contract, put down some earnest money, and then in 90 days you give him the rest of the money. That way if he screws you it will only be for the down payment instead of all the payments you made. Put it on your wife or girlfriend, tell him she is raising hell about the payments but is ok with a down payment to hold it for 90 days. Most guys understand that the woman in our life can do things like that and he might go for the deal.

  2. dickster27
    Joined: Feb 28, 2004
    Posts: 3,200

    from Texas

    My question is....if you can't actually afford to buy it now, how do you expect to buy plates, insurance, and other necessities for it?
  3. cryobug
    Joined: Jun 6, 2005
    Posts: 362


    If you have to buy a toy on credit don't buy it! hard times can happen when you least expect it.
    I have tried to live by; If you don't owe anyone you can't go broke.
  4. I tend to go with this way of thinking. I've had to get creative in the past to buy toys, but making payments to a stranger is scary. I guess I would take the 3 months, save as much bread as you can, and then try to buy it outright. If it's sold by then, I can just about guarantee that there will be another one in a similar price range. And at that point you will be able to pay cash and own it outright. There's just too many shady people out there. I know not everyone is, but the bad owns have really ruined it for the good ones.
  5. metalshapes
    Joined: Nov 18, 2002
    Posts: 10,719

    Tech Editor

    Depends on his experiences.

    I've learned that
    " We have a deal, I just have to go home real quick and ask my wife"
    is code for
    " Nice car, but you'll never see me again"
  6. Sounds like a Judge Judy show in the making. Always great to live next to someone who has to have all the cars he can get especially if they started out as a financial burden.
  7. The37Kid
    Joined: Apr 30, 2004
    Posts: 28,535


    The contry is broke, deals like this will become commonplace in the next few years. If it is a car you really want you'll find the money. The seller doesn't have a line of people wanting to buy it, does he? Get things in writing and find some extra money. Bob
  8. Mike51Merc
    Joined: Dec 5, 2008
    Posts: 3,856


    Always pay cash for toys.

    If you don't have the cash, don't buy the toy. If you really want a toy, make sacrifices and save up for it.
  9. GassersGarage
    Joined: Jul 1, 2007
    Posts: 4,727


    My hobby has been financed with overtime money only. Now that I've retired, the money has stopped. So unless I win the lottery or finally pay off my house, the hobby has to wait.
  10. mustang6147
    Joined: Feb 26, 2010
    Posts: 1,847

    from Kent, Ohio

    Living in The good Ole USA, and working a Union job.... I have watched many co-workers loose everything as a result of the recession that never happened.

    Its because of credit. Ya some things are credit worthy... But you gotta weigh Luxury & necessity.... Credit is responsibility....

    A house credit worthy.. responsibly

    A reliable car? perhaps....

    A hobby? not so much....
  11. 100% down , no monthly payments = no worries
  12. trollst
    Joined: Jan 27, 2012
    Posts: 2,069


    Her's how I see it, you can't afford the car, period. This hobby is not about owning so many cars that you remain poor, its about enjoying the ones you have.
    When you got the cash and EVERYTHING else is paid up, buy the car. Learn to live out of your pocket, no cash, no car.
  13. wheeler.t
    Joined: Oct 8, 2010
    Posts: 282


    I built an impala awhile back to flip, got the car for free, tune up paint and lowered it. Listed it for a nice price for a good driver. Kid inquired about payments but I was reluctant, ended up writing a contract that just stated I expected a payment once every 2 weeks until the car is paid for, and one miss and the money AND car are mine. He paid the car off in less than a month, called the night before coming to get the info on it to insure, insured it and drove it down the highway for 2 hours in the middle of winter. I hope that car is still running and around.
    Another one, I found a 60 GMC I had to have, and had a 56 Chevy I didn't much care about ( 4 dr post ), the car was only worth about $1200, and the guy wanted 1800 for the truck. I sold the car very quickly fortunately and called everyone I knew who owed me money to get the truck. I have it now and I'm happy. ImageUploadedByH.A.M.B.1371917648.375904.jpg

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  14. hemifalcon
    Joined: Mar 20, 2008
    Posts: 380


    ...I'm in the process of making payments on my '48 Ford Sedan.. (notice I said "MY") It depends on the "feeling" you get from the person, and if they seem trustworthy.. This can usually be determined with a lengthy conversation and a little time spent getting to know the person.. That may be a headache--but it may also be an eye-opening experience with a newly found friend? Either way--sometimes you just take a chance..
  15. ems customer service
    Joined: Nov 15, 2006
    Posts: 2,594

    ems customer service

    2nd this idea
  16. Well said. I'm not too much older than you Mitchell...I've heard our generation called "the entitlement generation". I think that's inaccurate; we're the "generation of instant gratification". The desire for instant gratification got me into a heap of trouble with credit cards when I turned 18...New wheels - sure, I'm good for it (or will be in a few months); charge it! Utility bill that I can't afford because I'm making a payment on a credit card that I used to buy things that I couldn't afford - sure, I'm good for it (in a few months); charge it! Taco dinner that I really don't need and can't afford because I am making enormous payments on credit cards for other things that I really didn't need but wanted - which led to charging things I really did need and now my freaking credit card payment is like a car payment that I can't afford - screw it, charge it!

    Needless to say, I ended up way upside down...took me a few years to pay off my credit cards and now I don't owe anybody anything. I try to live by the mantra; if you can't pay now - you can't play now.

    I'd take a pass until I could afford it.
  17. Yep, even worse if she comes along and doesnt get out of the car :mad:
  18. toolz
    Joined: Dec 4, 2010
    Posts: 40


    This. And, if anything goes bad with the deal, any "legal" paperwork you might have isn't gonna fix it - it's just paper.

  19. Cleetus
    Joined: Jun 20, 2010
    Posts: 75

    from Austin I've read about half of the replies and I will go back and read the rest..... I just couldn't wait to post ha... So I understand all of the concerns and they are valid. I would get as much personal information from the guy..... does he OWN the house he lives in? How long? Where does he work? How long? Married with kids or single guy who moves a lot? Selling because he has to or wants to? Go with your gut. I have bought 3 Ducati motorcycles this way with no problem other than it is STRESSFUL sending someone your money without having your vehicle in your possession. I purchased one bike from a guy I did not know in Houston for $25K a few years back. I paid it off over 2 months. I purchased another one for $18K from a collector in South Dakota by making $5K payments over a month. I also bought a rare collectible Duc from a collector in L.A. a few years ago for $27K. I flew out, inspected the bike, we signed a contract and I sent him payments over a few months. I did not know any of these guys and I could have been potentially screwed by all of them. Sometimes you have to weigh the risk versus how bad you want the ride. I checked the guys out and I am the type who would not just sit by and get screwed without settling the score if you know what I mean... no wife, no kids, friends in dark places ha. I made sure I could track the guys down if I had to but I knew they were good guys before we did our deals.
    I say if the guy seems legit and you feel like he is trustworthy then go for it. With that being said I wouldn't sell anything to someone who doesn't have ALL of the money up front. Does that make me a hypocrite? Ha :cool:
  20. SLCK64
    Joined: Oct 4, 2009
    Posts: 493


    I would do cashiers checks when you pay him, documented then, made out to him. Just make sure the contract covers your butt in court!! Have a friend look the contract over too, everyone interprets things differently.

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  21. y-oh-y
    Joined: Feb 14, 2012
    Posts: 116


    Do not risk what you can not afford to lose.
  22. ramzoom
    Joined: Apr 25, 2008
    Posts: 382

    from California

    I personally have taken out a loan to buy an old car. It was a 57 Ford Country Squire that was not a steal but a great deal. I had a credit union and it was easy. I made payments for a year and enjoyed the car..bought a new house and sold the wagon for 2 1/2 times what I paid for it. So if your responsible enough and theres no doubt theres money to be made then taking a reasonable loan is not something I would ever say "absolutely not" to. Now if the vehicle is not so desirable..needs work or restoration and you want to take a loan I would say don't. If need be it sounds like you wouldnt be able to sell it quickly if the need came up. But that is really how I got started...I took some profit and put it down on my house and then saved a little and moved on to my next old car. If you dont have the means and its a project then i would steer clear. True story that pissed me off..I went to look at a 58 Edsel Bermuda wagon that needed a full restoration but was 100% complete and dry..the old guy (after letting me drive over to look at it) told me he had taken a $50 deposit from a "young man with a baby and wife"..the guy that made the deposit had no place to park the wagon and a new family. By the time I looked at the Edsel it had already been 2 months since the deposit was taken and still this guy hadnt come back. I tried everything for the old guy to sell me the Edsel..called once a week to hear that the other guy kept saying he needed more time..the owner let this guy float for 4 months! The purchase price of the Edsel...$1200! Now you know that wagon most likely sat outside and went to crap since this guy had no money to even think about working on it..Who knows where it ended up? So if you dont have the money then let it sit..probably be there in 3 months anyway and you'll get a better deal. If money is tight then focus on your family or the other vehicles you talk about and let someone pick that car up that will be able to do something with it..

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