My husband and I have a 2000 Dodge Neon that my newphew has offered to purchase from us. He has since changed his mind 5 times since the initial interest and now he's back to wanting to purchase it again. Anyway, Kelley Blue Book value is at $5000. We have given him the offer of putting $1500 down and $400 a month until paid in full. We have chosen to not surrender keys over to him until 1) he has his license (he's still working on it) and 2) balance is paid in full. He's a bit of a flake and doesn't understand how the real world works so what type of paperwork would I need to make sure that he understands that the car is priced as is, no matter how long it takes him to pay, that the price will not fluctuate, etc. and that if he fails to pay his monthly obligations that we have recourse. I know this sounds all too harsh but his family has a history of not being good on their financial responsibilities so I just want to make sure my husband and I are covering our bases.
2006-12-04 08:02:20 · 6 answers · asked by Anonymous in Cars & Transportation ➔ Buying & Selling
Office supply store, you will definetly need a Security Agreement.
That you fill out yourself and you both sign. It is a legal binding contract. You also need to get a title application and put your husband and yourself as leinholders, there should also be a place on the title to do this. Then he cannot sell or do anything with the vehicle until you are paid in full. Good luck hope this helps.
2006-12-04 08:10:33 · answer #1 · answered by REALISTIC 3 · 0⤊ 0⤋
You are asking for trouble here. Listen to the voice of experience, DON'T DO IT! Think of it this way, if he wanted to borrow $5000 cash would you loan it to him? I'll bet not. Not to mention the complications of having a 7 year old, typically less than dependable car involved! I repeat...DON'T DO IT!!!
But since you will do it anyway, come back in 3 months so I can say I told you so.
2006-12-04 08:10:26 · answer #2 · answered by DrJazzB 2 · 1⤊ 0⤋
The only way to come out on this is to sell it to him for cash. Transfer it to him or an adult and then you will have no more liability.
2006-12-04 09:13:51 · answer #3 · answered by eferrell01 7 · 0⤊ 0⤋
Don't do it, it will end up bad. Just sell the car to someone you don't know and be done with it.
2006-12-04 08:09:57 · answer #4 · answered by Jody 6 · 1⤊ 0⤋
I wouldn't sell it to him... Since you have trust issues. Sell elsewhere.
2006-12-04 08:04:57 · answer #5 · answered by Silverstang 7 · 1⤊ 0⤋
Easy - get everything in writting, you sign it, he signs it and get it notarized!
2006-12-04 08:18:48 · answer #6 · answered by suzycrmchz 3 · 0⤊ 0⤋