mcantar18c
NAXJA Forum User
- Location
- Fayettnam
Re: The Colorado BS thread
Need some advice from you lawyer types (Chris around?)...
Finally found somebody that wants to buy my truck. Guy and his wife, pretty straight people, nothing shady or weird about em... but the only way they can afford the truck is with payments. He's a retired firefighter and on a fixed income. Wants to give me $2k up front and then $1k/month till its paid, which I can live with. But, obviously, I want some kind of legal document for him and I both to sign, with the total purchase price of the truck, how much he's giving up front, how much he's paying per month, how long it'll be till its paid, etc. I'm also gonna look into what to do with the title... I could keep it till its completely paid, but then he wouldn't be able to register it... maybe we could cosign? Or I could put a lien on it possibly?
This'd be my first time doing something like this, so any advice is welcome. I would like to do it, I haven't had a whole lotta serious interest on the truck and I really need to get rid of it.
Need some advice from you lawyer types (Chris around?)...
Finally found somebody that wants to buy my truck. Guy and his wife, pretty straight people, nothing shady or weird about em... but the only way they can afford the truck is with payments. He's a retired firefighter and on a fixed income. Wants to give me $2k up front and then $1k/month till its paid, which I can live with. But, obviously, I want some kind of legal document for him and I both to sign, with the total purchase price of the truck, how much he's giving up front, how much he's paying per month, how long it'll be till its paid, etc. I'm also gonna look into what to do with the title... I could keep it till its completely paid, but then he wouldn't be able to register it... maybe we could cosign? Or I could put a lien on it possibly?
This'd be my first time doing something like this, so any advice is welcome. I would like to do it, I haven't had a whole lotta serious interest on the truck and I really need to get rid of it.
Frank, JD and Mike have it right -- I don't care how nice these folks are, you aren't a bank, and you don't have the means nor the economies of scale to act like one. Could I draw you up a contract and lien that would make it work, legally - sure. Would you still be jacked when you had a lien for a shitty truck and a year of missed payments, and finally a worthless judgment against a guy who you could never collect from anyways? yep. Not saying these folks aren't nice, but no one is nice enough for that risk.:twak:
arty:
