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TiNK3R

Selling car: Contract/lien for payments?

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One of my friends wants to buy my car that I am selling. He wants to do payments on it. (150/month for a total of 2500)

How do I go about a lien title (if its even possible?) and/or a contract. If he doesn't pay I want to be able to repossess it, and if something happens with the car (Accident/DUI/Drugs/etc) I will not be held responsible.

Any help is appreciated - thanks!!

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Put all the terms in writing on a contract. Best to have the signatures notorized. When you transfer the title to him fill in your info as lien holder. Be sure that you require him to carry collision insurance to protect your interest in case he smacks it up. When he pays it off then you give him a lien release showing it's paid off. Do not under any circumstances leave the title in your name. If anything happens you will be on the hook as the registered owner. Are you sure you want to do this? I would get a good down payment to start out with as he can trash the car and walk away after making one or two payments. You would have little if any recourse. Best way I can think of to lose a friend. Let him go to a bank.

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Get all your money, don;t play bank. you can get stuck more ways than you can think about. The motor or trany goes out, he quits paying on your loan, you repo a junker. Been there.

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If you even think he wouldn't pay for any reason, I would be hard pressed to call him a freind. Randy Moss siad it best...."straight cash homey".

Good luck

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It sounds if you're already worried that there could be issues getting paid, so I'm with efgh, get all the cash up front.

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If you do a search on-line, you can find purchase agreements to suite what you are looking to do. Review, print off and follow the instructions to a “T”. With the title, do as said above.

This can be a very effective way to sell a car that is not selling, help out a friend or a way to get some more money out of the deal. I would not be doing this for free. Interest, set fee or gratis should be in order, unless it is your son or daughter. That would be up to you.

I will add I do not sell vehicles to friends though wink. I am on the hook for any issues that always come up

Good luck!

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if its a friend I really wouldnt do it. I only sell cars to my friends if its a $500 car. any guy buying a $500 car understands what he is buying.

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I have never done this, but halfnutz brought up something that should work:

Quote:
When you transfer the title to him fill in your info as lien holder. Be sure that you require him to carry collision insurance to protect your interest in case he smacks it up.

Thus the seller acting like the bank and can retain owner ship if payments stop, but not responsible if the vehicle caused an accident or injured someone.

A call to the license place might clean this up.

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