Author Topic: Selling with payments  (Read 1642 times)

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Re: Selling with payments
« on: Mar 08, 2006, 08:16:34 PM »
Here is what I came up with, that was an awesome start!  Let me know if I left anything out  :biggthumpup:  :biggthumpup:  :beerchug:  :beerchug:
I, David Torres (seller), am selling my 1990 Jeep Comanche, VIN__________________ to ___________ (buyer)for the purchase price of $3,000, a Lincoln Weld Pac 100, ten pound C02 tank, regulator and welding Mask.  This includes a down payment of $1,000 and the aforementioned items.  The remaining $2,000 will be paid to me by ¬¬¬¬¬the buyer over the course of the next 4 months at the rate of $500 per month.  Payment will be sent via USPS and shall be postmarked no later than the first day of every month.  If the payment has not been postmarked by the fifth day of the month, a $10 per day late fee will be applied.  If the buyer makes two payments in one month, the buyer will get a $50 credit towards the payment of the truck.  The vehicle is sold as is, seller is not responsible for smog and no warranties are made.  The seller will also maintain insurance on the vehicle at all times.  If the buyer does not perform, the vehicle will be given back to the seller.

x_________________      David Torres

x_________________      JJ

x_________________      JJ’s Dad

Looks good to me, but you may want to mention what happens to the already paid "stuff" if the buyer does not preform.  Will you return it, or is it counted as lost by the buyer?  Just something else to think about.  Also, why are you continuing insurance on the vehicle?  is it going to be in your name until the last payment is made?  you may want to consider this, if that is the case.  Often if the vehicle is driven by someone else, and is involved in an accident, the owner of the vehicle is held liable in the person driving is not insured.  So if the buyer hits something/someone you may be screwed out of the rest of the payments, and the liability of the insurance.  If I am misunderstanding, ignore anything I mentioned I was confused with.  Other than that, looks good! :thumbs:
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