Author Topic: Selling with payments  (Read 2392 times)

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davidt

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Selling with payments
« on: Mar 07, 2006, 03:54:44 PM »
I recently bought a 4runna (sixdees, fodees, arb, gears, doubler with a 4.7 in the rear, etc.).  Anyways, I am selling my jeep to another local guy (have known him for a while).  he is giving me half plus a welder and the rest will be on payments.  What I really need is a good contract.  If anyone has one, let me know.  also, any tips or advice for selling it.  Thanks.  David

abnormaltoy

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Re: Selling with payments
« Reply #1 on: Mar 07, 2006, 04:00:47 PM »
Google auto sale contracts, bill of sales, odometer disclosures etc. You can probably find them for free or for 5 or 6 bucks per.
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Re: Selling with payments
« Reply #2 on: Mar 07, 2006, 04:07:08 PM »
If you know the guy and are friends, and would like to remain friends, I suggest you get EVERYTHING in writing.  Agree on the sale amount, and the down payment, and then write out a contract


Example

"I, ______________, am selling my ____ Jeep, VIN__________________ to ___________ for the purchase price of $12,000 and a welder.  This includes a down payment of 6,000 and the welder.  The remaining 6,000 will be paid to me by Bob over the course of the next 12 months at the rate of 500 a month."

Include all the other stuff, you know "selling as is, seller not respnosible for smog, etc. etc. etc."  whatever you agree on.  After you're done writing and you both agree, both of you should sign two copies, one for each of you and date it.  This way, if a problem ever arises and for some reason this gets dragged into court, you can show that both parties were in agreement.  :thumbs:  there really isn't a cut and dried formula for making a contract, you just need to include a timeline, and the down payment, and the amount of the payments if you are willing to sell it that way.  Make sure you include the welder in the contract as part of the payment.
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davidt [OP]

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Re: Selling with payments
« Reply #3 on: Mar 07, 2006, 08:52:46 PM »
great advice, anybody have any experiences with this type of transaction?

davidt [OP]

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Re: Selling with payments
« Reply #4 on: Mar 08, 2006, 07:33:33 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

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Re: Selling with payments
« Reply #5 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:
:usa: Its better to die on your feet than live on your knees :usa:

"Freedom is never more than one generation away from extinction. We didn't pass it to our children in the bloodstream. It must be fought for, protected, and handed on for them to do the same, or one day we will spend our sunset years telling our children and our children's children what it was once like in the United States where men were free. "

"I don't believe in a government that protects us from ourselves."
              -Ronald Reagan

Don't take life too seriously, it isn't permanent

 
 
 
 
 

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