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Purchasing a car on " terms "

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Premchand1976
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Purchasing a car on " terms "

Postby Premchand1976 » November 27th, 2020, 1:22 pm

Someone was asking me about buying a used car outside a bank and lending institution, making a down payment and a fixed monthly payment with the car being transferred only after full payment settlement.

What's your take on this ppl, would a legal contract be binding ?

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hover11
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Re: Purchasing a car on " terms "

Postby hover11 » November 27th, 2020, 1:41 pm

In these times with that new demerit system you asking for licks due to the fact that any tickets this person gets the ticket will be going to you, they run a red light the ticket will be mailed to you
Premchand1976 wrote:Someone was asking me about buying a used car outside a bank and lending institution, making a down payment and a fixed monthly payment with the car being transferred only after full payment settlement.

What's your take on this ppl, would a legal contract be binding ?
Last edited by hover11 on November 27th, 2020, 1:41 pm, edited 1 time in total.

adnj
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Re: Purchasing a car on " terms "

Postby adnj » November 27th, 2020, 1:46 pm

Owner-financed vehicle sales happen often. This can be sometimes termed "Rent-to-own." The risks are almost always with the creation and execution of the purchase agreement.

Typically, neither party has sufficient experience to know what should be included in the agreement or how to address problem areas like losses due to theft or collision, missed payments, or death of a signee. Very little interest seems to be placed on the creation of liens, insurance coverage requirements or end of contract title transfer.

The information and expertise is readily available but it comes at additional cost so some people avoid it entirely.

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Strugglerzinc
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Re: Purchasing a car on

Postby Strugglerzinc » November 27th, 2020, 1:47 pm

Consider if the purchaser was able to pay back in a timely manner, was trustworthy and had a good job, they would be able to get a small loan from a bank.

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DTAC
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Re: Purchasing a car on

Postby DTAC » November 27th, 2020, 2:01 pm

The amount of people who sign up for that, pay diligently every month and when all the payments made, the owner who enjoy all the money, decide he ain't "giving away" he car.
Never mind the fact you paying way over what it worth without even factoring in depreciation

RedVEVO
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Re: Purchasing a car on

Postby RedVEVO » November 27th, 2020, 2:22 pm

^^

Just have a solid contract with terms and conditions .

Maybe have an attorney look it over with sign with 2 witnesses etc.

Go for it and ride in style :D

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VexXx Dogg
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Re: Purchasing a car on

Postby VexXx Dogg » November 27th, 2020, 4:01 pm

Don't do it. Plenty conmen and fraudsters out here who will either take your money or your car.
Better do it through a bank, cut cheque and transfer busy busy.


You can have how many legal documents in a p2p sale. Do you have the means and the time to pursue litigation if it falls to crap?

Hwells
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Re: Purchasing a car on

Postby Hwells » November 27th, 2020, 4:15 pm

DTAC wrote:The amount of people who sign up for that, pay diligently every month and when all the payments made, the owner who enjoy all the money, decide he ain't "giving away" he car.
Never mind the fact you paying way over what it worth without even factoring in depreciation


is to take said car that unwilling to be transfered even after agreed payments were met and run tru camera spot speed (red lights go be dangerous to other people), over the limit a good few 50 times , wap wap wap, want to play so take some ticket aint car in your name?

:D :D :D :D

RedVEVO
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Re: Purchasing a car on

Postby RedVEVO » November 28th, 2020, 7:00 am

Go for it before car prices go up !

Premchand1976
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Re: Purchasing a car on

Postby Premchand1976 » November 28th, 2020, 7:43 am

RedVEVO wrote:Go for it before car prices go up !
will tell them

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