Buying a car from a private seller.....need tips for making the sell smooth and legit

[365k]

We came to the agreement that I would give half of the amount he asked for as down payment this Friday. I will be continuing to pay off the car with payments.
To make things legit with him, I told him I would type up a letter and get it notarized on the amount I'll be giving him, just in case if things were to get out of hand. The dude is my uncle's mechanic, but still not trying to take risks or getting %!+$$% over.

What would you guys recommend me in adding on the letter? so far in mind to include in the letter are both our names, car's VIN number, amount of cash, dates and signatures of every payment I give after the down payment.

 

[365k]

We came to the agreement that I would give half of the amount he asked for as down payment this Friday. I will be continuing to pay off the car with payments.
To make things legit with him, I told him I would type up a letter and get it notarized on the amount I'll be giving him, just in case if things were to get out of hand. The dude is my uncle's mechanic, but still not trying to take risks or getting %!+$$% over.

What would you guys recommend me in adding on the letter? so far in mind to include in the letter are both our names, car's VIN number, amount of cash, dates and signatures of every payment I give after the down payment.

 

[2lipslegit]

not buying it outright from a private seller seems like a terrible situation IMO

Id rather get a loan and then have to pay that off if i couldnt pay cash

If you do it though, make sure you can prove you paid him

 

[2lipslegit]

not buying it outright from a private seller seems like a terrible situation IMO

Id rather get a loan and then have to pay that off if i couldnt pay cash

If you do it though, make sure you can prove you paid him

 

[its that dude]

Walk away.

 

[its that dude]

Walk away.

 

[josebronx]

does it have an SR20?

 

[josebronx]

does it have an SR20?

 

[365k]

Originally Posted by 2LipsLegit

not buying it outright from a private seller seems like a terrible situation IMO

Id rather get a loan and then have to pay that off if i couldnt pay cash

If you do it though, make sure you can prove you paid him

Unfortunately I can't get a car loan from a salvage car.

and I was gonna attach a space for signatures and every date that I take him the cash, and keep copies to keep it on record.

Originally Posted by JoseBronx

does it have an SR20?

yeah, zenki pulling 380whp

 

[365k]

Originally Posted by 2LipsLegit

not buying it outright from a private seller seems like a terrible situation IMO

Id rather get a loan and then have to pay that off if i couldnt pay cash

If you do it though, make sure you can prove you paid him

Unfortunately I can't get a car loan from a salvage car.

and I was gonna attach a space for signatures and every date that I take him the cash, and keep copies to keep it on record.

Originally Posted by JoseBronx

does it have an SR20?

yeah, zenki pulling 380whp

 

[iamsaikotic]

Originally Posted by 2LipsLegit

not buying it outright from a private seller seems like a terrible situation IMO

Id rather get a loan and then have to pay that off if i couldnt pay cash

If you do it though, make sure you can prove you paid him

If you can't pay the whole thing get a line of credit. You don't need to discuss what you're using the money for. You can't pay someone you don't know installments.

If you go through with it make sure you either pay with a cheque or money order. Do not use cash.

 

[iamsaikotic]

Originally Posted by 2LipsLegit

not buying it outright from a private seller seems like a terrible situation IMO

Id rather get a loan and then have to pay that off if i couldnt pay cash

If you do it though, make sure you can prove you paid him

If you can't pay the whole thing get a line of credit. You don't need to discuss what you're using the money for. You can't pay someone you don't know installments.

If you go through with it make sure you either pay with a cheque or money order. Do not use cash.

 

[365k]

Originally Posted by iamsaikotic

Originally Posted by 2LipsLegit

not buying it outright from a private seller seems like a terrible situation IMO

Id rather get a loan and then have to pay that off if i couldnt pay cash

If you do it though, make sure you can prove you paid him

If you can't pay the whole thing get a line of credit. You don't need to discuss what you're using the money for. You can't pay someone you don't know installments.

If you go through with it make sure you either pay with a cheque or money order. Do not use cash.

Since I don't have credit background, I had only got approved for $1000 WITH a co-signer.

But, MO's sounds real legit and keeping copies of them.

 

[365k]

Originally Posted by iamsaikotic

Originally Posted by 2LipsLegit

not buying it outright from a private seller seems like a terrible situation IMO

Id rather get a loan and then have to pay that off if i couldnt pay cash

If you do it though, make sure you can prove you paid him

If you can't pay the whole thing get a line of credit. You don't need to discuss what you're using the money for. You can't pay someone you don't know installments.

If you go through with it make sure you either pay with a cheque or money order. Do not use cash.

Since I don't have credit background, I had only got approved for $1000 WITH a co-signer.

But, MO's sounds real legit and keeping copies of them.

 

[ohyeah10]

definitely pay with a check or something that can be recorded. not cash, ever. dude could really try to screw you out of money

 

[ohyeah10]

definitely pay with a check or something that can be recorded. not cash, ever. dude could really try to screw you out of money

 

[burgundyaltima]

right you cant get a CAR loan but you can try for a personal loan or line of credit....but since you just said u have limit credit history the interest gonna be bananas IF you have a co-sign with good credit...and hell i agree with the other guy do the MO order payments and hold on to reciepts! bc GOD FORBID worst case scenario you total ur salvage car again(no pun intended) ..and still owe payments on a totaled car...at least u dealing with a private seller..and not credit card company or bank..maybe the seller would be able to work something out..o well good luck ..

 

[burgundyaltima]

right you cant get a CAR loan but you can try for a personal loan or line of credit....but since you just said u have limit credit history the interest gonna be bananas IF you have a co-sign with good credit...and hell i agree with the other guy do the MO order payments and hold on to reciepts! bc GOD FORBID worst case scenario you total ur salvage car again(no pun intended) ..and still owe payments on a totaled car...at least u dealing with a private seller..and not credit card company or bank..maybe the seller would be able to work something out..o well good luck ..

 

[josebronx]

youre bound to come up with a salvage 240sx anytime

cosign on the MO, but OP eff the SR and get a shell + LS1

 

[josebronx]

youre bound to come up with a salvage 240sx anytime

cosign on the MO, but OP eff the SR and get a shell + LS1

 

[crcballer55]

Originally Posted by OHyeah10

definitely pay with a check or something that can be recorded. not cash, ever. dude could really try to screw you out of money

Co-sign.  ALWAYS make sure your payments have a paper trail.  I have seen too many cases where cash was used and then the person needed to show their payment history and couldn't.  Should he take you to court for lack of payments, at least you can show the judge proof.

 

[crcballer55]

Originally Posted by OHyeah10

definitely pay with a check or something that can be recorded. not cash, ever. dude could really try to screw you out of money

Co-sign.  ALWAYS make sure your payments have a paper trail.  I have seen too many cases where cash was used and then the person needed to show their payment history and couldn't.  Should he take you to court for lack of payments, at least you can show the judge proof.

 

[upptempo8387]

 

[upptempo8387]

 

[365k]

Originally Posted by burgundyaltima

right you cant get a CAR loan but you can try for a personal loan or line of credit....but since you just said u have limit credit history the interest gonna be bananas IF you have a co-sign with good credit...and hell i agree with the other guy do the MO order payments and hold on to reciepts! bc GOD FORBID worst case scenario you total ur salvage car again(no pun intended) ..and still owe payments on a totaled car...at least u dealing with a private seller..and not credit card company or bank..maybe the seller would be able to work something out..o well good luck ..

I mentioned it to him about trying to get a loan, and he decided to lend me a hand, (due to no credit history) and give me time for me to come up with the rest and give it to him in payments. That way I can save the interest rate.

The dude seems real legit tho, not only is he paying for the smog with the SR in it, but he's also throwing all the spare parts he had in it before. He owns the shop where he works at, and is open to check if any issues come up with the car. (Ex-mechanic from the SR20 store BTW)

JoseBronx wrote:

---

youre bound to come up with a salvage 240sx anytime

cosign on the MO, but OP eff the SR and get a shell + LS1
V8 with these gas prices

lol

But, I've seen some with the LS1 and I must say

Originally Posted by crcballer55

Originally Posted by OHyeah10

definitely pay with a check or something that can be recorded. not cash, ever. dude could really try to screw you out of money

Co-sign.  ALWAYS make sure your payments have a paper trail.  I have seen too many cases where cash was used and then the person needed to show their payment history and couldn't.  Should he take you to court for lack of payments, at least you can show the judge proof.

I seriously had not thought of MO's. Thank you guys for the help.

Hoping this deal goes through, 'cause I'm in love with the car.