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

[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.

 

[youngtriz]

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

 

[youngtriz]

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

 

[kdawg]

Is that even legal? He's providing you with credit and he's probably not authorised to do that. Might come back and bite you.

 

[kdawg]

Is that even legal? He's providing you with credit and he's probably not authorised to do that. Might come back and bite you.

 

[crcballer55]

Originally Posted by kdawg

Is that even legal? He's providing you with credit and he's probably not authorised to do that. Might come back and bite you.

Anyone can provide any other person with a line of credit during a transaction.  Only if you're considered a financial institution are you required to register with the SEC and become regulated.  This is just a private transaction between two people.

I'm still trying to see why people are so paranoid about this.  Other than the guy claiming he didn't receive the payments, there's not much more that he can do to hurt the kid.  If there is a contract stating the terms of the sale with the payment terms both parties should be set.


Also... if you're buying a salvaged car, I would make sure to have a third party take a look at it.  I know the guy may be your uncle's friend, but that won't mean anything if something goes wrong with the car unless your uncle sends him a lot of business and would be willing to pull that from him should the transaction go sideways.

 

[crcballer55]

Originally Posted by kdawg

Is that even legal? He's providing you with credit and he's probably not authorised to do that. Might come back and bite you.

Anyone can provide any other person with a line of credit during a transaction.  Only if you're considered a financial institution are you required to register with the SEC and become regulated.  This is just a private transaction between two people.

I'm still trying to see why people are so paranoid about this.  Other than the guy claiming he didn't receive the payments, there's not much more that he can do to hurt the kid.  If there is a contract stating the terms of the sale with the payment terms both parties should be set.


Also... if you're buying a salvaged car, I would make sure to have a third party take a look at it.  I know the guy may be your uncle's friend, but that won't mean anything if something goes wrong with the car unless your uncle sends him a lot of business and would be willing to pull that from him should the transaction go sideways.

 

[supremeape]

Originally Posted by crcballer55

Originally Posted by kdawg

Is that even legal? He's providing you with credit and he's probably not authorised to do that. Might come back and bite you.

Anyone can provide any other person with a line of credit during a transaction.  Only if you're considered a financial institution are you required to register with the SEC and become regulated.  This is just a private transaction between two people.

I'm still trying to see why people are so paranoid about this.  Other than the guy claiming he didn't receive the payments, there's not much more that he can do to hurt the kid.  If there is a contract stating the terms of the sale with the payment terms both parties should be set.


Also... if you're buying a salvaged car, I would make sure to have a third party take a look at it.  I know the guy may be your uncle's friend, but that won't mean anything if something goes wrong with the car unless your uncle sends him a lot of business and would be willing to pull that from him should the transaction go sideways.

Everything he said is 100% correct.

Just pay with a MO or Check and ur set

 

[supremeape]

Originally Posted by crcballer55

Originally Posted by kdawg

Is that even legal? He's providing you with credit and he's probably not authorised to do that. Might come back and bite you.

Anyone can provide any other person with a line of credit during a transaction.  Only if you're considered a financial institution are you required to register with the SEC and become regulated.  This is just a private transaction between two people.

I'm still trying to see why people are so paranoid about this.  Other than the guy claiming he didn't receive the payments, there's not much more that he can do to hurt the kid.  If there is a contract stating the terms of the sale with the payment terms both parties should be set.


Also... if you're buying a salvaged car, I would make sure to have a third party take a look at it.  I know the guy may be your uncle's friend, but that won't mean anything if something goes wrong with the car unless your uncle sends him a lot of business and would be willing to pull that from him should the transaction go sideways.

Everything he said is 100% correct.

Just pay with a MO or Check and ur set

 

[airthompson]

Sounds good, just be sure to check that everything works: gauges, switches, locks, etc.

 

[airthompson]

Sounds good, just be sure to check that everything works: gauges, switches, locks, etc.

 

[pendemic]

make the paper bulletproof.

make sure you have everything covered:

first down payment
amount of monthly payments
total amount of the car
AND IF something happens where you cant afford to pay the payments that the car is going back to the owner
ALWAYS pay with MO... and keep a copy and the store receipt where you bought it and make sure he gives you a receipt or something signed saying you paid him with both your names signed, printed and dated.
make sure the VIN is clean & and title is not salvaged or rebuilt if it is then BACK AWAY!! dont even think about it twice.


GL with the car man!

 

[pendemic]

make the paper bulletproof.

make sure you have everything covered:

first down payment
amount of monthly payments
total amount of the car
AND IF something happens where you cant afford to pay the payments that the car is going back to the owner
ALWAYS pay with MO... and keep a copy and the store receipt where you bought it and make sure he gives you a receipt or something signed saying you paid him with both your names signed, printed and dated.
make sure the VIN is clean & and title is not salvaged or rebuilt if it is then BACK AWAY!! dont even think about it twice.


GL with the car man!

 

[damedolla]

man cover your bases with the agreement and you should be ok

 

[damedolla]

man cover your bases with the agreement and you should be ok

 

[freakshow]

how much is the car in total?
and you said is salvage?? not worth it at all. even if you just want the engine.
its not even worth it..
and if you strapped for money sell shoes, clothes, blood, ask family and CLOSE friends for money..

 

[freakshow]

how much is the car in total?
and you said is salvage?? not worth it at all. even if you just want the engine.
its not even worth it..
and if you strapped for money sell shoes, clothes, blood, ask family and CLOSE friends for money..

 

[freakshow]

Double Post

 

[freakshow]

Double Post