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Ways of buying a vehicle using payments.

Old 08-01-2014, 02:17 PM
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Default Ways of buying a vehicle using payments.

First off im not sure where to exactly post this or even what to title it as. A co worker is selling a vehicle and gave me first dibs on it, I kindly said I did not have 9,200 just sitting in the bank and was not interested in taking out a 2nd loan just for a car. I asked if he would accept payments between him and I, he replied with ,"yes".

Questions are:
What legal document is needed to avoid him just randomly coming and getting his vehicle even if the payments have/are being made on time and in the full amount?
He is under the assumption that he keeps the title until it is paid off, If this is the case then how would I go about registering the vehicle and insuring it ?

Im sure someone on this site has sold a vehicle and accepted payemts, So any help is greatly apprecitaed.
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Old 08-01-2014, 04:12 PM
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Default Re: Ways of buying a vehicle using payments.

If either of you go through with this, you're dumb fucks. Get a fucking loan like a normal person. Better yet, have some money and just buy it.
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Old 08-01-2014, 05:33 PM
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Default Re: Ways of buying a vehicle using payments.

This has cluster fuck written all over it.

Id just go buy the same exact car, through my bank or buy it in cash.
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Old 08-01-2014, 05:40 PM
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Default Re: Ways of buying a vehicle using payments.

CA$H son

And no intelligent person would go through with anything this stupid for various reasons.

Mainly to register and insure you as the driver, freeing him from liability if the vehicle he would have to surrender the title to you.
And if he was dumb enough to do that I wouldn't give him a single dime after.
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Old 08-02-2014, 07:01 AM
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Default Re: Ways of buying a vehicle using payments.

I'm not accepting payments for something worth almost $10k that someone else possesses and drives. I'm not a bank and I'm not going to invest in your happiness with my money. When you buy it, you can take possession of it.
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Old 08-02-2014, 07:49 AM
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Default

Originally Posted by dorydorydriftin View Post
First off im not sure where to exactly post this or even what to title it as. A co worker is selling a vehicle and gave me first dibs on it, I kindly said I did not have 9,200 just sitting in the bank and was not interested in taking out a 2nd loan just for a car. I asked if he would accept payments between him and I, he replied with ,"yes".

Questions are:
What legal document is needed to avoid him just randomly coming and getting his vehicle even if the payments have/are being made on time and in the full amount?
He is under the assumption that he keeps the title until it is paid off, If this is the case then how would I go about registering the vehicle and insuring it ?

Im sure someone on this site has sold a vehicle and accepted payemts, So any help is greatly apprecitaed.
Most ways of going about this are, retrieve loan from bank.

*You and coworker go to wherever holds the title.*

*It may be possible at some banking institutions that you can receive the title directly after you pay for the current lien.

You have him sign a bill of sale for him selling you the car.

Have the title sent to you or have him send it to you.

You obviously take possession of the car and wait on the title.

You still make payments, just to the bank. If you can't afford the payments I would ultimately suggest that you not purchase the car obviously.
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Old 08-02-2014, 08:05 AM
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Default Re: Ways of buying a vehicle using payments.

Yeah get a loan. Or better yet, have self control and maybe build a savings.
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Old 08-03-2014, 03:44 PM
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Default Re: Ways of buying a vehicle using payments.

Originally Posted by dorydorydriftin View Post
First off im not sure where to exactly post this or even what to title it as. A co worker is selling a vehicle and gave me first dibs on it, I kindly said I did not have 9,200 just sitting in the bank and was not interested in taking out a 2nd loan just for a car. I asked if he would accept payments between him and I, he replied with ,"yes".

Questions are:
What legal document is needed to avoid him just randomly coming and getting his vehicle even if the payments have/are being made on time and in the full amount?
He is under the assumption that he keeps the title until it is paid off, If this is the case then how would I go about registering the vehicle and insuring it ?

Im sure someone on this site has sold a vehicle and accepted payemts, So any help is greatly apprecitaed.
So you want to make regular payments on a debt to another individual and want a legal contract/agreement drawn up that both he and you agree to?

Sorry champ, that's called a loan. Get a loan from a bank and purchase the vehicle.

I'll second the "if either of you go through with this, you're dumb fucks"
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Old 08-03-2014, 06:42 PM
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Default Re: Ways of buying a vehicle using payments.

you've been here since 2006 and still don't know how to do a simple car purchase?

+1 to the "get a loan from a bank" people. That way, your friend won't have to take you to court when you don't pay... the bank will simply hire a repo man to take it from you.
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Old 08-04-2014, 06:25 AM
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Default Re: Ways of buying a vehicle using payments.

Originally Posted by Roxtar View Post
you've been here since 2006 and still don't know how to do a simple car purchase?

+1 to the "get a loan from a bank" people. That way, your friend won't have to take you to court when you don't pay... the bank will simply hire a repo man to take it from you.
And when it gets wrecked or totaled or stolen, there is a clear chain of who gets the money. Partial ownership only works under the most perfect of conditions and the most perfect behavior by both owners. Otherwise everything goes bad very fast.
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