Q: I want to sell my car on a payment plan, is this a bad idea?
Hello. I have a car that I’m selling for $2700 and I have a question. A man wants to purchase the car as is but wants to try and do a payment plan of around $800 down and $100-200 a week (with his paychecks). The man is willing to give me proof of address, his license, and sign a contract on video (along with verbal agreement). Is this a bad idea anyway? As in, let’s say he payed $800 and then tried to not pay the remaining $1900, would it even be worth it to sue for that amount? I really wanna help this guy out but I am not sure. Thank you!
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- Tennessee
- (865) 637-3035
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- Answered
A: Probably a bad idea as you are not a car dealer. But if you do: execute a security agreement; execute a promissory note with interest and collection costs included; and put yourself as the Lienholder on the Title. Be prepared to not get paid.
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