For future reference, for the younger guys out there who have not learned these life lessons yet.
If you are selling a car and a buyer really what the car but "doesn't have enough money at the time" take what he has and promise to "hold the car" until he has the balance. That means you park it in a safe place, don't drive it, and don't let anyone else in it. If anyone else offers money for it you have to say no. When he pays the balance you sign the title over to him and say goodbye. If he damages the vehicle on the way home it's on him.
Never let a vehicle go unless you have full payment and sign the title over to him. If someone goes crazy and does a hit-a-run or robs a store while driving your car, which is still titled to you, the police will be looking for YOU!
The only thing I would add to this is, when you get the deposit, you give a bill of sale specifying the sale amount, the amount paid, and set a DEADLINE for when the balance has to be paid. Specify that the deposit is forfeited if the balance is not paid by the cutoff date. You have the buyer sign it, and retain a copy.
Also, if you *don't* get cash up front for the full amount, and decide to let the car go anyway, make sure you're willing to accept it if they don't pay you the balance, because sure as hell, they won't.
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04:38 PM
JohnWPB Member
Posts: 5182 From: West Palm Beach, Florida Registered: May 2009
I just sent they guy on Craigslist a nasty email. If anything, just to make me feel better. I also clicked on the "mark as spam" in the CL page, if enough do that, it will get automatically pulled down
Here is the ad, in case it does get pulled.
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05:18 PM
JohnWPB Member
Posts: 5182 From: West Palm Beach, Florida Registered: May 2009
You sir don't have a ****ing clue what your talking about. I bought the car it didn't even make it home I had to put a new motor in it. I've got about 3200 wrapped up in it. So no your ***t b4 you email someone!
[This message has been edited by JohnWPB (edited 07-16-2011).]
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12:08 AM
Jim_Martin29 Member
Posts: 702 From: Marina, California, USA Registered: Jun 2010
The only thing I would add to this is, when you get the deposit, you give a bill of sale specifying the sale amount, the amount paid, and set a DEADLINE for when the balance has to be paid. Specify that the deposit is forfeited if the balance is not paid by the cutoff date. You have the buyer sign it, and retain a copy.
Also, if you *don't* get cash up front for the full amount, and decide to let the car go anyway, make sure you're willing to accept it if they don't pay you the balance, because sure as hell, they won't.
Excellent advice, always get signed paperwork that explains everything clearly.
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01:51 AM
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Marine1981 Member
Posts: 1364 From: Austin, Texas, USA Registered: Jan 2011