I Would Like To Introduce Myself...

Comments(12)

• 
  jimandlacy14th May, 2009

  Sniff, sniff, I smell an ad.

• 
  mrushton26th May, 2009

  I actually did this recently. I had a unique opportunity to purchase at a very low price a used vehicle that I knew I could sell for much more. Older cars are next to impossible to get financed, but in good condition are wanted. I only offered financing to those that had mentioned their attempt to obtain financing. The downpayment I required covered my investment, I held a lein on the car which most titles allow you to fill in; in my case, I priced the car 1000 higher than what I was willing to take, gave the buyers pre addressed and stamped envelopes, and wrote up the agreement that I was selling the car for X; however if they made 18 months of ontime payments, I would consider it paid in full. Every one of my envelopes arrived ontime and all involved were happy.

• 
  cyndyB28th June, 2009

  I have had this in a deal once. The seller took a first lien on my car (since it was paid off) rather than a second lien on the home I was buying from them.
  
  It worked out well.

• 
  rickwatsonvr41st July, 2009

  I sold a car on terms and had no problems. He wrecked it shortly after it was paid off. Came back and I sold him my personal car (i bought the wreck and pulled the motor out for a different car) This time he skipped. I agree with the other posters, it is risky. Take enough down up front and consider all subsequent monthly payments as a blessing. I would probably do it again (albeit not the same person) but would hold collateral of some sort. Hope this helps and good luck. ps, goodwill is always a feel good option and may be a tax write off as well!

• 
  seanachie1st July, 2009

  I have done it several times but I try and follow some rules.
  1. Get a reasonable down payment. How much depends on the sale price of the car.
  2. Have a fair markup value maybe 1000.00 on a 3000.00 car purchase.
  3. Sale a car that is in good shape. If it breaks down after the sale you will be less likely to get any payments.
  4. Get a local person that has a bank account, job, kids in a local school or sports. Harder for them to break ties and leave the area.
  5. maybe check their credit and references. Speaks for itself I think.
  6. Make payments realistic. To much maybe a default waiting.
  7. Sign a collateral agreement so you have the right to repo the car.
  8. Maybe this should 2 or 3, Make SURE they have ins naming you as holder of title and check it out yourself every month.
  9. Lien on title.
  10. Do several and sell the notes created, find these useful and send me 50.00 or if you really are going to do this, I maybe able to help with payment sheet and coll. agreement.
  Good Luck
  Michael

• 
  ITBInvestor1st July, 2009

  An update... I took the vehicle to CarMax (http://www.carmax.com/)... quick and painless cash deal.

• 
  haynesm10th July, 2009

  Jr 429
  Thanks for the info. Like you, I guess I am old hat. I don’t know about these things either. They may have merit. I will check into them.
  
  Wednesday I had to go to court about problems my renter caused. I had taken pictures but knew the judge couldn’t see them on my camera – too small. So I borrowed a - I think it was called an “electric picture frame”. Lets me take the card out of my camera, insert card into the back of this thing, and show the pictures at a size that was easy to see. Saved a lot of printing and I could call up lots of pictures as needed.
  
  I won my case.

• 
  haynesm10th July, 2009

  I went to Google and looked this up AAXA Micro projector.
  
  Lots of places to go to but this is the oneI looked at.
  
  due to light output may not work for what I think I am looking for "at this time"
  
  http://www.fatwallet.com/forums/hot-deals/911145/

• 
  rmdane200025th July, 2009

  sounds like the perfect car for the cash for clunkers program. But, you have to buy brand new.

• 
  NewKidInTown325th July, 2009

  smithj2,
  
  You have another option -- repair the car.
  
  When the driver side and passenger side power windows in my 1992 vintgage car quit working, I had the power window motors replaced for about $250 each.
  
  When the air conditioner compressor failed, I had a new compressor installed for about $600.
  
  My repair costs were considerably less expensive than buying a new (newer) car. My car also runs great and just turned over 155K miles. It should give me another ten years of reliable use before I would even consider a trade in.
  
  Since you say your car also runs great, suggest you consider the cost of repair versus purchasing a replacement car.

• 
  cjmazur30th July, 2009

  I saw a excel add-in that had this..
  
  I used this for something similar..
  
  Zip Code Distance and Radius Tools for MS Excel
  
  or
  
  http://www.zip-codes.com/
  
  You might snoop around the business relations side of the USPS for a free tool for free.

• 
  real_estate_now30th July, 2009

  Hi, Mark
  
  http://www.searchbug.com/tools/zip-radius.aspx
  
  Lou Alexandrov