PRIVATE FINANCING OF AUTO

I LIVE IN CALIFORNIA AND AM SELLING MY CAR. THE PERSON WHO WANTS TO PURCHASE IT CANNOT PAY FOR THE CAR IN FULL. WOULD LIKE TO MAKE A 20% DOWN PAYMENT AND MAKE PAYMENT OF $250 PER MONTH UNTIL PAID. I WILL HOLD THE "PINK SLIP" UNTIL PAID IN FULL AND HAVE A CONTRACT.

1. AM I LIABLE FOR ANY ACCIDENTS AND/OR DAMAGES THAT THIS PERSON INCURS WHILE DRIVING THE VEHICLE?

2. DO I NEED TO MAINTAIN INSURANCE ON THE VEHICLE TO ASSURE THAT IT IS COVERED? CALIFORNIA REQUIRES INSURANCE ON ALL VEHICLES.

3. CAN I REPOSSESS IF THE BUYER QUITS MAKING PAYMENTS?

4. AM I TOTALLY STUPID TO EVEN BE CONSIDERING THIS?

THANK YOU!!!

I am a law school graduate. What I offer is mere information, not to be construed as forming an attorney client relationship.

Umm, I pick #4. In California (where I am), you will be liable up the ying - yang. So****************************don't sell to this person. Tell them to get a cash advance from boss, or credit card, or credit union loan or borrow from mom and dad.

Dear Car41;

Here is a question to ask yourself....why can't this potential buyer get a personal loan? The answer is, his credit is BAD!

Nex question....If this person has a history of not paying their bills, why should I think he/she will pay me? Answer....More than likely, he won't. He may even skip the state. You may never see him or your car again.

FORGET IT!