Owner selling car

[Gorion]

I am selling a vehicle, and the person I'm selling it to said they would make payments on it. They haven't given me any money yet. Would this work just like if a dealer sold a car? They'd receive the title when I'm paid the full sum we agreed on? I'm trying to work out a good payment contract to go get notarized.

I'm in California.

I also want to release liability of whatever may happen during the process of him making payments (such as being the recipient of a ticket he gets while driving the car), but I don't want to release the title of course yet, but the DMV in CA, those seem go hand in hand.

Please help.

 

[Zigner]

I am selling a vehicle, and the person I'm selling it to said they would make payments on it. They haven't given me any money yet. Would this work just like if a dealer sold a car? They'd receive the title when I'm paid the full sum we agreed on? I'm trying to work out a good payment contract to go get notarized.

I'm in California.

I also want to release liability of whatever may happen during the process of him making payments (such as being the recipient of a ticket he gets while driving the car), but I don't want to release the title of course yet, but the DMV in CA, those seem go hand in hand.

Please help.

Your best bet is to find a new buyer. No matter what else you do, if they fail to pay as promised, YOU are the one that's got to deal with it. It's just not worth it.

 

[PayrollHRGuy]

I have to agree with Zigner on this one. Either find a new buyer or tell them to find a bank to finance the loan. If they can't find a bank to finance the loan there is a reason for that.

 

[HighwayMan]

You have no reason to act as a bank for someone buying your car - you're looking for trouble and headaches.

If someone cannot hand you the cash for the car at the time of sale you walk away.

 

[HRZ]

One more old timer with a few car sales under his belt also chimes in, get the payment in full or find another buyer ....it's simply not worth the hassle to sort out issues if buyer misses a payment or claims XYZ as an undisclosed problem ...be sure you meet the CA smog requirement as well.

 

[adjusterjack]

Another old timer with lots of car sales.

NEVER sell a car on payments. You're not smarter than the bank that won't give the guy the money because he's a poor credit risk.