• FreeAdvice has a new Terms of Service and Privacy Policy, effective May 25, 2018.
    By continuing to use this site, you are consenting to our Terms of Service and use of cookies.

PRIVATE FINANCING OF AUTO

Accident - Bankruptcy - Criminal Law / DUI - Business - Consumer - Employment - Family - Immigration - Real Estate - Tax - Traffic - Wills   Please click a topic or scroll down for more.

C

car41

Guest
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!!!
 


L

lawrat

Guest
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.
 
P

PamSJS

Guest
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!
 

Find the Right Lawyer for Your Legal Issue!

Fast, Free, and Confidential
data-ad-format="auto">
Top