So basically I'm going to be selling my car and while driving with a friend he noted he was looking for a car. We were able to come to an agreement of price on the car ($3,500).
He requested to pay in payments with $1,500 down at first and 500 each month till paid off (4 months).
I've been friends with this individual for over 10 years. He's always been a great friend and one I consider to be very close which is the only reason I would even consider payments.
I've done a lot of digging and 95% of people will say don't sell it to someone on payments, they will pay the first payment and never be seen again.
Thing is I've known this guy for over 10 years. Where he lives, works and his family/siblings. Under no circumstances do I think he will jump ship and pay the 1,500 and flee the state.
But that being said I want to cover all my bases while selling this car too so I don't get screwed in the long run. There will be a contract written up for the payments and such but how would I go about the title/insurance? Would he be able to insure the car even though its not under his name? (I plan to keep the title of the car till the last payment is made if this is even possible?)
Submitted February 07, 2018 at 10:20AM by rob24g http://ift.tt/2BeWZWN
