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Dutchess_III's avatar

Any advice on taking payments for my 63 Volkswagen?

Asked by Dutchess_III (43712points) October 3rd, 2014

Had some one interested, but he asked if he could make payments. I said “No, I need cash.”

Then I got to thinking….could I write a contract that agrees to payments but:

1) He doesn’t take possession of the car or get the title till it’s paid and

2) Any payments are non refundable.

Is that even legal?

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25 Answers

SQUEEKY2's avatar

A written contract signed by both parties ,as far as I know is legal, and go one step further ask them and you provide a witness and have them sign it as well.

Number one sounds fair, nor sure as to number 2 though.

Buttonstc's avatar

If you really enjoy dealing with major headaches, sure, go right ahead.

Otherwise, just ask him how much of a payment he could afford each month.

Figure out how many months it will take to reach the total amount necessary. Tell him to set aside that amount each month in a shoebox (or whatever object is handy) until ___________(date) and hand you the total in cash and the car is his. Much simpler for you.

stanleybmanly's avatar

I’m with @ARE_you_kidding_me. If your buyer has to struggle to pay for a 63 bug, you’d be opening yourself up to a soap opera of stretched out troubles.

Dutchess_III's avatar

It’s $3,500. Yeah, the fact that apparently he can’t get a loan for it was a flag to me.

Adirondackwannabe's avatar

A 1963 isn’t titled if I recall. He takes possession, you’re hosed.

jerv's avatar

First off, you have to have pretty stellar credit to just get a loan for $3500 for a used car. Banks generally don’t care if it’s a collector’s item or not. If that is a red flag, then you might want to avoid selling to anyone who rolls up in anything less than a 2013 Mercedes. And personally, I’m not sure I’d even apply for a loan for a car that is selling for less than half of the average value for it’s year/make/model. $3500? Does it even run? Considering the average price on those is closer to $8900, I really wonder about it’s condition!

Now that I’ve got that off my chest, I’ve bought and sold a couple untitled cars, but they were in jurisdictions that required dual signatures on a bill of sale in order to register the car. In some places, if you have the keys and registration for a car, it’s yours no matter what; no title requirements or other paper trail, totally “finders keepers”. In others, all cars are titled and possession doesn’t always mean ownership.

It depends a bit on how the contract is written, but properly written conditional sales and contracts are generally valid. Whenever I’ve had a car loan, there was a condition that failure to make payments may result in the lender taking possession of the car.

ARE_you_kidding_me's avatar

you can get an unsecured loan for that amount with average to sub-par credit. It’s a major red flag. If it’s in decent shape hell, I’ll buy it. I have wanted one to play with for quite some time.

jerv's avatar

@ARE_you_kidding_me If “average” has risen to about 780 and 700–750 is “sub-par” maybe. Or have lenders become considerably more relaxed than they were 5–10 years ago?

JLeslie's avatar

I need to ask my husband again if he wants that car.

kritiper's avatar

Keep the car until all of the payments come in.

rojo's avatar

Yes you could but
Wait ‘till someone who can both wants it and can afford it comes along.

Dutchess_III's avatar

Yes it runs, Jerv. The previous owner used to drive it to shows in Kansas and in Oklahoma. Here are some pics.

Of course it’s titled, @Adirondackwannabe. Where did you get the idea that it wasn’t?

ARE_you_kidding_me's avatar

@Dutchess_III That is a nice bug! You can get WAAAY more for it. If you lived anywhere near me it would be in my garage tomorrow.

Dutchess_III's avatar

Well, what would you give @ARE_you_kidding_me?

And where do you live?!

JLeslie's avatar

I just showed the photos to my husband again. I know you had sent me some before. Is it listed for sale anywhere with all the details? Is it on ebay or autotrader?

Does it have any rust? I know you said before it still runs.

My husband likes it. I’m the biggest obstacle to him buying cars, because I feel like we already have too many, but he has always wanted a bug, and if it helps you it would be even better, if he will eventually buy one anyway. We’d have to ship it.

JLeslie's avatar

How many miles?

I found the other photos

Dutchess_III's avatar

Cool. That reminds me…I have to check the odometer. It’s not valid, though, of course. I think that it only went to 100,000 before it just started over.

ARE_you_kidding_me's avatar

I’m in east Tennessee

Dutchess_III's avatar

Well, we’ll see what works out with @JLeslie and her husband. Trying to figure out what a fair price for us trailering it up there would be. I’m thinking it would be much cheaper than hiring someone.

ARE_you_kidding_me's avatar

Where is it located?

JLeslie's avatar

Oh man, see if I was still in west TN I’d be closer. Lol. But, I do have the vacation weather in the coming months where I am now.

ARE_you_kidding_me's avatar

A bit of a trek for me. It would be around a 2000 mile round trip.

rojo's avatar

“Any advice on taking payments for my 63 Volkswagen?”

Take only American dollars. None of that furin’ stuff like Yen, Pound, Drachma or Talon! definitely not Talon, the exchange rate sucks

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