Selling car to a friend using finance?
Discussion
I have a bit of a dilemma.
I'm selling my E46 M3 to make space for a GTR. A good friend has made clear his intentions to buy it but he can't come up with the all of the capital.
Is there any sensible way to arrange monthly payments without resorting to finance? A simple contract of some sort?
At the moment I don't need the funds from the M3 sale for purchasing the GTR but I'd like to get the amount settled with 12-18 months max.
Appreciate the help.
I'm selling my E46 M3 to make space for a GTR. A good friend has made clear his intentions to buy it but he can't come up with the all of the capital.
Is there any sensible way to arrange monthly payments without resorting to finance? A simple contract of some sort?
At the moment I don't need the funds from the M3 sale for purchasing the GTR but I'd like to get the amount settled with 12-18 months max.
Appreciate the help.
This might seem harsh but any informal agreement sounds like a recipe for disaster.
If he hasn't got the cash and can't get a bank loan I would politely tell him that you can't do the deal. As another option, he could always get the cash from a credit card and then do a 0% balance transfer.
Basically, I don't think you should take on any risk and it would be unreasonable of him to expect you to. Let him (or the bank) assume the risk and give you cash if he wants the car.
If he hasn't got the cash and can't get a bank loan I would politely tell him that you can't do the deal. As another option, he could always get the cash from a credit card and then do a 0% balance transfer.
Basically, I don't think you should take on any risk and it would be unreasonable of him to expect you to. Let him (or the bank) assume the risk and give you cash if he wants the car.
Never lend a friend money unless you're prepared to lose the money and the friend.
What happens if you fall out in six months time because it needs a new clutch (or whatever) and your friend tells you that you've sold him a lemon and he's not paying anything more for it? Hopefully unlikely, but you need to consider this sort of thing.
If your friend can't finance the car, he can't afford it.
What happens if you fall out in six months time because it needs a new clutch (or whatever) and your friend tells you that you've sold him a lemon and he's not paying anything more for it? Hopefully unlikely, but you need to consider this sort of thing.
If your friend can't finance the car, he can't afford it.
Babw said:
I have a bit of a dilemma.
I'm selling my E46 M3 to make space for a GTR. A good friend has made clear his intentions to buy it but he can't come up with the all of the capital.
Is there any sensible way to arrange monthly payments without resorting to finance? A simple contract of some sort?
At the moment I don't need the funds from the M3 sale for purchasing the GTR but I'd like to get the amount settled with 12-18 months max.
Appreciate the help.
Tell him to get a loan. Any kind of agreement between you is a very bad idea - there dragons be.I'm selling my E46 M3 to make space for a GTR. A good friend has made clear his intentions to buy it but he can't come up with the all of the capital.
Is there any sensible way to arrange monthly payments without resorting to finance? A simple contract of some sort?
At the moment I don't need the funds from the M3 sale for purchasing the GTR but I'd like to get the amount settled with 12-18 months max.
Appreciate the help.
hornetrider said:
Babw said:
I have a bit of a dilemma.
I'm selling my E46 M3 to make space for a GTR. A good friend has made clear his intentions to buy it but he can't come up with the all of the capital.
Is there any sensible way to arrange monthly payments without resorting to finance? A simple contract of some sort?
At the moment I don't need the funds from the M3 sale for purchasing the GTR but I'd like to get the amount settled with 12-18 months max.
Appreciate the help.
Tell him to get a loan. Any kind of agreement between you is a very bad idea - there dragons be.I'm selling my E46 M3 to make space for a GTR. A good friend has made clear his intentions to buy it but he can't come up with the all of the capital.
Is there any sensible way to arrange monthly payments without resorting to finance? A simple contract of some sort?
At the moment I don't need the funds from the M3 sale for purchasing the GTR but I'd like to get the amount settled with 12-18 months max.
Appreciate the help.
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