Private car sale, monthly installments agreement
Private car sale, monthly installments agreement
Author
Discussion

johnhenry24

Original Poster:

45 posts

140 months

Tuesday 16th March 2021
quotequote all
Morning all


Looking at selling a car privately, really not feeling the whole covid risk/ebay bidding to buy then tyre kickers turning up for a joy ride!

Car is known by a specialist garage, and the garage owner has expressed interest, but can only afford monthly installments for the car.

The garage owner/buyer is trusted, this agreement is to protect everyone not just us.

Does anyone know of a good template agreement for a monthly installment agreement for a private car sale? I'm confident in getting definitions and defining schedules of payment, it would be useful to find a template.

Mods move to car buying if required

Many thanks
John

DaveH23

3,355 posts

200 months

Tuesday 16th March 2021
quotequote all
Don't do it. It won't end well. Sell for full asking price.

HTP99

25,342 posts

170 months

Tuesday 16th March 2021
quotequote all
DaveH23 said:
Don't do it. It won't end well. Sell for full asking price.
Very much this.

randlemarcus

13,646 posts

261 months

Tuesday 16th March 2021
quotequote all
Pay monthly works well, but only if you retain both the car and the v5 until the final installment smile they may be less keen on that...

tedblog

1,442 posts

110 months

Tuesday 16th March 2021
quotequote all
As above , buys it through the company, company goes bust and your last in line for payment.

Muzzer79

13,196 posts

217 months

Tuesday 16th March 2021
quotequote all
johnhenry24 said:
Morning all


Looking at selling a car privately, really not feeling the whole covid risk/ebay bidding to buy then tyre kickers turning up for a joy ride!

Car is known by a specialist garage, and the garage owner has expressed interest, but can only afford monthly installments for the car.

The garage owner/buyer is trusted, this agreement is to protect everyone not just us.

Does anyone know of a good template agreement for a monthly installment agreement for a private car sale? I'm confident in getting definitions and defining schedules of payment, it would be useful to find a template.

Mods move to car buying if required

Many thanks
John
Why on earth would you even consider the possibility of maybe thinking about doing this???

"garage owner has expressed interest, but can only afford monthly installments for the car."

So the garage owner can't afford the car. End of.

You are not a bank or a finance house, I presume. If he doesn't have the money. he should go and get a loan from........a bank or a finance house!

Why would you wait months/years for your money?

Honestly, you're not just asking for trouble; you're begging for it if you go ahead with this.


Blackpuddin

19,493 posts

235 months

Tuesday 16th March 2021
quotequote all
I've never heard of such a thing. Sounds like a great business model for a dodgy garage owner to generate a lot of cash, keeping the proceeds of his sales and not honouring the monthly payment scheme with the original vendors.

Mr E

23,087 posts

289 months

Tuesday 16th March 2021
quotequote all
Muzzer79 said:
You are not a bank or a finance house, I presume. If he doesn't have the money. he should go and get a loan from........a bank or a finance house!
This.
Run.

jimmydash

288 posts

151 months

Tuesday 16th March 2021
quotequote all
Other way round - quite a few years back (1994?) I wanted to buy a 530i Beamer, I saw one advertised privately. I went to view and spoke to the owner. I said I'd buy at his asked for price if he let me pay over three months. He said yes, I gave him one third and left with the car, then I paid the next 2 months when due. Maybe life was simpler then.

VFX_Artist

3,041 posts

223 months

Tuesday 16th March 2021
quotequote all
Nice way to buy stock if SOR is not possible?


Muzzer79

13,196 posts

217 months

Tuesday 16th March 2021
quotequote all
jimmydash said:
Other way round - quite a few years back (1994?) I wanted to buy a 530i Beamer, I saw one advertised privately. I went to view and spoke to the owner. I said I'd buy at his asked for price if he let me pay over three months. He said yes, I gave him one third and left with the car, then I paid the next 2 months when due. Maybe life was simpler then.
So, being as you've posted this story - Honest question:

If you were the one selling a car today and a chap turned up with the same offer - pay in 3 installments and drive away with your car now after handing over installment number one - would you agree to it?


carinaman

25,263 posts

202 months

Tuesday 16th March 2021
quotequote all
johnhenry24 said:
Car is known by a specialist garage, and the garage owner has expressed interest, but can only afford monthly installments for the car.
The last two vehicles I purchased were from the motor trade. That's not how they operated with me. One I paid outright when the vehicle was delivered and the other one in installments, but the last installment was paid when I collected the vehicle.

The garage owner can get finance from a bank or a peer to peer lender like Zopa.

Ziplobb

1,619 posts

314 months

Tuesday 16th March 2021
quotequote all
johnhenry24 said:
Morning all


Looking at selling a car privately, really not feeling the whole covid risk/ebay bidding to buy then tyre kickers turning up for a joy ride!

Car is known by a specialist garage, and the garage owner has expressed interest, but can only afford monthly installments for the car.

The garage owner/buyer is trusted, this agreement is to protect everyone not just us.

Does anyone know of a good template agreement for a monthly installment agreement for a private car sale? I'm confident in getting definitions and defining schedules of payment, it would be useful to find a template.

Mods move to car buying if required

Many thanks
John
NO NO NO NO
it means he cant afford it ! before your credit he should be able to access his ow money (the cheapest) overdraft, stocking finance, etc etc

Evolved

4,079 posts

217 months

Tuesday 16th March 2021
quotequote all
With all due respect OP, this post shouldn’t even have been considered. Absolutely bonkers to even contemplate his proposal. Full asking or do one would be my reply.

He sounds like a right chancer.

Jazoli

9,674 posts

280 months

Tuesday 16th March 2021
quotequote all
Another no from me, I wouldn't let anyone have the car and V5 before I had full payment in my hand, I was selling a cheap runaround last year and got asked a couple of times if I'd take monthly payments for it, I was gobsmacked, I offered £450 down and 5 monthly payments of £10, funny I never heard from them again.

KTMsm

28,982 posts

293 months

Tuesday 16th March 2021
quotequote all
I'm a Car Dealer - I wouldn't consider selling for payments

If a garage owner can't find £50k then he isn't much of businessman

Covid has actually increased demand and prices for many cars / bikes, just sell it


Black_S3

2,841 posts

218 months

Tuesday 16th March 2021
quotequote all
Can’t believe anyone would consider it. Surely there’s other dealers that would buy it outright if you don’t want to go the private sale route.

KAgantua

5,190 posts

161 months

Tuesday 16th March 2021
quotequote all
OP setting himself up for a nice reaming

steveo3002

11,223 posts

204 months

Tuesday 16th March 2021
quotequote all
no way

let him organise a loan at the bank and pay them back monthly , shouldn't be a problem unless hes a pennyless chancer

KTMsm

28,982 posts

293 months

Tuesday 16th March 2021
quotequote all
steveo3002 said:


let him organise a loan at the bank and pay them back monthly , shouldn't be a problem unless hes a pennyless chancer
I suppose this ^^ is the answer, if he can't / won't arrange a standard loan, that should be enough to convince the OP it's a bad idea