How to Owner Finance? I need help!

[blkcobra@cox.net]

I am selling my van and truck mount equipment, the buyer is giving me 17000 cash up front with a balance of 8000 to be paid within a month. What is the best way to set this up to ensure I get paid? So essentially I will be financing 8000 for 1 month. Has anyone here helped financed part of their sale?

 

[carpetcleaner]

There is no way to ensure that you will get paid. You should write up the loan so that you get the van back if he doesn't pay. You just have to hope he pays or treats everything ok so it is still worth the same $ when you get it back.

 

[Lee Stockwell]

In Kentucky you would file a lien on the title at the courthouse with the assistance of the County clerk. Each state will be different.

 

[boazcan]

Write up the loan arrangement and then make sure you are listed as lienholder on the title of the van. If you file UCCs on machines, file that as well. Check with your state DMV on how to list it properly.

Then as lienholder you can repossess your collateral as state laws allow just like a bank.

 

[joeynbgky]

What Lee said.. If not make sure he has insurance and keep the title and registration in your name.

 

[bob vawter]

keep the title and registration in your name.

yep...that way they KNOW who ta SUE...
when he plows through a crosswalk!

 

[steve frasier]

after some things I have seen and heard I wouldn't do it until he had all the money

many years ago I bought a machine from who I thought was the owner, ending up being sued but I won in the end

 

[Brian R]

keep the title and registration in your name.

yep...that way they KNOW who ta SUE...
when he plows through a crosswalk!

What Bob Said.


Is it worth the 17,000 ? Then do it and hope for the best.
Just cover your ASSets.

Great, I'm talking like Harper now. :roll:

 

[rhyde]

What Lee said.. If not make sure he has insurance and keep the title and registration in your name.

careful... if that vehicle is liable in an insurance loss and you hold title your ultimately on the hook for it!

 

[bob vawter]

is there an echo in here?

 

[rhyde]

sorry about that grouchy

 

[joe harper]

I am selling my van and truck mount equipment, the buyer is giving me 17000 cash up front with a balance of 8000 to be paid within a month. What is the best way to set this up to ensure I get paid? So essentially I will be financing 8000 for 1 month. Has anyone here helped financed part of their sale?

Just a guess here...?

Sounds to me the $17k...pays off your unit..... !gotcha!

If so...then the $8 k...is your "profit"... :!:

Allow him to pay off your NOTE...."direct"...This willl save him double sales tax... :!:

Then have him sign a "promissory note" to you personally..With 30 day balloon of 8K....


Require that he produces you with insurance to makes you the LOSS PAYEE...!
And yes...require that you are the Lien holder of the COMPLETE PACKAGE as collateral...
for the 8K balance...!

Stipulate ...that is the case of a DEFAULT...he will return the unit to you in a reasonable
condition within 3 working days...& he shall be held responsible for BOTH parties Attorney's
fees & all expenses incurred to recover the collateral... :!:



IF HE WILL NOT....AGREE TO THESE TERMS.... :!:

"Wait until he can precure ALL the fund's..."... :idea:

 

[Dolly Llama]

when i need legal advise, I always ask a bunch of CC'ers.... :mrgreen:


..L.T.A.

 

[Jimbo]

when i need legal advise, I always ask a bunch of CC'ers.... :mrgreen:


..L.T.A.

first good laugh of the day, Larry!!!


Call an attorney friend, mr blkcobra

 

[joe harper]

when i need legal advise, I always ask a bunch of CC'ers.... :mrgreen:


..L.T.A.

Why would you need an attorney...????

You are ..judGemEnT PrOOf.... :mrgreen:



Ps.."I would have never thought ...I...could buy cOsMeTiC's.." on a CC board eIthEr... :roll:

Maybe you should ...search...girlscoutsofamerica.com...for some mArksman TipS... :mrgreen:

 

[blkcobra@cox.net]

LOl you guys are great! Im gonna get a attorney to draft something up. The actual van im not worried about, the truck mount is worth twice as much! So i guess I can stipulate until the balance is paid in full then the equipment is still owned by me?

 

[Gary Taylor]

Take the 17 g's now. Give him the stuff in thirty days when he pays you the rest. Chances are, you will not see him or the 8 g's at the end of thirty days.

Not a lawyer...just a cynic.

 

[blkcobra@cox.net]

Take the 17 g's now. Give him the stuff in thirty days when he pays you the rest. Chances are, you will not see him or the 8 g's at the end of thirty days.

Not a lawyer...just a cynic.

way to be optimistic for me!

 

[Doug Cox]

I would not sell anything without getting payment in full. If he is good for the payment, tell him to go to the bank and borrow the money. If he can't borrow the money, that pretty much tells you what you were in for.