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View Full Version : Anyone ever taken payments for something?



79centurion
07-26-2007, 04:15 PM
I have someone interested in the boat I have for sale. He wants to make payments on it. He said I can keep the boat at my house until it is payed off. He said he can give me $500 a month(selling boat for $6,000). I have done it with friends before, but never a stranger. He seems legit, and I get to keep the title and boat until its paid off. The boat isnt in the way at home. Looking for HB expereince.
Dan

Tom Brown
07-26-2007, 04:16 PM
I dated a separated woman for a while.

rlemn8r
07-26-2007, 04:22 PM
If he says you can hold the boat and the pink until it's paid for, I can't see it being a problem.. The only problem would be, In six months when he can't pay anymore, what do you do with the money he has already paid????

Jbb
07-26-2007, 04:22 PM
I dated a separated woman for a while.
Which half of her did you date?.....

totenhosen
07-26-2007, 04:27 PM
If he says you can hold the boat and the pink until it's paid for, I can't see it being a problem.. The only problem would be, In six months when he can't pay anymore, what do you do with the money he has already paid????
Write out a contract that both of you will get your signatures notarized on that if he doesn't give you the balance by such and such date or missing a payment by more than x days than he forfeits his down payment.

Kilrtoy
07-26-2007, 04:31 PM
Its 6K
HELL NO!
tell him to ask mommy for it

bear down
07-26-2007, 04:32 PM
That's a tough one. We had someone float us 12k one time on a purchase. he even let us keep the item but with the promise not to use it until it was paid off. we made large payments in 4 months and paid it off. we knew this guy for about three months and it was a casual friendship (we never hung out ). it worked out great. I floated someone $1500 once and the made payments until it was paid off. we gave them the golf cart and it all worked out great. But a stranger is kinda tough. the good thing is that the payments will be a good amount but the questions you should ask yourself is this. Are you giving up the chance on selling the boat by taking it off the market for this guy? what if he doesn't pay consistently? what if he misses a couple of months what do you do with the money he has given you?
The guy that floated us was super nice and we did not even ask for it, he suggested it ( he was a high roller) but since he let us do it, we will allow our friends to do it on things we are selling if we can afford to. good luck

2Driver
07-26-2007, 04:48 PM
What can of worms this could end up being. I'd take full payment or nothing. DO you really need the hassel

Pussywhippled
07-26-2007, 05:07 PM
What can of worms this could end up being. I'd take full payment or nothing. DO you really need the hassel
The problem is, is that nobody has $6k anymore...

SnoC653
07-26-2007, 05:22 PM
Pull his credit. He can request his credit report free. So he should be willing to bring it to you. Or get his Social and tell him you're going to pull it. Know anyone at the bank or at a car lot? Or just pull it online like he can. If he's legit and doesn't have repos or foreclosures go for it. But, make sure the deal is written down and notorized. Add a clause that money paid is money you keep in the event of a default. Add a late payment amount and time frame for what is late. State in it if he's more than 2 months late then the deal is canceled and you keep the boat and money previously paid. Finally, the boat doesn't get used by anyone untill the deal is complete. How can you go wrong with it all in writting.... unless you allow the deal to be altered.

Jbb
07-26-2007, 05:25 PM
I would tell him to make his payments to the bank.....and bring me cash...

thatguy
07-26-2007, 05:31 PM
2 or 3 payments MAX. Alot can happen in a year.
Tommy

Ziggy
07-26-2007, 05:40 PM
2 or 3 payments MAX. Alot can happen in a year.
Tommy
Non-use of the boat is as bad as abuse sometimes....
I'd wait til you find someone with all the dough

a catered life
07-26-2007, 05:43 PM
Write out a contract that both of you will get your signatures notarized on that if he doesn't give you the balance by such and such date or missing a payment by more than x days than he forfeits his down payment.
agreed

OCMerrill
07-26-2007, 05:47 PM
I would say go for it.
1. You keep the boat
2. You keep the title
3. You refuse to let him use it until paid. SWB explained what happens here.
4. List everything including the condition, take pictures, have him sign and date the pictures. This way he can't pull one on you a year from now saying that ain't the boat I bought. "He used it" Whatever. Make him cover it if it's outside. Put in the contract that he has to check on it.
5. You should take interest as well. Min of 10% flat. No matter if paid in 6 mo or one year.
6. Put his money in a savings account in your name. When he is paid off print out a balance transaction record for the year as proof. Wright paid in full on it with all the boat and trailer info on it, give him the boat and signed title. Don't forget the "sold as is" written somewhere.
7. Take all payments in a check or MO. No cash. Cash leaves no trail and gives another avenue to get to you for claims on why you did not record the payment.
Done.
Specify in your agreement ( Search for a generic pdf purchase agreement on line if you want) that this is 100% binding, you can send for collection, and or sell the boat to someone else if he doesn't perform to your agreement.
Now would I go through this for a $6k boat. Nope but that is how I would do it.;)

OverKill
07-26-2007, 05:49 PM
I in fact would only sell it that way if it were my last choice. What this guy is asking you to do is keep your boat on the side of your house for a year before it is even moved. I would bet after 3 or 4 months of it just sitting there for $500 a month for a complete stranger would get old fast.
If your are going to do it that way, make sure he keeps insurance on the boat while it sits for a full year. If he complains about that just tell him the bank would want full coverage on it and so am I. Bottom line is if this guy wants to get his money back he will. For example perhaps he gets all the way up to $5000 and decides he wants out of the deal. If the contract states he forfits all moneys if any payments are missed. Then one day you wake up one morning walk outside to the boat and find it's been destroyed. Guess what, your responsible and have to give him his money back, because it's on your property.
Now if he keeps insurance on it, then thats between him and the insurance company bottom line. If they detect fraud than it's his ass.
Bottom line it's just more hassle than it's worth. So give it some thought before you go into business with this guy for a year, because it could very well bite you in the ass pretty darn hard.
OverKill

79centurion
07-26-2007, 06:29 PM
Cant use it. I would use it either as I have 3 other boats. It will be in my backyard so souldnt have to worry about getting deystoryed(I will shot tresspassers:D ). Contract sounds like a very good idea with a forfit with missed payment. I know 6K isnt alot, but with times as they are its tough to say how long I wil sit on it waiting. Would rather get some money instead of none, and $500 or more a month will help with bills etc. So far some good ideas, anyone else?
Dan

Mandelon
07-26-2007, 07:08 PM
Geez, have the guy put it on his credit card or something..... its only 6K.

Her454
07-26-2007, 07:32 PM
Its 6K
HELL NO!
tell him to ask mommy for it
LMAO. Interesting response.:D

robk
07-26-2007, 07:41 PM
I would say go for it.
1. You keep the boat
2. You keep the title
3. You refuse to let him use it until paid. SWB explained what happens here.
4. List everything including the condition, take pictures, have him sign and date the pictures. This way he can't pull one on you a year from now saying that ain't the boat I bought. "He used it" Whatever. Make him cover it if it's outside. Put in the contract that he has to check on it.
5. You should take interest as well. Min of 10% flat. No matter if paid in 6 mo or one year.
6. Put his money in a savings account in your name. When he is paid off print out a balance transaction record for the year as proof. Wright paid in full on it with all the boat and trailer info on it, give him the boat and signed title. Don't forget the "sold as is" written somewhere.
7. Take all payments in a check or MO. No cash. Cash leaves no trail and gives another avenue to get to you for claims on why you did not record the payment.
Done.
Specify in your agreement ( Search for a generic pdf purchase agreement on line if you want) that this is 100% binding, you can send for collection, and or sell the boat to someone else if he doesn't perform to your agreement.
Now would I go through this for a $6k boat. Nope but that is how I would do it.;)
That definitely makes sense if you were to accept payments. Good advice. BUT... I don't think I'd accept payments either. With decent credit a credit union will give you an unsecured loan for that amount at a rate under 10%.
Rob

squirt'nmyload
07-26-2007, 07:58 PM
a year is a looooooong time to accept payments for something. maybe if it was a couple of weeks ok, but i'd think twice about a year :) tell him to save up for that year and you'll sell it to him if you still have it :D also do you know why he just doesn't get a loan from the bank????

Jordy
07-26-2007, 08:01 PM
Its 6K
HELL NO!
tell him to ask mommy for it
Or perhaps sell the house, buy the boat and some other depreciating assets and move in with mommy. Hmmm... :idea: :D

Murray PE 857
07-26-2007, 08:04 PM
Watch Judge Judy or Judge Joe Brown and see how those dealios work out.

79centurion
07-26-2007, 08:13 PM
His son had some medical problems and used his savings for that to help his son out. I guess I can see if he can get a loan.
Dan

superdave013
07-26-2007, 08:21 PM
why are you selling it anyway?
I sell something like that to get rid of it. Most of the time to use that space to park the new item. So the last thing I would want is something I sold still sitting around.
There is only one way to sell something like this if you ask me. The first one with 100% CASH gets it. (it's only 6K so if his check is good then he won't have troubles cashing it)

OverKill
07-26-2007, 08:24 PM
Well like I said before. Just make sure he gets insurance on it. Im just looking out for ya pal.
Oh and tell him to get himself on the boards here. We can do our own Credit Check on him. Tell him it's all part of the process LOL:D :D :D .

Kilrtoy
07-26-2007, 09:49 PM
Or perhaps sell the house, buy the boat and some other depreciating assets and move in with mommy. Hmmm... :idea: :D
That is about the closet statement yet, but still not correct
its Ok H454, it really is not that interesting

Big Inch
07-26-2007, 10:20 PM
If you ask me I'd say no. If you want quick cash then drop the price and try to get a quick sale. I can see it already. He may say he will let you keep it until it's paid but I'm sure at some point he is going to figure he's paid enough to gain some use out of it. At that point you are taking a huge liability. If he uses it and is involved in some type of accident you could be held liable. Not to mention, who goes out looking to buy a boat with no money? I mean he doesn't even have half of it up front. Usually when you hear of something like that it's a scam/con artist trying to screw someone.
I can tell you from personal experience. I sold my first boat to an old friend. I swore up and down I would never sell that boat. I had not used it in years and my friend needed a new hull for his jet and asked me about it. At the time a few extra grand seemed enticing so I kicked it around. I sold it to him minus the motor and when he came to pick it up he told me he didn't have the cash but would make payments. It was a pain getting paid and looking back it was definitely not worth it. The only reason I considered it was because I wanted a decent stack of hundies at one time. What I got was 20's here and there over a period of a year or more. To top it all off I miss the boat and I still have the motor and wish I never sold it. I ended up spending almost as much as I got for the boat just to freshen up the motor, run it on the dyno, and have it sealed and bagged all for nothing.

79centurion
07-26-2007, 10:31 PM
Selling it because I have four boats here and three run. My shovel nose is just awaiting the motor that is in pieces in the garage. I cant use all the boats at once. At most one or two get taken out. I wont need the flattie since I am building a hydro. Room isnt really a problem, I have more than enough room at the house. Not looking to add to my collection as I just got rid of a sandrail(had 2), 69 chevelle(still have my 69 firebird), 2000 triumph sprint (still have my harley and putting together a chopper), 93 talon AWD, and a toyota rockcrawler( still have a jeep and a 78 K20). So you see I have enough stuff to keep me busy and plenty of room since I sold a bunch of stuff:D
Dan

cave
07-27-2007, 04:34 AM
Dan just wait to sell it to someone who can get you hard cash. To many variables.
If this person wants it bad then HE will get the cash. I have seen a few friendships end because of this type of deal. You don't need to rush.
Are you headed to Apache Aug.-4th & 5th?

C-2
07-27-2007, 07:17 AM
Watch Judge Judy or Judge Joe Brown and see how those dealios work out.
Yup.
If he can't pay $6K at once, then he probably can't afford a boat at the current time.
If he can't get a $6K loan - then there's probably a good reason not to sell him the boat. Even companies like American General and Wells Fargo have high interest, low credit score signature loans close to that amount.
It's summer, maybe he will pay on it now, but what happens when winter rolls around? What will happen when he takes it, and refuses to return it? What happens if it breaks? What happens if he fails to maintain it, and you see it happening?
Don't rely on a contract - if he takes the boat, stops paying on it and then hides it - whadda ya going to do?
As you can see, too many "wotifs".

79centurion
07-27-2007, 07:29 AM
Cant take it at all is the only way I would do it anyways.
Cave, I am not sure about apache on the 4th, trying to come up with some $$ to go. If I take payments I will have it, otherwise will have to hope the boat sells.
Dan

C-2
07-27-2007, 07:44 AM
If he's gonna pay on it, without being able to use it until paid in full, then you might have something. You better believe he'll be bugging the shiat out of you to take it out, though.
Remember - most scammers seem like stand up, nice guys. Otherwise, their scams wouldn't work.;)
Good luck with it either way and do your homework on the guy (like discretely follow him home, ID his vehicles etc).:)

RaceFace
07-27-2007, 07:57 AM
When it comes to these situations, Im kind of a dick about it.
If a potential buyer cant pay for it in one shot, he shouldnt be wasting my time looking at my item for sale.
Being a dick about it keeps me out of the court room and keeps my stress level low.....well....lower :D :D :D

Cole
07-27-2007, 07:58 AM
I would say absolutly NO!!
unless....
1)He comes up with a down payment of at least 1/3!!
2)He cannot take posession of the boat untill paid in full...PERIOD!
3)You could carry a note at a fair market rate ie 12%-21%
4)If he falls behind on payment(which he probably will) he forfeits all payments made including down payment.
5)have a contract drawn and notarized.
good luck if you do it....you'll probably need it!!

BOBALOO
07-27-2007, 08:19 AM
My credit card takes payments:D
(but I would not for 6k unless I knew the guy and he made 1k payments w/3k down)

Throttle
07-27-2007, 08:23 AM
I would just say "No".
I do not like to, but I am learning...

fatboy95
07-27-2007, 08:34 AM
I always finance everything I sell. "ONE" easy lump sum payment. No Interest...

lalhc
07-27-2007, 10:02 AM
I wouldn't do it because there is too much liability with a tangible item such as a boat or car. You would be the one who has the most to lose. It's great to be the bank for homes because the home isn't going anywhere.

socalmoney
07-27-2007, 10:26 AM
Wouldn't it be better to get 6k in your pocket instead of 500 a month that you know you will just piss away on stuff you don't really need. I did this for a friend once on a car. Buy the time we got to the end of the payments, he wanted credit for having to repair the exhaust, u-joints etc. At the end if it, I didn't have the car or the money. It all got spent on little stuff like it was petty cash.

iRepo
07-27-2007, 11:54 AM
This deal is good if you have a signed agreement, you keep collateral and title, charge for storage, (since you won't use it either while he makes payments), and he pays the cost to insure it to you while the payments are made. Since your agreement will address what happens if he defaults you will still be able to sell should that happen. Your boat is not likely to depreciate very much over the course of his payments, so in a default situation you could end up getting more than what you are asking today or you could sell quickly by reducing the amount you are asking for a quicker sale. So hey, why not??