Selling a car privately with financing - lien?
Join Date: Mar 2008
Posts: 537
I am selling my car on CL for $6.5K, I have an offer from a couple who has 3K cash now and wants to pay the balance off at $300/mo. I am fine with the terms but obviously don't want to get scammed.
What is my best move here to protect myself? If I put a lien on the title will I have any liability for insurance, fees etc in the future? I'm pretty green when it comes to a private vehicle transaction so any advice is greatly appreciated!
Join Date: Mar 2011
Posts: 729
I think the best advice would be get a lawyer involved.
Similar to getting a loan from a bank, have him sign a personal gaurentee, put a lien on the business and a second lien on any property they own like a house
Join Date: Aug 2007
Posts: 27,710
Getting a lawyer involved over such a small amount of money is not an option.
Registering a lien is ridiculously simple -- you basically just do it when you transfer title at the DMV. There might be a small fee (usually about $10).
The problem is the lien isn't going to offer much protection and really if you do this or not it is a matter of do you trust these people and what other options do you have to sell the car.
Join Date: Aug 2012
Posts: 645
for $6500 dont even bother with this. In that price range you will find a cash buyer.
Unless you want to dabble in being a repo man, run far away from this deal.
Join Date: Jul 2012
Posts: 3,651
find someone who has $6500 would be my advice.
Join Date: Sep 2010
Posts: 381
Quote:
Originally Posted by Dr McGriddle
for $6500 dont even bother with this. In that price range you will find a cash buyer.
Unless you want to dabble in being a repo man, run far away from this deal.
This
Join Date: Mar 2008
Posts: 537
