Home | Ice Fishing Reports | HSOList Classifieds | HSOshow | Resorts,Guides,Boats | Ice Leaders | Business Services | Site Map | OutdoorProStore
@ the Leading Edge:
Search
Featured HSOList Classifieds
Mint Condition 816 V Front ice house/camper
2007 Ice Castle Price Reduced
Single place snowmobile trailer
Terrova I-Pilot 80 US2 Bow mount trolling motor
FS Frabill Guardian Portable Fish House
Canon 50D
**SOLD** 2005 Franklin 38? Travel Trailer For Sale!
New Topics
ND velvet buck
by lungdeflator
found deer stand--- Hermantown
by jeffeg64
Camp Ripley 2nd weekend
by ANYFISH2
07:25 AM
Events For You to Enjoy!
On The Forums ...
AUGER WARS!
by JoeMX1825
19 seconds ago
MN Pheasant Summit?
by LandDr
57 seconds ago
elm creek shotgun hunt?
by nik
8 minutes 18 seconds ago
rope for hauling deer
by Wanderer
8 minutes 46 seconds ago
Ice fishing and cabin
by sheephead2
15 minutes 38 seconds ago
Who is on the fall crappie bite?
by BWSOutdoors
15 minutes 43 seconds ago
Minimum Wage
by delcecchi
16 minutes 25 seconds ago
Ice fishing
by BWSOutdoors
22 minutes 2 seconds ago
Camp Ripley 2nd weekend
by Wanderer
23 minutes 37 seconds ago
Vikes vs Bucs??
by Basschaser
30 minutes 58 seconds ago
ND velvet buck
by lungdeflator
47 minutes 23 seconds ago
found deer stand--- Hermantown
by jeffeg64
48 minutes 42 seconds ago
Early October with late October wind and cold...
by fiskyknut
51 minutes 38 seconds ago
Trail cam Pic's or Video
by lungdeflator
56 minutes 47 seconds ago
So What's He Afraid Of ? (Republican Censorship)
by Uncle Bill
Today at 07:14 AM
FREE HSOList.com
Classifieds
Mint Condition 816 V Front ice house/camper
2007 Ice Castle Price Reduced
Single place snowmobile trailer
Forum Stats
61700 Members
233 Forums
303680 Topics
2627635 Posts
Share HotSpotOutdoors with family & your good friends.
Who's Online
169 registered Members, 1290 Guests and YOU online now.

Become family and
share HSO.

"i'm having fun"
At the Leading Edge
"!!

Topic Options
Hop to:
#1545442 - 10/02/08 08:59 PM
Selling car: Contract/lien for payments?
TiNK3R Offline
HSOList.com Family

Registered: 12/26/07
Posts: 218
Loc: Chaska
One of my friends wants to buy my car that I am selling. He wants to do payments on it. (150/month for a total of 2500)

How do I go about a lien title (if its even possible?) and/or a contract. If he doesn't pay I want to be able to repossess it, and if something happens with the car (Accident/DUI/Drugs/etc) I will not be held responsible.

Any help is appreciated - thanks!!
Top Archived
#1545544 - 10/02/08 09:32 PM
Re: Selling car: Contract/lien for payments? [Re: TiNK3R]
Hafnutz Offline
Sr HotSpotOutdoors.com Family

Registered: 03/09/08
Posts: 552
Loc: St Paul, MN USA
Put all the terms in writing on a contract. Best to have the signatures notorized. When you transfer the title to him fill in your info as lien holder. Be sure that you require him to carry collision insurance to protect your interest in case he smacks it up. When he pays it off then you give him a lien release showing it's paid off. Do not under any circumstances leave the title in your name. If anything happens you will be on the hook as the registered owner. Are you sure you want to do this? I would get a good down payment to start out with as he can trash the car and walk away after making one or two payments. You would have little if any recourse. Best way I can think of to lose a friend. Let him go to a bank.


Edited by Hafnutz (10/02/08 09:33 PM)
Top Archived
#1545577 - 10/02/08 09:48 PM
Re: Selling car: Contract/lien for payments? [Re: Hafnutz]
efgh Offline
Sr HotSpotOutdoors.com Family

Registered: 10/22/04
Posts: 1177
Loc: waterville,mn.
Get all your money, don;t play bank. you can get stuck more ways than you can think about. The motor or trany goes out, he quits paying on your loan, you repo a junker. Been there.
Top Archived
#1545686 - 10/03/08 05:49 AM
Re: Selling car: Contract/lien for payments? [Re: efgh]
MNice Online   happy

Sr HSOList.com Family

Registered: 11/15/00
Posts: 1645
Loc: Prior Lake, MN
If you even think he wouldn't pay for any reason, I would be hard pressed to call him a freind. Randy Moss siad it best...."straight cash homey".

Good luck
Top Archived
#1545727 - 10/03/08 06:42 AM
Re: Selling car: Contract/lien for payments? [Re: MNice]
jwhjr Offline
Sr HSO Family

Registered: 06/08/05
Posts: 3131
Loc: Cottage Grove/Perham/Outing
It sounds if you're already worried that there could be issues getting paid, so I'm with efgh, get all the cash up front.
Top Archived
#1545879 - 10/03/08 08:20 AM
Re: Selling car: Contract/lien for payments? [Re: jwhjr]
Shack Offline
HotSpotOutdoors ITechnology Info Administrator

Registered: 02/15/07
Posts: 12112
Loc: 37 minutes from Mille Lacs
If you do a search on-line, you can find purchase agreements to suite what you are looking to do. Review, print off and follow the instructions to a T. With the title, do as said above.

This can be a very effective way to sell a car that is not selling, help out a friend or a way to get some more money out of the deal. I would not be doing this for free. Interest, set fee or gratis should be in order, unless it is your son or daughter. That would be up to you.


I will add I do not sell vehicles to friends though wink. I am on the hook for any issues that always come up


Good luck!
Top Archived
#1545898 - 10/03/08 08:34 AM
Re: Selling car: Contract/lien for payments? [Re: Shack]
Jeremy airjer W Offline

HotSpotOutdoors Pro Staff

Registered: 01/17/01
Posts: 9434
Loc: Mt. Iron/St. paul (deranged)
Originally Posted By: shackbash
I will add I do not sell vehicles to friends though wink. I am on the hook for any issues that always come up


I'll second that and add people that you work with!!!
Top Archived
#1546694 - 10/04/08 08:44 AM
Re: Selling car: Contract/lien for payments? [Re: TiNK3R]
shizzy Offline
Sr HotSpotOutdoors.com Family

Registered: 05/25/07
Posts: 801
Loc: Minneapolis, MN
if its a friend I really wouldnt do it. I only sell cars to my friends if its a $500 car. any guy buying a $500 car understands what he is buying.
Top Archived
#1547161 - 10/05/08 09:12 AM
Re: Selling car: Contract/lien for payments? [Re: shizzy]
zamboni Offline
HSO Legacy Member

Registered: 11/17/06
Posts: 5556
Loc: Truman, MN
Can he even insure it if its still in your name?? And no way would I transfer that title to him until you have all your $$$$$
Top Archived
#1547200 - 10/05/08 10:05 AM
Re: Selling car: Contract/lien for payments? [Re: zamboni]
Jeremy airjer W Offline

HotSpotOutdoors Pro Staff

Registered: 01/17/01
Posts: 9434
Loc: Mt. Iron/St. paul (deranged)
You cannot insure a vehicle you do not own! No title transfer no ownership transfer!
Top Archived
#1547245 - 10/05/08 11:01 AM
Re: Selling car: Contract/lien for payments? [Re: Jeremy airjer W]
Shack Offline
HotSpotOutdoors ITechnology Info Administrator

Registered: 02/15/07
Posts: 12112
Loc: 37 minutes from Mille Lacs
I have never done this, but halfnutz brought up something that should work:

Quote:
When you transfer the title to him fill in your info as lien holder. Be sure that you require him to carry collision insurance to protect your interest in case he smacks it up.


Thus the seller acting like the bank and can retain owner ship if payments stop, but not responsible if the vehicle caused an accident or injured someone.

A call to the license place might clean this up.
Top Archived
#1550300 - 10/07/08 05:08 PM
Re: Selling car: Contract/lien for payments? [Re: Jeremy airjer W]
zamboni Offline
HSO Legacy Member

Registered: 11/17/06
Posts: 5556
Loc: Truman, MN
One more thing, sounds like a great way to ruin a friendship.
Top Archived
#1551019 - 10/08/08 09:17 AM
Re: Selling car: Contract/lien for payments? [Re: zamboni]
hamrej23 Offline
Sr HotSpotOutdoors.com Family

Registered: 09/14/04
Posts: 716
Loc: The 320-Minnesota River
Just condition the title, and keep lien as you until he pays it off.
Top Archived
Use the Share Buttons below, If You Like this topic.
FishingMinnesota
HSO Business
Discover how HSO delivers outdoor marketing.
Guerrilla Tactics Unveiled - Pound this link to see for yourself.



Moderator:  Jeremy airjer W, Scott K, Shack, Valv 

We Thank the
Quality Business that
Help Us Have Fun