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#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!!
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#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)
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#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: 1168
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.
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#1545686 - 10/03/08 05:49 AM
Re: Selling car: Contract/lien for payments? [Re: efgh]
MNice Offline

Sr HSOList.com Family

Registered: 11/15/00
Posts: 1630
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
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#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: 3130
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.
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#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: 12109
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!
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#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: 9341
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!!!
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#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.
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#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 $$$$$
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#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: 9341
Loc: Mt. Iron/St. paul (deranged)
You cannot insure a vehicle you do not own! No title transfer no ownership transfer!
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#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: 12109
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.
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#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.
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#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.
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