i need a littlehelp, im stuck.
#11
I still wouldn't do it if it was me. Having a contract and even winning in court is still not collecting on any losses you may incur if he decides to just stop paying. Winning a court case is one thing, collecting on the debt is another. Just be prepared to start making that payment of X every month until the balance of X is paid if you go through with this deal, cause it could happen...
#12
Join Date: Jul 2007
Location: South Georgia/East Florida
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Not if you give him the truck and he plans on registering and driving it. If this is a deal you really want to make happen, you're probably better off paying off his truck as part of the deal and having a lawyer draw up a contract to PAY YOU OFF on a schedule. This way you have clear title and so does he.
The problem here of course is if he stops paying you. Again, winning in court and collecting a dime are two different things, trust me on this, I sold a small business in 1993 to a guy for $115,000. Got $45k up front and had established payments of $1500 a month until it was to be paid in full. Had a lawyer protect my interest best could be done by law, had a promissory note and took a lean on the guy's house. I got four payments and the guy filed for bankruptcy. Judge ruled 100% in my favor but the guy showed NO assets and I was last in line on dibs from his house sale cause it went into foreclosure. I'm still waiting to collect anything over those first four payments.
I know this is small potatoes compared to that, but just be prepared to be out that $2000 he'll owe you. Might be the guy is straight up, but he'd be in the minority if he is...
The problem here of course is if he stops paying you. Again, winning in court and collecting a dime are two different things, trust me on this, I sold a small business in 1993 to a guy for $115,000. Got $45k up front and had established payments of $1500 a month until it was to be paid in full. Had a lawyer protect my interest best could be done by law, had a promissory note and took a lean on the guy's house. I got four payments and the guy filed for bankruptcy. Judge ruled 100% in my favor but the guy showed NO assets and I was last in line on dibs from his house sale cause it went into foreclosure. I'm still waiting to collect anything over those first four payments.
I know this is small potatoes compared to that, but just be prepared to be out that $2000 he'll owe you. Might be the guy is straight up, but he'd be in the minority if he is...
#13