Originally posted by GSRacer
I would say NO NO NO, but my girlfriends mom is a very good lawyer and this is what she said: meet him at his home, because he is probably a kid, make sure that his parents have money. Ask him for a copy of at least 4 of his paychecks, do all of the paperwork with his parents, put nothing in his name, minors are protected well under the law, and his parents will not move their home over a 7000 dollar car. Put a lein on the title in your name, make sure you make copies of every single document, and seriously be supect because he could have his parents cosign a loan and just pay the 6500 for the car, and with interest it would be a wash.
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thanks man, all that info does make since if I chose to go that route. It's really risky business unless you know what you are doing. Without knowing what you just said I would have had the guy sign a piece of paper saying that he owed me $XXX w/ monthly payments of $XXX. There's definitely something up with this kid if he cant get a loan with a cosigner. I'm going to stay away from this deal.