just let the bank take care of it. it's way too risky

 

i wouldn't do it either. too risky.

 

I dunno. Shouldnt be that risky if you get a formal plan written up by a lawyer. Make sure he has cosigners too... like some of his family cause they are more likey to give a rats ass if you want to sue cause he didnt pay

 

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.

Free Lawyer Advice For You!!!!

 

you are not a bank craig. and to operate as such is likely illegal.

 

if he can't get a bank loan, what does that tell you?

 

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.

 

this guy i know was making payments on a car of his, to the friend that he bought it off of. i think he ultimately couldn't make the payments anymore, and gave the car back. something sketchy like that.

don't do it!

 

It's a bit different when it's your friend though =/

 

right, I have no clue who this kid is.. I could see reno's story ruining a friendship too.