Sale Owner Financing
Private care for sale - owner financed?
I sold the vehicle to a friend, they know the condition of the car because they had borrowed for a few months Them. could not pay me directly, I am willing to pay for them for several months until they could pay off the balance. If I do this, how the title is handled? I want to have them put the car in their name, their insurance. But if they owe, I do not think I have to give them the title.
Check with your Department of Motor Vehicles, sell varies in each country. In general, you can give them a bill of sale, a contract that specifys requirements to sell, possess notary if possible, but you keep the title until the vehicle if paid in full. Make a contract confirms that the car really well insured. Good luck. Why can not they just borrow money at a loan company and use the car as collateral? That way, you have the money and you get out of the deal!
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