Selling a car on installments to a private party.
April 23, 2014 4:32 PM Subscribe
What would be the most practical way to do this, that would leave us least on the hook if this all goes pear shaped assuming we are fine with taking a hit if the guy turns out to be a flake and doesn't pay as we were going to donate the car to a charity for tax write off before he made an offer?
We have an old beater of a 1996 Corsica, which is basically mechanically OKish when it was last run 6 months ago but the brakes and suspension are completely shot and the body is full of rust. The registration has come due on it and I was bitching about wanting to get rid of it when an acquaintance of my Father in Laws heard. He has recently divorced and needs a car and has the skills to repair it but no ready cash money to buy it as he's just had to move. He has offered to pay us $1000 for it at $100 a week for it until it's paid off.
I think this is a pretty fair price for something that the Kelly Blue book has at $1,800 for one considered in fair condition, which this one is well past however we are not sure how to go about handling the installment payments idea.
While part of me wants to keep the title for security, my husband is worried that if we keep the title until the final payment then we are libel for anything he does in the car and if we give him the title, the cynic in me fully expects we'll never hear or see him again, which really isn't that big a deal as it really is a POS car and we were just going to do the whole donate it thing before this.
Suggestions or advice welcome, as long as it's not "don't do it" my husband wants to help the guy out so I am just trying to make sure we are covered.