I'm trying to sell my car and the only person who wants it , wants to make monthly payments on it. I can not give the title to which has paid off , but she can not get insurence until he gets the title. So how I can configure it not to fuck us ?
The buyer must apply for car financing . She needs to make sure that the product allows you to buy a vehicle from an individual (rather than a dealer ). The financial institution will pay for the car and she will start making payments to the lender instead of you.
You can get insurance without the title.
Just make sure you have everything in writing. Include what day of the month that is paid , and what will you do if it defaults on payments.
You could add to your policy for the car , and have him make the insurance payments as well. Then transfer the title when paid .
If you are uncomfortable with this agreement , do not do , or get a lawyer to draft the agreement for you. It may cost a little but can save a lot .
Good luck !
DO NOT! Think about it , if the buyer has a bad credit who can not obtain a loan from a lender, why do you want to be the lender? If you have good credit you can get a loan from a professional company that will make insurance and so on to protect the investment. Can you make them obtain and maintain insurance, no asnwer !
Also, if you can not afford the car with regular payments , why do you think could you afford ? I sold a boat once the man was going to make the payments, the engine exploded and told me I could take a picture back, wa destroyed. A car is no different.
You are anxiuos to sell the car , but let any buyer to manage their own funding, unless you want to complete a backup car. Andot to take two steps further, if damae the car , they will fix or give you abck and on foot, and if they stop making payments and may disappear with the car, what then ? Can you reported the car, you have the time and means to track ?
do not be so anxiuos selling you throw caution to the wind, get your own financing first and sell it directly.
Oh yes, if they get in an accident and is in the Tital , you can be sued as well, as they have a financial interest in the car, so that's a pittance another added .
Contact your lender and tell them you want to transfer the loan to another person . If your application is approved ( must pass credit check ) , payments will become your legal obligation.
Now you can simply turn the payment through ( if backwards) or upload your "down payment " (if you have equity ) .
Tell him esurance.com ensure through .... do not ask for a title .