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Posted on 6/9/15 at 6:59 pm to stout
quote:
Now I have to figure out the best way to owner finance a vehicle. I have done it with real estate on a bond for deed but I know a vehicle is way different and I am wanting to have him name me as the lien holder on insurance and stuff.
There's the easy way and the hard way. The easy way is for you to just have it titled in your name, and not give it to him until he pays you. This, of course, doesn't prevent him from (some states) signing an affidavit, saying the title is lost, getting a title re-issued, etc. Also, it doesn't protect you in the wreck/insurance scenario you mentioned.
The "hard" way is I'd assume you fill out a UCC-1 (similar to what you mentioned on real estate/bond for deed, except it covers moveables). UCC-1 refers to the form number, pretty sure UCC refers to uniform commercial code (CPA here/not a lawyer). Then, I'd assume you'd have to somehow record it before it's perfected.
Dealership's use those title companies to do this kind of work. You could do this yourself - as far as I know, they'll work w/general public/you don't have to be a dealer.
Posted on 6/9/15 at 7:11 pm to TigerTreyjpg
Thanks for the info.
I bookmarked it.
I bookmarked it.
Posted on 6/9/15 at 7:28 pm to stout
Is the Cash for Clunkers program still affecting the used car market?
It did for some time after implementation.
It did for some time after implementation.
Posted on 6/9/15 at 8:04 pm to stout
Gotz to wait for dat taz return manz! Don't youz knows nuttin?
Posted on 6/10/15 at 9:15 am to stout
YW, and that is how you do it. Google car titling services or something similar in your town, and they can handle it for you.
Ya know that fee you pay when you buy a car at the dealership (tax, title, license is the typical terminology)? That's essentially the service for which you'd be paying. So, you're essentially paying for getting yourself named as a lien holder on the title, having the UCC-1 recorded, and one of their people standing in line at the DMV to get the plates.
Call them before you do the deal, and see what they'd need from a private seller/buyer to do what it is that they do.
Ya know that fee you pay when you buy a car at the dealership (tax, title, license is the typical terminology)? That's essentially the service for which you'd be paying. So, you're essentially paying for getting yourself named as a lien holder on the title, having the UCC-1 recorded, and one of their people standing in line at the DMV to get the plates.
Call them before you do the deal, and see what they'd need from a private seller/buyer to do what it is that they do.
Posted on 6/10/15 at 9:16 am to tigerbandpiccolo
quote:
I don't understand how many of my friends, several with school teacher jobs, afford their brand new denalis or huge Infiniti SUVs.
Their husbands?
Posted on 6/10/15 at 9:22 am to stout
quote:
Trying to find a cheap vehicle that I can finance to someone to help them out
Good for you man. The struggle is real.
Wait. Did you knock up a 22 year old stripper?
Posted on 6/10/15 at 9:29 am to stout
quote:
So I should jump on this for $1800?
It's an '02 with 180K on it.
Yeah that's not a bad deal, I recently sold a 96 chevy 1500 ext cab with 255,000 for $1500, granted it was a one owner truck that was well taken care of, but that's what the market called for.
Posted on 6/10/15 at 9:34 am to stout
quote:
Whatever happened to buying a decent PoS for $500?
Trying to find a cheap vehicle that I can finance to someone to help them out and just now realizing how expensive used vehicles are. Even junk trucks from 1996 are still selling for $1500.
Thanks Obama!
This is true. I got a solid Jetta for $500 from here back in 2009.
I was trying to find a friend's dad a similar thing (looking for an old F-150 or C-1500) and even with body damage and no A/C people want $1500.
I do have a 1997 BMW 740il that runs good, but is missing the back bumper and has quarter panel damage. I was going to use the drivetrain in another project but I'm just going to get rid of it. A lady put down $150 to hold it a few months back and never showed up again. When she put the money down it wasn't running. I got it running now, but would still sell it for $700ish. But of course, the person I know needs a truck, not a car.
This post was edited on 6/10/15 at 9:42 am
Posted on 6/10/15 at 9:59 am to stout
quote:
It's an '02 with 180K on it.
Where did you see that truck? I need a camp truck...
Posted on 6/10/15 at 12:11 pm to Napoleon
How is the gas mileage on that BMW? I need something to drive back and worth to work in. Or something my 17yr old son and I can tinker with.
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