1. Welcome to Tacoma World!

    You are currently viewing as a guest! To get full-access, you need to register for a FREE account.

    As a registered member, you’ll be able to:
    • Participate in all Tacoma discussion topics
    • Communicate privately with other Tacoma owners from around the world
    • Post your own photos in our Members Gallery
    • Access all special features of the site

anyone ever finance a car to someone?

Discussion in 'Off-Topic Discussion' started by RoyB, Aug 11, 2009.

  1. Aug 11, 2009 at 2:08 AM
    #1
    RoyB

    RoyB [OP] Well-Known Member

    Joined:
    Oct 5, 2008
    Member:
    #9708
    Messages:
    1,646
    Gender:
    Male
    Chicago burbs
    Vehicle:
    '09 TRD DC Sport
    I have someone looking to finance my vette from me from outa state. Has anyone done this before? Originally he sent a couple big payments and then had some issues. I told him maybe we could work out a deal with smaller payments and then he can get a loan at the first of the year. Currently the car and title are in my posession. I am tired of seeing the car wasting space so someone at work suggested keeping the title and letting him take the car. I would be the lien holder on the title, he would get to drive the car before winter and everyone would be happy. He seems pretty honest, an older guy from texas. Never asked for his money back when he defaulted on the loan with me. My only concern is if he doesnt finish paying and he has the car. Obviously I will have the title, but whats involved to get the car back or claim it stolen if he dissapears?
     
  2. Aug 11, 2009 at 2:11 AM
    #2
    Burgman

    Burgman I KEEEEEL YOU

    Joined:
    Apr 16, 2009
    Member:
    #16072
    Messages:
    26,682
    Gender:
    Male
    First Name:
    Stephen
    Ric VA
    Vehicle:
    08 PreRunner TRD sport Silver
    K&N intake, Boston Acoustic SL 60 6.5 components up front, Rockford Power T16 6.5 in rear, Pioneer P4100 HU, Soon to be Pioneer Prs 4200f
    with a lien u keep the title and i think u would need to make that known to the dmv
     
  3. Aug 11, 2009 at 3:37 AM
    #3
    jspadaro

    jspadaro Well-Known Member

    Joined:
    Jan 7, 2009
    Member:
    #12342
    Messages:
    2,994
    Gender:
    Male
    First Name:
    Jim
    Knoxville, TN
    Vehicle:
    Former Tacoma Owner
    Blue Oval Mod
    My sister's boyfriend wanted to do this to drive my old car after I first got the truck, and I definitely opted not to. I would heavily recommend against it, personally - it's a huge hassle and if you get to know the guy you're going to feel bad chasing after him for payments.
    If I were you, I would talk to him and try to work it out such that what he has paid already is down payment, and have him get a real bank loan for the rest so that you can actually sign the title over to him, have the bank worry about collecting money in the future, and get paid in full immediately. I wouldn't want to have to try to work that out on my own.
     
  4. Aug 11, 2009 at 4:17 AM
    #4
    Janster

    Janster Old & Forgetful

    Joined:
    Mar 25, 2007
    Member:
    #1138
    Messages:
    14,255
    Gender:
    Female
    First Name:
    Jandy
    Lancaster, PA
    Vehicle:
    2016 GMC Canyon SLT w/ LineX and....
    Bad idea...really BAD idea.

    You aren't a bank and you don't have the same legal support to defend yourself if the guy defaults on you.

    If you end up in court and you haven't gone through the proper channels & paperwork - then he could possibly turn everything againest you.

    Tell that guy to get off his ass and go to the bank and get a loan to pay the car off FULL. When you receive full payment, you'll sign the title over to him.

    Wash your hands of that situation and do it fast!!!
     
  5. Aug 11, 2009 at 4:20 AM
    #5
    jandrews

    jandrews Carolina Alliance Southwest Region Ambassador

    Joined:
    Jun 7, 2009
    Member:
    #18122
    Messages:
    12,180
    Gender:
    Male
    Vehicle:
    '09 FourDubDee TRD OR
    A-TRUCK, Fat Kid in the Bed, Custom Pinstriping, Ported and Polished Muffler Bearing, Hi-Performance Bed Mat
    Let the professionals take the risk...have him get a loan from a bank and pay you in full, and then stop worrying about it.

    You need more work to do or something?

    Chasing down a poor borrower would be an unholy pain in the ass. Even if you eventually got your car/money back/paid, no one is going to give you back that time you spent in court, unanswered phone calls, etc.

    Save yourself the trouble.
     
  6. Aug 11, 2009 at 4:38 AM
    #6
    KodiakVA

    KodiakVA Well-Known Member

    Joined:
    Jul 28, 2009
    Member:
    #20273
    Messages:
    147
    Gender:
    Male
    Richmond Virginia
    Vehicle:
    09 4x4 XCab Sport BarcelRed
    I would be the lien holder on the title, he would get to drive the car before winter and everyone would be happy.

    You will not be happy if he trashes the car and stops payments. You will then have the title to a trashed car. He is essentially just renting it. Run as fast as you can away from this idea.
     
  7. Aug 11, 2009 at 4:42 AM
    #7
    coppert

    coppert Mall Krawler

    Joined:
    Apr 12, 2007
    Member:
    #1300
    Messages:
    916
    Gender:
    Male
    First Name:
    Travis
    916
    Other thing to think about (not sure if laws are same in your state) but if you are the R.O. on the title & he gets in an accident, YOU are on the hook! You can get sued by the other party involved or the insurance company (assuming he has insurance). :eek:
     
  8. Aug 11, 2009 at 5:42 AM
    #8
    wiscdave

    wiscdave Lets Do It!

    Joined:
    Mar 20, 2008
    Member:
    #5392
    Messages:
    2,543
    Gender:
    Male
    Northern Wisconsin
    Vehicle:
    Tundra Rock Warrior
    Past ride - 3" OME 885s&Shocks/ TSB 1.5AAL/ AX184 Rims 285 Firestone destination ATs/ 2 Shallow mount P310s in Supercrew Box - Punch 601s, Beefed up Hunter Brush guard, Tint, Fog light mod, AFE Drop in, AC and Fog light mods, scangauge
    He defaulted, so you can just start over and sell the car to someone else who can pay you the full amount again.

    You just made a gain
     
  9. Aug 11, 2009 at 5:44 AM
    #9
    fletch aka

    fletch aka www.BeLikeBrit.org

    Joined:
    Jan 4, 2009
    Member:
    #12223
    Messages:
    7,103
    Gender:
    Male
    First Name:
    Gary
    Left Coast
    Vehicle:
    09 Magnetic Gray TRD OffRoad
    TRD cat back exhaust, TRD Cold Air Intake, differential breather mod' Hellwig rear sway bar, 16x8 TRD Ivan Stewart's, Michelin LTX A/T2, DTRL Stealth Mode Mod, custom "Texas Edition" shift knob, Sock's "Classic" bedside decals, MetalMiller custom grill emblem, 20% front tinted windows, tinted taillights, Viper alarm, ScanGauge II, Flyzeye Designs V2W Tacoma Interior LED lighting, de-mud flapped, de-badged, extra D-rings under bed bolts, WeatherTech ED floor mats, G4 Elite Fold a Cover ,Toyota bed mat, tailgate theft deterrent device and absolutely no plasti-dip!
    This has "Peoples Court" written all over it.
     
  10. Aug 11, 2009 at 6:16 AM
    #10
    Taco's for All

    Taco's for All Well-Known Member

    Joined:
    Sep 2, 2008
    Member:
    #8937
    Messages:
    223
    Gender:
    Male
    Vermont
    Vehicle:
    2013 Tacoma Double Cab SR5
    Nothing at the moment
    AGREED!!!! If he stops paying you and disappears, you're responsible for taking him to CIVIL court. Because you and him made a "contract" he's not liable criminally so YOU would have to be the one to jump through hoops that they put 50 feet off the ground in order to either get your vehicle back, or collect the money from him. Now that court is in the works, you'll also have court fees that are your responsibility, as well as attorney fees should you decide to go that route (All money that you'll typically get back if you will the suit, but it may take a hell of a long time).

    My suggestion. Don't sign it over to him without all the $$. I have to deal with this crap all day at work, it gets even better when the "soon-to-be" ex-wife sells the husbands car and he calls to say that she stole it because he's the sole title holder. Sorry pal, what's yours is hers and what's hers is yours.
     
  11. Aug 11, 2009 at 2:37 PM
    #11
    RoyB

    RoyB [OP] Well-Known Member

    Joined:
    Oct 5, 2008
    Member:
    #9708
    Messages:
    1,646
    Gender:
    Male
    Chicago burbs
    Vehicle:
    '09 TRD DC Sport
    it was just a thought ;) I should have clarified the first transaction- it was to remain in my possession as well as the title, until it was paid in full. Yes, he defaulted, so the money is mine clear and free. It's already back on the market and I told him that I already had some cash offers for close to what I was asking. He knows that a cash offer will sell the car before his. It's such a pita to sell a car! As for the insurance end of it....I heard that you have him be covered and have an agreement with his insurance company. If he defaults on the insurance then the car comes back. He would be 100% liable.
     
To Top