Selling a vehicle privately

Hey guys, I'm currently in the process of selling my Land Rover and i have a guy who is willing to trade me a jeep and 800 bucks cash, He doesn't have the cash but says he can pay in full on January, I suggested that he can give me the jeep, I'll give him the Land Rover and i will hold the title until the 800 is paid. I want some kind of contract that we can both sign stating these terms.

Think that would be alright?

I don't want to get ripped for 800 bucks, But without the title he cant do much correct? I plan on getting having a notary there while the contract is signed. Should be safe and if he doesnt pay i can just Repo my truck back right?

 

People who steal vehicles don't have the titles, either.

Personally I wouldn't do any deal til he has cash in hand.

 

I would find someone else. Something could come up and he still wouldn't have the $$. Or he would have your vehicle and if something happened to it, he wouldn't pay the rest and you'd be sol. I say don't do it!!

 

Yeah, keep it simple as possible. Tell him when he has the cash, you can make a deal. My best friend sold a 5th wheel travel trailer trailer to another friend of ours. he sold it for 5k, under the understanding of 500/month for 10 months. He payed for 5 months and stopped. That was 2 years ago. My buddy just had papers drawn up and served. It's going to be a huge pain to get it back. Totally not worth it.

 

If it was my Land Rover I'd wait two weeks and get the cash with the trade. If a buyer parts a vehicle out, a title is not needed.

 

Be Careful..I used to own a car dealership. I had to deal with this situation a lot. But it could be done.. First off, Im in California where you have to have a car smogged with-in 90 days of the sale of ANY private purchase. Make sure the car has been smogged with in 90 days of the sale. (im going by California rules, I dont know about the other states). Because you will be stuck with the car and have to pay a mechanic to fix sensors or whatever to make it pass smog so the dmv can do the transfer paperwork in to your name. The seller is not liable for that. YOU ARE AS THE BUYER... DMV will make you do it.) Also you MUST have something in writing about the agreement you guys made. (He will pay you the remaining balance in full of $800 Jan 1st etc..) Having notarized documentation is a plus. There are a couple ways to go about this:
I would recommend that he gives you the title and signs it off in your name plus the vehicle.. (Use DMV Form 262 Bill of sale for both vehicles) But Post date purchase of the vehicle to Jan 1st 2012 the day you guys agreed of final payment. (so the dmv will not process the paperwork if the date is too early, and its a guarantee for him that you wont transfer early) Then when the agreed payment is made on the date you chose, Your good to go to the dmv.
Overall, people can be flaky and it can become a hassle. But I did deals like this all the time too and it worked out. But if you got good vibes from the guy and it is something that you are comfortable with, do it. Just make sure you have all Legal paperwork (IN WRITING) if you do it. Word of mouth does not hold up in court

 

Yah maybe il just wait, Seems like a bigger chance then im willing to take for a couple weeks.