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  1. #1
    Join Date
    Oct 2009
    Posts
    3

    Default Private Buyer Making Payments to Private Seller

    My question involves a consumer law issue in the State of: OHIO

    I'm in need of some legal advice pertaining to a possible vehicle sale. I had a possible out-of-state buyer contact me interested in a vehicle I had for sale. He said asked if I was willing to receive payments of $3,500 a month (total price of vehicle $11,500) until the vehicle was paid off (3-4 months). He said at the end of the period and all payments were paid I would then transfer the title to his name. I understand that if the buyer were involved in an accident I would be ultimately responsible. The vehicle is paid off with no liens and is in my name.

    Are there any preventative measures I can take so I don't get screwed?

  2. #2
    Join Date
    Jan 2006
    Posts
    38,867

    Default Re: Private Buyer Making Payments to Private Seller

    Quote Quoting edub32
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    Are there any preventative measures I can take so I don't get screwed?
    Ya, tell the guy to get a loan and make the entire transaction right now. Other than that, there are risks. A lot of risks.

  3. #3
    Join Date
    Jun 2009
    Location
    California
    Posts
    666

    Default Re: Private Buyer Making Payments to Private Seller

    yes, to emphasize the point, if you don't do as jk says:

    1. The only payment you will ever see is whatever he gives you before he takes the car.
    2. He will do something with the vehicle that will get you sued and you will lose everything you have.
    3. Or, something bad might happen.
    <<He doesn't care about title transfer; actually doesn't want it>>

    When you tell him no, he will disappear and you will not hear from him again. You didn't lose a sale, because you never had one.

    I hope my tone doesn't offend you -- just trying to make the point so you don't lose big time.

  4. #4
    Join Date
    Oct 2009
    Posts
    3

    Default Re: Private Buyer Making Payments to Private Seller

    Thanks for those who replied. I'm surprised that people go through all of this just for a car. I'll let him know that I'm not willing to do this and I'll let you know what happens.

    Quote Quoting Scott67
    View Post
    yes, to emphasize the point, if you don't do as jk says:

    1. The only payment you will ever see is whatever he gives you before he takes the car.
    2. He will do something with the vehicle that will get you sued and you will lose everything you have.
    3. Or, something bad might happen.
    <<He doesn't care about title transfer; actually doesn't want it>>

    When you tell him no, he will disappear and you will not hear from him again. You didn't lose a sale, because you never had one.

    I hope my tone doesn't offend you -- just trying to make the point so you don't lose big time.

    No offense taken. Thank you for the advice. Sometimes you just have to be blunt to get a point across.

  5. #5
    Join Date
    Oct 2009
    Posts
    3

    Default Re: Private Buyer Making Payments to Private Seller

    Is this a common scam? I've never heard of this happening before?

  6. #6
    Join Date
    Jan 2006
    Posts
    38,867

    Default Re: Private Buyer Making Payments to Private Seller

    are you still considering this? I would hesitate doing this with my next door neighbor. I would never do it with somebody I never met before.

    what do you think would happen if he reneged on the deal? How do you know he lives where he says he lives. How would you ever sue the guy and then, collect on the award?


    If I can get an $11k car for $3.5k, I would make a killing parting it out.

    Maybe it is legit but I would not even consider it.

  7. #7
    Join Date
    Jun 2009
    Location
    California
    Posts
    666

    Default Re: Private Buyer Making Payments to Private Seller

    Quote Quoting edub32
    View Post
    Is this a common scam? I've never heard of this happening before?
    "Common?" - I don't have any statistics to tell how many people have fallen for it. I have heard of it and when I've advertised a car for sale, I've gotten at least a couple of calls each time from people asking if I'll take payments. Add out of state to that picture. Someone proposing this is either:

    (1) an honest person who doesn't like banks and just happened to come from out of state and found your car was exactly what he wanted

    (2) an honest person down on his luck who can't get a loan from a bank and honestly intends to pay you but will find that he can't

    (3) a person who intends to make one payment, drive the car as long as he can with you paying the insurance and being the one at risk for any accident

    (4) a scam artist who is part of an organization picking up cars and disposing of them in multiple ways, including parting them out.

    I don't know which one of these your person is, but it is highly unlikely that it is number 1. The only difference to you between 2, 3 and 4, is that in 2 and 3 you lose and remain liable; in 4 you lose and the vehicle is likely disposed of in a way that relieves you of liability, but you won't know when you can stop paying for the insurance.

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