Selling vehicle privately but want to hold a lien and accept payments

[AdRock]

My brother in laws father wants to sell his truck to a family member. Hes going to accept payments and wants to hold a lien on the truck. Does anyone know how that process works here in TX? I've never known anyone that has do e this so I'm not even sure if you can.

[AnthonyS]

leinholder keeps title until paid in full just like the bank. Banks also require proof of ins to protect their money. Personally, I’d recommend against it and have them find a credit union that wants their business.

[slow84lx]

This won't end well.

[GE]

What could possibly go wrong?

[AdRock]

I appreciate the info. I know this sounds like a horrible idea but it was wanted by the the kid buying the truck. He's had some hard times but wants to do this the right way. He's a good kid trying to get things back on track but isn't going to ask for a handout.

[ram57ta]

Trust is the biggest factor in this type of arrangement. I've been on both sides of this type of arrangement...and it can go either way. I wouldn't own my Grand National if I hadn't kept my end of the agreement. I've sold a few motorcycles and cars based on the same trust with friends and family. Its a crapshoot.

[AdRock]

Trust is the biggest factor in this type of arrangement. I've been on both sides of this type of arrangement...and it can go either way. I wouldn't own my Grand National if I hadn't kept my end of the agreement. I've sold a few motorcycles and cars based on the same trust with friends and family. Its a crapshoot.

I completely agree. I personally shy away from stuff like this. However, I wouldn't put it past my BIL's father to just give the truck to him after he shows the responsibility of making the payments on time after 6 month or so. The truck is well beyond paid off and my bil's father isn't anywhere close to needing the money.

[CexMashean]

Terrible idea, but if you have to do it, at least keep a set of the keys.

[Gasser64]

Make it very clear that if he misses a payment, you will give him 1 full month to catch up. After that time has passed if he still hasn't caught up, you're coming to get the truck. This will help to some degree.

[juiceweezl]

this won't end well.

qft

[Big A]

I completely agree. I personally shy away from stuff like this. However, I wouldn't put it past my BIL's father to just give the truck to him after he shows the responsibility of making the payments on time after 6 month or so. The truck is well beyond paid off and my bil's father isn't anywhere close to needing the money.

It's good that it's low risk, but it sounds to me like he would be doing a disservice in just giving the kid the truck. Sounds like he needs the life lesson and sense of self-worth as much if not more than he needs the truck.

[svauto-erotic855]

This
Will
Turn
Into
A
Cluster
Fuck
And
Cause
Infighting
With
Your
Family

[jammeejamm]

i have never sold a car in this manner to a family member or friend, but i never minded loaning a friend or family member some money here or there when i had it to spare.

fast and easy way to measure a person.

[EW]

First-No.
Second-Contract and GPS tracker.

[AdRock]

This
Will
Turn
Into
A
Cluster
Fuck
And
Cause
Infighting
With
Your
Family

Luckily, this situation has nothing do do with me. If it all goes bad it doesn't affect me in the slightest. I was just asking for info because my bil's dad happened to ask me last night and now I'm a little curious how that process should work.

But yes, I agree with most of you, the chance for this to turn into a shitstorm are pretty good. But It'll be far away from me so whatever.