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

[mardyn]

I've done it a time or two.... guy who works for me needed a truck and had no money, I bought it and he paid it out 10.00 per week 'til the 1000.00 price + a little interest was paid back in full... but essentially handed him the cash each week, and he handed it right back to me... it was a big PITA.

Currently, I'm financing a log splitter for the same guy... 20.00 per week. so far, so good... but if he ever misses a week of work, I won't get a payment I'm sure.

mardyn

[Juiced4v]

I agree with everyone else...tell him no to do it.

[2011GT]

I sold an old boat to a coworker once. Let him make payments. He was fired before he even made the first payment. It was only $600 and he finally paid me about 6 months later.