Quote:
Originally Posted by jims69camaro
ok, sell it to her (and her son, whatever), and make that "he gets a job" part of the deal. if he loses the job, you repo the car. easy enough.
raise the price to $2500 and if all the payments are made in a timely manner, give her the last 500 as an incentive. so, if she makes all the payments on time, she'll only be paying the 2k you originally wanted. but, if she misses a payment, for whatever reason, then she'll pay the 2500. i think that is easy enough on her. it's not like you're giving her charity. you're just going to make sure all the payments are on time, since she'll be saving 500 if she does so.
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Good info here....dealing with family with money is grounds for losing family. Trust me, it gets bad....been there, done that, both sides of the family and it isn't as nice as it seems.....
Get whatever you get in writing, and PLEASE, even if its family, get it notarized just to protect you later on. 2 years worth of payments now sounds reasonable, but 9 months from now when he's unemployed isn't going to help you any....
Plus the 'incentive' is a good mark. Even if you 'write it off' at the end of the term, its still a good deal for everyone.
Regardless....I hope that it all goes smoothly for you. I know about tough times....