Selling My Car can I give buyer credit

pilsudski

OK I know its sounds mad

Ive got a decent enough W reg Mondeo to sell

Young lad wants to buy but can only find about £300 of the £500 asking price

Says he will give me the other £200 in a couple weeks when he gets paid

Normally I would not even consider this, but he does seem Ok, and has a young family, looks like he nees break

Has said he would give me his Galaxy S mobile as security against the £200. Is this legal

If he failed to pay what would be the position, could I keep the phone ?

Or is all just too much agro ?

Ta

Hintza

How charitable do you feel? Common sense would say steer well clear. Having said that I would probably do it if I liked the guy.

Do you know where he lives? Are his parents local? Do you know his family or does anyone you know know his family.

You could always retain the V5 until he has paid it off.

Can you afford to lose the extra £200.

If you want to stock up on good karma go for it.

mikey72

pilsudski wrote: »

OK I know its sounds mad

Ive got a decent enough W reg Mondeo to sell

Young lad wants to buy but can only find about £300 of the £500 asking price

Says he will give me the other £200 in a couple weeks when he gets paid

Normally I would not even consider this, but he does seem Ok, and has a young family, looks like he nees break

Has said he would give me his Galaxy S mobile as security against the £200. Is this legal

If he failed to pay what would be the position, could I keep the phone ?

Or is all just too much agro ?

Ta

Not sure about his phone, it's legal, but he can declare it lost, get it blocked, and get a new one on his isurance probably.
If you can gamble with the £200, if he needs a break, give him a chance.

colino

Don't. Old car will present lots of excuses for non payment for things that "need doing". Get the full price and give it away to charity if you feel that way, but doing people favours like this wont go unpunished.

worried_jim

I did this years ago and the young lad was back on the doorstep with the missing funds exactly when he said he would so for me no issues. I would consider each situation on its merits, usually in the process of a conversation you would get a "feel" for the persons integrity.

goldspanners

if you know him and his background and wouldn't be destitute if you lost the other £200 then go for it.

but if you have any niggling doubt then don't do it.

Flyboy152

pilsudski wrote: »

OK I know its sounds mad

Ive got a decent enough W reg Mondeo to sell

Young lad wants to buy but can only find about £300 of the £500 asking price

Says he will give me the other £200 in a couple weeks when he gets paid

Normally I would not even consider this, but he does seem Ok, and has a young family, looks like he nees break

Has said he would give me his Galaxy S mobile as security against the £200. Is this legal

If he failed to pay what would be the position, could I keep the phone ?

Or is all just too much agro ?

Ta

Although you could draw up an agreement, get it signed and witnessed etc. but you will not be able to enforce it, if you decide you want the money instead.

Why can he not wait until he gets paid to take possession of the car? The three hundred pounds would be considered to be just a deposit.

the_big_fact_hunt

why not tell him to come back and buy it when he has all the money, you could take a deposit

Inactive

Well it as an almost certainty that he will not be able to afford to insure it if he cannot afford to buy it in the first place.

So if he should " total " the car before paying up, you have almost certainly lost £200.

I would take £300 deposit and release the car when he pays up.

Enfieldian

It does beg the question why somebody with only £300 is looking to buy something priced at £500, car or otherwise.......

spiro

Inactive wrote: »

Well it as an almost certainty that he will not be able to afford to insure it if he cannot afford to buy it in the first place.

I have to agree with this. You say 'young lad' so based on all the press recently about car insurance I guess he could be looking at another £500 or more for car insurnace.

Tell him to come back in 2 weeks.