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I own a 2004 ford that i owe money on trying to cut some payments

 
INFOLAWYER's Avatar
  • Answered by:INFOLAWYER
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Customer Question

I own a 2004 ford that i owe money on trying to cut some payments out ,a good frind wants the truck but no credit to buy it, what can i do so he can buy it from me and i still hold the contract i signed with the finance company ,any paper work between the seller that is me and the buyer do i need so he can pay me for the truck

 

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Country relating to Question: United States
State (if USA): Georgia

Already Tried:
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Submitted: 298 days and 13 hours ago.
Category: Consumer Protection Law
Value: $28
Status: CLOSED
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Expert:  INFOLAWYER replied 298 days and 13 hours ago.

Hello and thank you for the question. I am sorry to read of this dilemma. Are you willing to take installments? can he borrow from a relative?

Customer replied 298 days and 13 hours ago.

yes i can take installments

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Expert:  INFOLAWYER replied 298 days and 13 hours ago.

You can sign a contract of sale and reference a promissory note, and provide in the contract that if he defaults you may repossess the vehicle. Doing so carries risks that he does not pay or that he does not return the vehicle. It would be better to find a buyer who can pay the full purchase price.

Expert TypeLawyer
Category: Consumer Protection Law
Pos. Feedback: 96.5 %
Accepts: 4737
Answered: 7/10/2012

Experience: Licensed attorney helping individuals and businesses

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