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
Country relating to Question: United States
State (if USA): Georgia
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?
yes i can take installments
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.
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