It used to be that when I was selling a used car that I would let the potential buyer take the car on a test drive without me being with them. Yeah, I’m the trusting type, but I don’t do that anymore.
Here’s a good reason why you should go with potential buyers on the test drive…
This car dealer had a used Nissan Skyline GT-R for sale on his lot that had just been imported from Japan. Some one came in to look at it the week before but the test drive ended abruptly because it started having a mechanical problem.
So the next week the guy comes back in to check it out again at a moment when the car dealer is busy with other customers. The car dealer forks over the keys and lets the guy test drive the used car without him.
And you guessed it… The car never came back!
It turns out that someone posted the details of the theft on a car forum and then someone spotted the car and took a photo of it…with the thief in the car looking right into the camera!
The Nissan Skyline was easy to spot because it looks unusual and has a right hand steering wheel.
Then a forum member identified the guys photo in facebook.com and soon after someone else saw the car and tailed him right to his home where they called the owner of the car, blocked the guys driveway so he couldn’t leave, and called the police.
Don’t you just LOVE the internet! :-)
And the moral of the story is…
When you are buying and selling cars for profit…ALWAYS go with potential buyers on the test drive!
Steve
I’m not sure I fully understand your question Sandra. If you are asking if there is way for buyers to pay you for a used car in monthly installments, then yes, you can do that. I am not a lawyer so I can not give legal advice here, but you would need to write up some kind of agreement that will describe the terms (monthly payment, interest, and due date) and both of you get a signed and dated copy. This agreement or note should clearly state that if they become delinquent with the payments then you get the car back. Of course, just like any lender, you would keep the title until they have paid off the loan. I have yet to do this, but this can actually be a very profitable way to conduct business and others have made a TON of money doing this because the car ultimately will sell for a lot more than it would in a normal cash sale…plus you make money from the accrued interest.
You state that you don’t have enough money to start. Raising cash is something I discuss in one of bonus books that comes with The Lazy Way To Buy And Sell Cars For Profit. :-)
Steve
Oh my god! That guy was a moron! Thanks for this post.
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