How to sell a vehicle on payments?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
How to sell a vehicle on payments?
I am selling my van and found a buyer but they can only do payments. Can we draw up a contract and have it notarized and have it be legal if they don’t pay? Also, can we put a lien on the vehicle?
Asked on June 29, 2012 under Business Law, Ohio
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
If the buyer of the van you wish to sell cannot pay for it all at once and you are willing to allow installment payments for it over time, you need to do the following:
1. draw up a written purchase contract to be signed by all naming you as an additional insured on the required policy of insurance by your state;
2. draw up a promissory note for the amount to be carried by you with stated interest and payment dates to be signed by the buyer;
3. draw up a security agreement to be signed by the buyer and recorded with your local department of motor vehicles;
4. keep the pink slip for the vehicle in hand until you receive the final payment as stated in item number one (1) above.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.