Question:
Answers:
Is he financing the rest through a bank or through you?
If it's through you, depends on your confidence in his ability to pay. The $1700 shows reasonable willingness to give you what you're owed. Put a contract together in writing for the terms. Make sure you both sign it. (This is important.) Then, if he doesn't follow the terms, you'd be able to take him to small claims court; odds are good that the small claims limit where you are would enable you to recoup most of what you're due.
Also, keep good records when he does pay, if he's paying to you directly.
Other Answers:
no since its a ford u shouldnt waste ur money buy a dodge or even better a chevy
Source(s):
the dodge brothers once said "there are plenty of people driving fords that eventually will want an automobile"when asked y they were starting a car company
sounds pretty responsible if he has saved up that much money at 19...if you are going to require payments on the balance, be sure and get a contract in writing.
if he was responsible enough to to save 1700 i think he's responsible enough to buy a car.
just make it very clear to him and the seller that you are not involved in making payments!
Hmmm... depends on how trust worthy you think this person is. If the kid backs out on the rest of the payments, you have no recourse. You can create a contract to be signed (by you, the kid and a witness) that would hold up in court if the kid didnt pay you the rest of the money. That's a tough call...
If he's saved up this much he should be able to get a loan for the balance from a bank. I wouldn't arrange a payment plan with him. Be safe and tell him to get a loan for the balance and have him pay the bank off. If he pays it off it'll work out well for both of you. You get your money and he gets the car he wants plus if he makes his payments his credit score goes up.
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Answers:
Is he financing the rest through a bank or through you?
If it's through you, depends on your confidence in his ability to pay. The $1700 shows reasonable willingness to give you what you're owed. Put a contract together in writing for the terms. Make sure you both sign it. (This is important.) Then, if he doesn't follow the terms, you'd be able to take him to small claims court; odds are good that the small claims limit where you are would enable you to recoup most of what you're due.
Also, keep good records when he does pay, if he's paying to you directly.
Other Answers:
no since its a ford u shouldnt waste ur money buy a dodge or even better a chevy
Source(s):
the dodge brothers once said "there are plenty of people driving fords that eventually will want an automobile"when asked y they were starting a car company
sounds pretty responsible if he has saved up that much money at 19...if you are going to require payments on the balance, be sure and get a contract in writing.
if he was responsible enough to to save 1700 i think he's responsible enough to buy a car.
just make it very clear to him and the seller that you are not involved in making payments!
Hmmm... depends on how trust worthy you think this person is. If the kid backs out on the rest of the payments, you have no recourse. You can create a contract to be signed (by you, the kid and a witness) that would hold up in court if the kid didnt pay you the rest of the money. That's a tough call...
If he's saved up this much he should be able to get a loan for the balance from a bank. I wouldn't arrange a payment plan with him. Be safe and tell him to get a loan for the balance and have him pay the bank off. If he pays it off it'll work out well for both of you. You get your money and he gets the car he wants plus if he makes his payments his credit score goes up.