 » Online Users: 88 | | 39 members and 49 guests | | Adirondax , Alan in Little Washington , Badabing , bpeterso , cliff56 , cpowell , DaveO , Dcoop , dick541 , dpanda , dpsnyder , eddie joe , FredP , Jon , kelly888 , Kicbak , mburke911 , MIKE NOAH , nelsone , NZAPP1 , Partman , poppop , ptt49er , rsitzejr , saw4you , ScottM , Sharp Blade , SteveCogs , SteveHall , TedAS , thrt15nc , tjgreen , TracyB , Travis Porter , walnutjerry , wchipper , welldigger , woodnick , Woodsaw | | Most users ever online was 180, 04-22-2008 at 12:18 AM. |  | 
11-24-2008, 01:45 PM
|
#1 |
Name: Bill City: Winston Salem State: NC County: Forsyth Join Date: Dec 2007 Age: 43 Avg Visit Freq/Week
= 6.73 over 180 days |
I have a question and don't really have anybody else to ask, so I thought I would check with you guys and gals.
How do I sell a car to an individual, but maintain "control" over it? I am trying to help my sister get back on her feet and I'm going to "sell" her a car, but I want to make sure she upholds her end of the bargain. How can I make sure that happens? This is less about money and more about making sure she gets a job and does what she is supposed to. If she doesn't, I want to take the car back. I hope you don't think I'm a jerk because of this.
If I could trust her to do the right thing, I would give her the car, but I can't trust her at this point. But I do want to try to help her.
Thanks for any advice.
Bill M. |  
| | |
11-24-2008, 02:00 PM
|
#2 |
Name: Brian City: Raleigh State: NC County: Wake Join Date: Jun 2008 Age: 40 Avg Visit Freq/Week
= 5.99 over 180 days |
Bill, not a legal or car title expert but couldn't you title the car to her and place a lien on it? If she doesn't honor the lien you can take back ownership, or however that works. 
HTH,
Brian.
__________________
If there's a New way, I'll be the first in line.
BUT, it BETTER work this time. Dave Mustaine.  www.housecreekcreations.com
Games, Art, and More.
| |
| | |
11-24-2008, 02:04 PM
|
#3 |
Name: Phillip City: Charlotte State: NC County: Mecklenburg Join Date: Mar 2007 Age: 27 Avg Visit Freq/Week
= 6.81 over 180 days |
If you need her name on the title for insurance purposes you can add her name to the tile and keep your name on the title. Come up with some written agreement and let her take the car, if she doesn't live up to the agreement just go pick up the car and bring it home (it is, afterall, still in your name too).
__________________
~Phillip
"Okay Hunny, so my hobby is collecting other hobbies. Atleast I'm well rounded!"
| |
| | |
11-24-2008, 04:32 PM
|
#4 |
Name: Mike City: Westfield State: NC County: Stokes Join Date: Dec 2005 Age: 51 Avg Visit Freq/Week
= 6.88 over 180 days |
Lease it to her.
__________________
"Are you going to continue telling me why we can't or help me figure out how we can?" | |
| | |
11-24-2008, 05:13 PM
|
#5 |
Name: Stuart Nelson City: Chapel Hill State: NC County: Orange Join Date: Jan 2006 Avg Visit Freq/Week
= 6.92 over 180 days |
Originally Posted by farmerbw  Bill, not a legal or car title expert but couldn't you title the car to her and place a lien on it? If she doesn't honor the lien you can take back ownership, or however that works.
HTH,
Brian. I agree with Brian. I believe this is the best way to accomplish what you want. When you finance a car, the finance company is the lien holder...same thing here. | |
| | |
11-24-2008, 06:24 PM
|
#6 |
Name: Bill City: Winston Salem State: NC County: Forsyth Join Date: Dec 2007 Age: 43 Avg Visit Freq/Week
= 6.73 over 180 days |
Thanks guys! I'll do some research on the interweb and find out how to place a lien on the car.
Thanks again. | |
| | |
11-24-2008, 08:13 PM
|
#7 |
Name: Scott Smith City: New Hill State: NC County: Chatham Join Date: Mar 2007 Avg Visit Freq/Week
= 5.44 over 180 days |
Bill, here is how I have handled such things in the past.
1 - draft a legal document that states what the terms of purchase are. This is typically in the form of a "Purchase Money Note". The document should spell out the purchase price, and what activities are necessary in order to pay for the car. It should also have a timeframe, and language that stipulates what constitutes default, as well as what the remedies to the default are.
2 - you would provide her with a Bill of Sale, that stipulates that she has purchased the vehicle from you, subject to a note that is secured by a lien. As I recall, this should be in a recordable format (UCC?); perhaps Doug or one of our other legal beagles can chime in.
3 - You would transfer the title to her, indicating yourself as the lienholder on the title.
At the end of the day, you need to clearly spell out what she needs to do in order to pay for the vehicle and to be able to obtain clear title to it. You also need to spell out what constitutes default, and how you can remedy it by foreclosing on the note and repossessing the security.
I would suggest that the note paperwork require her to obtain, and maintain full coverage insurance on the vehicle, naming you as the lienholder. Follow up with her insurance company afterward to make sure that they know about your lien.
I would strongly advise against putting both names on the title. In many states, that constitutes joint ownership and that is bad for three reasons:
1 - it makes her an "owner" of the car, and thus she is not liable to pay for it.
2 - it makes you liable for anything that happens to that car - ie if she loans it to someone else and they run over someone - you're personally liable.
3 - it makes the entire car hers in the event that something happens to you.
Hope this helps.
Scott | |
| | |
11-24-2008, 09:07 PM
|
#8 |
Name: Mark City: Concord State: NC County: Cabarrus Join Date: Nov 2005 Age: 53 Avg Visit Freq/Week
= 6.96 over 180 days |
If you really want to do this, do what Scott said plus give her this book (after you read it): https://beta.daveramsey.com/shop/prod326.html
Dave Ramsey offers the best advice in simple language. His "Baby Steps" are a great financial behavior mod method help get out of the debt ditch when bad things happen. Listen to his podcasts. He is really good.
__________________
"It'll last a lifetime if you die when you're supposed to." Arval Woody, Spruce Pine, NC
| |
| | |
11-24-2008, 09:40 PM
|
#9 |
Name: Bill City: Winston Salem State: NC County: Forsyth Join Date: Dec 2007 Age: 43 Avg Visit Freq/Week
= 6.73 over 180 days |
Thanks guys!! I really appreciate the advice. This was exactly the type of info I was looking for.
Like I mentioned, this situation isn't really about the money. It's about her getting and keeping a job. If she would do that, I really wouldn't care if she paid me or not. The car we are talking about isn't a lot of money. But I don't want to let her have it to run the streets and whatnot.
Thanks again to everyone who responded. | |
| | |
11-24-2008, 10:50 PM
|
#10 |
Name: Phillip City: Lexington State: NC County: Davidson Join Date: Jun 2008 Age: 48 Avg Visit Freq/Week
= 6.57 over 180 days |
Originally Posted by Tarhead If you really want to do this, do what Scott said plus give her this book (after you read it): https://beta.daveramsey.com/shop/prod326.html
Dave Ramsey offers the best advice in simple language. His "Baby Steps" are a great financial behavior mod method help get out of the debt ditch when bad things happen. Listen to his podcasts. He is really good. I agree Mark - LOML and I are debt free except for our home and we are trying our best to stay that way- if we want something we save for it and pay cash - maybe that is why I do not have that new shop yet  Naaaa I'll wait
__________________
My Saw Is Making Dust  | |
| | |
| Thread Tools | | | | Display Modes |  Linear Mode |
Posting Rules
| You may not post new threads You may not post replies You may not post attachments You may not edit your posts
HTML code is Off | | |
|  | » Stats |
Members: 2,312
Threads: 17,265
Posts: 187,558
2nd Top Poster: jeff... (6,585)
| | Welcome to our newest member, chelliot | | » Today's Birthdays | bwat
| |
.gif "Drogar Cry(DBG)")
