Am I wrong?

Question

My husband is selling his younger sister a car. He wants to just hand it over to her right away & let her do payments. I feel like theres just so much that can go wrong with this! She's been talking about buying it for a few months & has not yet to give us money for it. *She has a job..  I also think that if anything happens to it while she has it, she won't finish paying it off... I think she should pay half of it before we give her the keys. Am I wrong?

Answer

Definitely need to see some cash first. I'm a bit bias though, my sister in law is irresponsible as hell, so I wouldn't even do payments with her because I know I wouldn't see a dime out of it.

Answer

I think asking for half may be a bit much depending on the price of the car. Also, she's his sister. A down payment for sure. But I doubt half is reasonable.

Answer

she should absolutely put money down on the car before taking it so y'all know she will pay.

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Depending how much it is half might be a lot. I would suggest a down payment and have her sign a contractual agreement that says if she doesn’t pay you can keep the vehicle. Provide her receipts when she pays and such. Keep it professional to avoid any bs.

Answer

I dont do business with family or friends. However if I did I'd want all money up front same as a stranger.

Answer

I’d see cash first 🙄😒 No way I’d let him sell a car to someone without payment

Answer

I am going to be the unpopular opinion here. Make sure you are always covering your ass when it comes to a business transaction with family. They are the most likely to take advantage/ screw you over bc it's family. I would definitely get a down payment, but might go farther than that depending on how much you are asking for the car. We borrowed $1500 from my SO's aunt and uncle last February. We wrote up & signed a contract stating we would pay them back & were happy to do it. We also payed them back almost immediately (literally 3ish weeks later) when we got our taxes back. If you believe she is irresponsible & choose not to sign a contract with her, then be prepared to never see any money than what she pays before she picks up the car. It may make people mad, and I get it's family, but it is still an adult business transaction. If she is uncomfortable signing a piece of paper saying she will pay you back, then you already know her outlook on getting you all the money she would owe you.

Answer

If you put the car in her name before getting all the payments for it your doomed. If she is the owner of the car and you go to court for the payments you have very little chance of getting any of it. I reccomend, if you are doing payments, keep it in your SO's name until she pays it off. But I honestly would not sell to or buy from family, I've done it before and it never ends well..

Answer

Make her sign a contract on it and have her give a down payment and then allow her to make monthly payments. If she doesn’t make the payments then make it where she’ll have to give the car back.

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I think half is too much but you should definitely ask for a down payment and have her sign a contract and make sure there is a witness to the signing, they need to sign that they were there too.

Am I wrong?

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