SELLING stuff on payment plan...

**2FORCEFULL** · 09-21-2013, 06:10 AM

Has anyone ever done it where it worked out??

**CarolynandBob** · 09-21-2013, 06:27 AM

I have never done it. If the bank will not loan you money why should I?

**28eliminator** · 09-21-2013, 06:36 AM

I'm not a finance company....

Did it once for a friend.. Didn't end well.

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**Ziggy** · 09-21-2013, 01:48 PM

Originally Posted by 28eliminator

I'm not a finance company....

Did it once for a friend.. Didn't end well.

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Ditto....

**314joey** · 09-21-2013, 03:33 PM

Never done it, here's why, when I was young my Father owner financed a small river house on the Missouri River we owned, the jerk-off made two payments and never made another one, my parents really didn't have to money to waste, took almost two years to get rid of him, they spent a ton getting him out of it and then we still had to sell it, what a mess, taught me something, don't finance anything for anyone, that's what banks are for.

**niceguyeddie** · 09-23-2013, 12:07 PM

I've done it a couple times for friends. It typically took longer to get the money than what was agreed upon, but I wasn't hurting for it and trusted that they'd pay me off when they could and they always did. What I find to work a lil better is just get a deposit from them, let them know you'll hold such item till it's paid for, then release it to them. They'll pay you a lot sooner!

**ChumpChange** · 09-23-2013, 12:54 PM

Originally Posted by 314joey

Never done it, here's why, when I was young my Father owner financed a small river house on the Missouri River we owned, the jerk-off made two payments and never made another one, my parents really didn't have to money to waste, took almost two years to get rid of him, they spent a ton getting him out of it and then we still had to sell it, what a mess, taught me something, don't finance anything for anyone, that's what banks are for.

Although you had a previous situation that made you feel that way, there are ways to protect your investment/cash. Privately lending money isn't about loosening ALL credit standards, it's about loosening maybe one standard but still lending prudently. If your parents had taken a large enough downpayment, they would have been happy to get rid of him and sell it again. There's nothing better than selling something for a profit twice!

Originally Posted by 28eliminator

I'm not a finance company....

Did it once for a friend.. Didn't end well.

One of the keys is don't do it for freinds and family. Make it a business decision and you should end up just fine.

**28eliminator** · 09-21-2013, 06:42 AM

Bad idea

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**SBS933** · 09-21-2013, 06:57 AM

Did it for a real responsible friend of my kid, I did tell him that it wont work and if it didn't, when he returned the bike he would be out anything he payed me. 2 months good, 3rd month half a payment. Then he returned it, the kid learned a lesson.