SELLING stuff on payment plan...

[ChumpChange]

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!

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.