Selling a bus, and carrying the note????

[Kwajdiver]

Has anyone ever sold their bus and carried the note?  How did it work out?

Thanks for the input.

Bill
Kwajalein Atoll

[luvrbus]

Not a good idea btdt a long time ago in today's world one would have to be nuts or on the edge to carry paper on a bus unless you can keep it in your possession till it is paid for


good luck

[Kwajdiver]

However, in this day and age, you can install a GPS tracker on the bus.  It's easier to pull credit reports and infor on the buyer.  Plus, I have all you guys out there to tell me everytime you see my bus.....

Just toying with the thought.

Bill

[Cary and Don]

Maybe if they have something else to put the lien on, like a house?  Even then it will take forever to collect. If they blow the engine up and the bus is the collateral, you are toast.

Don and Cary

[akroyaleagle]

It's amazing how we sometimes have moments of madness!

Think this over REAL good and you will come to the correct decision.

[Van]

Not with out a good chuck of collateral, If they cannot pay cash now, what would insure they will be able to make the payments later? I would leave that kind of risky venture to the financial lending institutions.   

[Kwajdiver]

They would have to put $10 -12K down.  This person has a well established business, that requires traveling around the Southeast.  Lots of information on their three websites.

Bill

[FloridaCliff]

Bill,

Personally, I would never do it!

When you sell a House, Boat, Plane, BUS, you want cash in hand.  Too much opportunity for buyers remorse when something breaks or they have a life change (divorce, business slips, whatever) etc.

But, If I were, do the like the used car dealers.  Make them put down what you can live with if you never see them or another penny again.

With you being on the range, dealing with this quickly if they default has added issues.

I know you want to move the bus, but things and people change after the deal and keys are in there hands.

No offense to your buyer, but way beyond my acceptable risk, unless you satisfy line 2 first.

Good luck!

Cliff

[luvrbus]

It can cost you the down payment to repo the bus if the guy decides to make you go through the channels like the courts btdt lol

[belfert]

Why can't he get a loan on the bus, or a line of credit to buy the bus?  If banks simply won't loan on your bus due to age or whatever that is one thing.  If banks won't loan the guy money due to his credit then why would want to loan to him?

I've known guys who run businesses and have tons of money.  Part of the way they make their money is by having no ethics.  They simply refuse to pay your bill, or they don't pay until you hire a lawyer and are one step from the courthouse door.  A businessman I know showed up in person to hand over a check for money he owed.  He called the bank and stopped payment on the check as soon as he got back to his office.

(BTW, you can have ethics as a businessman and still make money.)

[B_K]

Why can't he get a loan on the bus, or a line of credit to buy the bus?  If banks simply won't loan on your bus due to age or whatever that is one thing.  If banks won't loan the guy money due to his credit then why would want to loan to him?

I've known guys who run businesses and have tons of money.  Part of the way they make their money is by having no ethics.  They simply refuse to pay your bill, or they don't pay until you hire a lawyer and are one step from the courthouse door.  A businessman I know showed up in person to hand over a check for money he owed.  He called the bank and stopped payment on the check as soon as he got back to his office.

(BTW, you can have ethics as a businessman and still make money.)

Or on the other hand you can own a business and be so far in debt you can't see the light at the end of the tunnel but you keep plugging along and hope some day you'll see it.

I for one fall into this last category and am not ashamed to admit it. Some day dome how we will be debt free again one way or another.

Now that said I am like the others who have chimed in. If he's got an established business that is actually running in the black he should be able to get financing.

I don't recall what your asking, but if it were me I'd take NO less down than what you can feel comfortable with if that's all you ever get. After all if it blew an engine, caught on fire, got wrecked, stolen or any other major issue came up it's gonna fall back on you.

I know it's tough to sit on it, but how tough would it be to let it go and spend countless time and $ trying to recoup your losses if he defaults?
  BK 

[jjrbus]

I know it sounds like a terrible idea, but how do all these Buy Here Pay Here car lots stay in bidness? There must be many good people out there that got caught up in XXXXXXX    financial meltdown, I personally know a couple.   JIm

[luvrbus]

I have a friend another bus guy he owns a buy here pay here car lot his down payment covers what he has in the car

[John316]

Yup, Clifford is right. The small used lots usually have the down payment cover what they have in it. Then everything else is gravy. They do lose cars also, fwiw

John

[belfert]

The businessman I know with no ethics make plenty of money.  They aren't avoiding paying bills because they don't have the money.  One owner of a retail chain avoids paying for services as long as he can.  He drags out payments so long that lawyers sometimes get involved.  A friend of mine refused to do business with this retail chain because other people in his line of business either never got paid or it took months and months to get their money.  I can only assume they pay for their inventory on time or nobody would sell to them.  A friend of a friend rose all the way from a lowly store employee to an executive at corporate HQ.  He finally quit his well paying job because he couldn't stand the owner's lack of ethics and shady business practices.

The moral of my posts is just because someone is a successful businessman doesn't mean they will pay their bills on time, or at all.  Most people will pay, but not a few won't.

BK is right that those car businesses charge enough down to cover most or all of what the car cost them.  Those places charge ridiculous amounts for a car if one pays all the payments, but it might be the only way some can afford a car.  If a car does get repossessed they just clean it up and put it back out on the lot.  Some of them charge as much as $99 a week.  $99 a week is more than I pay for my new car loan!  (Loan term is probably way shorter.)