RENT TO OWN A TRUCK QUESTIONS?

A good truck at a fair price will generally sell fairly quick. Advertise and sell it to someone with the full amount in hand. Way too risky otherwise, IMO.

 

Just find a finance broker... You'll lose a couple grand due to fees, and they will make a fortune on interest. You essentially sell it to them, they carry the note for the buyer. Small leasing/sales outfits might be willing to do everything for you. I.E. Consignment fee agreement. If he has a down payment someone will loan him the money.

 

I wouldnt but if you're going to do this then put a lien on the tittle. I would also verify that they have a satisfactory amount of operating capitol, make em show you a bank statement. Did you really ask if you should charge interest on the remaining balance? Absolutely yes! Btw can I loan some money from you at no cost to me too? Problem with doing this is that they drive until a repair is needed then they either abandon the truck god knows where or just can't pay you. Its not without risk that's for sure make sure you charge for that risk!!

 

DO NOT do this unless you want to make a business for yourself. Too many liabilities involved and you have to have legal advice that can be expensive just to write up a contract to protect you.

Just sell it, if the people don't have the money, don't waste your time.

 

You sign the title as a lien holder and have him make you a certificate holder on his insurance . Just like buying a car, no different .

 

You don't need a title to get base plates . And if you trust your instinct do it . Help someone out and collect income . No different than renting a house .

 

Get a contract and sign a limited power of attorney for the guy to get plates.i've done this a couple of times with guys that use to work at the same comany i worked at.
Make sure to write how long you will wait before repossesing the truck when no payements is received,also the language of the contract should protect you against any liabilities.as mentioned u must be a certificate holder on the insurance.
Invest couple hundred dollars on a hidden gps device and sit down with a lawyer to draft the contract.
dont give the title away not even with a lien on it.

 

Read post #2.

If the person who wants the truck was a responsible adult, they should have the credit necessary to purchase your truck.

If the person does not have the credit necessary, this suggests that person was not responsible in the past, or there are mitigating circumstances that may compromise their ability to pay you in the future.

Is that a risk you are willing to take on with a stranger (or friend/family for that matter)?

 

You live in a perfect world where nothing ever bad happens , you don't make bad choices , you don't have health problems , family problems . Money problems , no one trips you up , your luck is always golden , your career path is solid stable predictable ( obviously cuz you're a truck driver lol ) and you're the judge and jury of anyone who doesn't have a perfect financial record get out of here with that BS dude