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Old 12-07-2006, 02:52 PM   #1
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Default I need big help... regarding a mutual agreement..

Ok, i am going to be buying Petey'* (petraman'*) 92 SSEi, and I need help writing out a mutual agreement for the payments. This is some of stuff I need inserted into it -

Price is $2600, $600 down payment, bringing the price down to 2 grand
Minimum payment is $125 a month, but can be more if I can pay it, until the 2 grand is paid off.
Seller (Petey) has to provide reciepts when payments are recieved.
Title will be fully transferred or memorandum title, whichever is easier upon down payment, and I will take delivery of vehicle after DP is made.
If I miss 2 payments in a row (both a month late), car will be put back in Petey'* name, therefore I will lose the car.

Please leave spaces for the VIN number, make model, signatures at the bottom and names in the body. Whoever does this, I will greatly appreciate it.
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Old 12-07-2006, 02:56 PM   #2
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So you need a legal document professionally written that is going to be notarized?
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Old 12-07-2006, 02:56 PM   #3
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C O D

It'* the only way to go and keep a friendship.

Sorry..I have nothing else to offer.
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Old 12-07-2006, 02:58 PM   #4
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Quote:
Originally Posted by wjcollier07
So you need a legal document professionally written that is going to be notarized?
Pretty much, since I do not have 2600 to whip out of my pocket.
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Old 12-07-2006, 03:03 PM   #5
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Old 12-07-2006, 04:02 PM   #6
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PM me your email address and I'll send you my document. My wife and I went through a similar situation with our Firehawk. It was, essentially, a gentleman'* agreement, but the "contract" was solid enough that it could stand up if it ever had to.

I laid down $2,000 as a down payment in Dec., 2004 toward the 'Hawk in person. I had an agreement with the seller that he would keep the car in storage and I would pay him off $18,000 at pick up on or before May 31, 2005. I had to do this because I wasn't going to drive the car from South Dakota to Michigan in the winter. So, my wife and I
made two trips to SD...one in December and a return trip in May.

Otherwise, I agree with Bill. Pay cash and be done with it. Or, get a loan from a bank if trust becomes an issue.
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Old 12-07-2006, 05:30 PM   #7
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I strongly recommend doing this as a title lein until the car is paid in full just so its easier. The car will still go in your name, but he will have a lein on it until its paid off.

I will also PM this to you. Everything is spaced accordingly, but on here, it mushed it together.




Payment Contract/Bill of Sale

Vehicle:

Year: Make: Model:

Vin #:

Mileage: Color:
__________________________________________________ ______________________

Seller‘* Information:
Name:

Address:

City: State: Zip:
__________________________________________________ ______________________

Purchaser‘* Information:
Name:

Address:

City: State: Zip:
__________________________________________________ ______________________
This vehicle is being sold AS IS/NO WARRANTY to ______________________ for the total amount of $2,600.00. I, ___________________have received a down payment in the amount of $600.00. The remainder owed on the vehicle is $2,000.00 and payment is due in atleast the amount of $125.00 a month until the remainder of the balance is paid in full. I _________________ will provide receipts when payments are received, and the title will be fully transferred or memorandum when the down payment is received, and delivery will be obtained by _______________ at that time. If 2 payments consecutively are missed, the vehicle will be repossessed , and the title transferred back into the sellers name.


Signature of seller:_____________________________ Date:_______________________

Print: _____________________________________


Signature of purchaser:_____________________________ Date:_______________

Print:____________________________________
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Old 12-07-2006, 05:34 PM   #8
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Thanks Leslie! I really appreciate it
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Old 12-07-2006, 05:36 PM   #9
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Quote:
Originally Posted by petraman
Thanks Leslie! I really appreciate it
No problem!!
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Old 12-08-2006, 05:24 AM   #10
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Also, if you make all your payments by check, your cancelled checks, after the seller cashes them, are a receipt for your payments. You can do additional receipts if you like, but a cancelled check makes for an excellent proof of payment.
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