I have an old bmw I was going to sell my painter for $1500. He recently had his home foreclosed on and two of his vehicles repossessed. He is a hard worker and usually has more than one ad going on craigslist. He spoke to my husband about buying the bmw and he drove it home without any written contract then didn't show up on the day we were supposed to do the paperwork and then didn't call me for three days. I want to be helpful but I think this is maybe too much. I called and told the buyer to bring the car back and explained that I felt uncomfortable with him having the car before it was paid for.
My husband doesn't want the car back and told him we could work it out. He (my husband) has cancer and is going into the hospital Monday to start the collection procedure for a stem cell transplant and then he will be in the hospital for most of April and then we have to relocate to New Mexico for health insurance reasons in July. I am just not sure this is just going to be a big mess.
Here is what I have for a contract so far:
AUTO LOAN AGREEMENT
1. Parties: The undersigned is x the Borrower, and the Lender is x.
2. Date of Agreement: MARCH 15th , 2009.
3. Promise to Pay: Within three (3) months from today, Borrower promises to pay to Lender One Thousand Five Hundred dollars ($1,500.00) and interest and other charges stated below.
4. Responsibility: Although this agreement may be signed below by more than one person, each of the undersigned understand that they are each as individuals responsible and jointly and severally liable for paying back the full amount.
5. Breakdown of Loan: Borrower will pay:
Amount of Loan: $1,500.00
Amount financed: $1,500.00
Finance charge: $0
Total of payments: $1,500.00
ANNUAL PERCENTAGE RATE 0%
6. Repayment: Borrower will repay in the following manner: Borrower will repay the amount of this note in Three (3) equal uninterrupted monthly installments of Five Hundred dollars ($500.00) each on the 15th day of each month starting on the 15th day of April, 2009, and ending on the 15th day of June, 2009. Borrower may work for an hourly rate of $10.00 per hour for general labor or $32.00 per hour for handy man labor in lieu of currency payments. Any balance owing over the hours worked monthly Borrower agrees to pay in cash to Lender.
7. Prepayment: Borrower has the right to prepay the whole outstanding amount at any time.
8. Late Charge: Any installment not paid within ten (10) days of its due date shall be subject to a late charge of $30.00 for any such late installment.
9. Security: To protect Lender, Borrower gives what is known as a security interest or mortgage in: [Describe:] ....
10. Default: If for any reason Borrower fails to make any payment on time, Borrower shall be in default. The Lender can then demand immediate payment of the entire remaining unpaid balance of this loan, without giving anyone further notice. If Borrower has not paid the full unpaid balance of the loan within two weeks of request as a result of default, the Lender shall request the return of the vehicle ......
12. Collection fees: If this note is placed with an attorney for collection, then Borrower agrees to pay all attorney's fees and /or collateral repossession costs. This fee will be added to the unpaid balance of the loan.
My husband doesn't want the car back and told him we could work it out. He (my husband) has cancer and is going into the hospital Monday to start the collection procedure for a stem cell transplant and then he will be in the hospital for most of April and then we have to relocate to New Mexico for health insurance reasons in July. I am just not sure this is just going to be a big mess.
Here is what I have for a contract so far:
AUTO LOAN AGREEMENT
1. Parties: The undersigned is x the Borrower, and the Lender is x.
2. Date of Agreement: MARCH 15th , 2009.
3. Promise to Pay: Within three (3) months from today, Borrower promises to pay to Lender One Thousand Five Hundred dollars ($1,500.00) and interest and other charges stated below.
4. Responsibility: Although this agreement may be signed below by more than one person, each of the undersigned understand that they are each as individuals responsible and jointly and severally liable for paying back the full amount.
5. Breakdown of Loan: Borrower will pay:
Amount of Loan: $1,500.00
Amount financed: $1,500.00
Finance charge: $0
Total of payments: $1,500.00
ANNUAL PERCENTAGE RATE 0%
6. Repayment: Borrower will repay in the following manner: Borrower will repay the amount of this note in Three (3) equal uninterrupted monthly installments of Five Hundred dollars ($500.00) each on the 15th day of each month starting on the 15th day of April, 2009, and ending on the 15th day of June, 2009. Borrower may work for an hourly rate of $10.00 per hour for general labor or $32.00 per hour for handy man labor in lieu of currency payments. Any balance owing over the hours worked monthly Borrower agrees to pay in cash to Lender.
7. Prepayment: Borrower has the right to prepay the whole outstanding amount at any time.
8. Late Charge: Any installment not paid within ten (10) days of its due date shall be subject to a late charge of $30.00 for any such late installment.
9. Security: To protect Lender, Borrower gives what is known as a security interest or mortgage in: [Describe:] ....
10. Default: If for any reason Borrower fails to make any payment on time, Borrower shall be in default. The Lender can then demand immediate payment of the entire remaining unpaid balance of this loan, without giving anyone further notice. If Borrower has not paid the full unpaid balance of the loan within two weeks of request as a result of default, the Lender shall request the return of the vehicle ......
12. Collection fees: If this note is placed with an attorney for collection, then Borrower agrees to pay all attorney's fees and /or collateral repossession costs. This fee will be added to the unpaid balance of the loan.
