Would you do this.
Discussion
StuA9 said:
A friend is selling a car and the trade plate driver that delivered it offered to buy it but wants to pay it weekly. I said no, would any of you do this.
The trade plate chap is basically announcing that he has no money and no ability to borrow money. He also has a flakey job so his future income isn't worth a dime. It's a harsh world but if it he can't even find a s
thouse lender willing to take a punt on some lucrative fees then I think a private punter would be medically retarded to do so. Krikkit said:
AndyJWB said:
He can pay weekly but I'm keeping it until it's paid for in full.
This.Don't even entertain holding the car until he's made all payments either, as what will happen there is the car will sit there going rusty, growing moss and the tyres slowly perishing as he strings you along about being a bit short this week, but definitely still wants it, with the end result being you sell it to someone else but now at a grand less than you could've done a year ago before it lost a load of money in depreciation.
Tisy said:
What will happen if you give him the car is he'll make a couple of payments then they'll stop because <insert lie about not having the funds this week because of x> and "can I pay you double next week?". You stupidly agree, next week comes and there's only payment for the current week, not the debt. This continues with more promises then another week comes with no payment due to <fresh lie about something else> and then shortly afterwards the payments stop completely and that's the last you see or hear from him, leaving you £750 out of pocket on your £1000 car.
Don't even entertain holding the car until he's made all payments either, as what will happen there is the car will sit there going rusty, growing moss and the tyres slowly perishing as he strings you along about being a bit short this week, but definitely still wants it, with the end result being you sell it to someone else but now at a grand less than you could've done a year ago before it lost a load of money in depreciation.
Correct. Such transactions only function healthily if the client is fully aware that you know where they live and will break all their fingers. Plus, they need to pay 2-3 times more than the fair price for the hassle risk the lender is taking in having to go to their house and break all their fingers. Don't even entertain holding the car until he's made all payments either, as what will happen there is the car will sit there going rusty, growing moss and the tyres slowly perishing as he strings you along about being a bit short this week, but definitely still wants it, with the end result being you sell it to someone else but now at a grand less than you could've done a year ago before it lost a load of money in depreciation.
Best left to professional lenders.
I guess it depends on the value of the car and how much he can afford to pay weekly.
If its a £ 1000 car and he's offering £ 250 a week, you get three installments, and the following week he gets a car.
For anything other shed money over 4-6 weeks, forget it - but car stays until final installment. He's not a bank or a charity.
If its a £ 1000 car and he's offering £ 250 a week, you get three installments, and the following week he gets a car.
For anything other shed money over 4-6 weeks, forget it - but car stays until final installment. He's not a bank or a charity.
andrewcliffe said:
I guess it depends on the value of the car and how much he can afford to pay weekly.
If its a £ 1000 car and he's offering £ 250 a week, you get three installments, and the following week he gets a car.
For anything other shed money over 4-6 weeks, forget it - but car stays until final installment. He's not a bank or a charity.
+plus a 5th payment of £250 for interest/risk, then he'd get the car. But nobody right in their head would do it to begin with, and certainly not for free.If its a £ 1000 car and he's offering £ 250 a week, you get three installments, and the following week he gets a car.
For anything other shed money over 4-6 weeks, forget it - but car stays until final installment. He's not a bank or a charity.
Doesn't sound like a typical trade plate driver. Probably only been at it a week (most last about 3 weeks). I used to do it, and I stuck with it for over a year. Terrible pay but a LOT of life experiences and seen all corners of the country, many times.
1) The thrill of driving xxxxxxxxx soon goes, because of the risk of being caught speeding; and/or damaging (or being accused of damaging, if you've missed any scratches etc in your collection report) a high value car. Sure, you can enjoy it, but only to a point. In the end my favourite car was a lease return AA Transit Custom (they are somewhat worn inside at that age!)
2) You don't actually need your own car at all, because pretty much every weekend you get a "carryover" (collected Friday, driven home, delivered Monday morning). Everyone uses them over the weekend and everyone knows its going to be used.
3) It just smacks of unprofessionalism. When we go and pick up a car for eg "Car Buying Group" or a lease return or whatever, our customer ISN'T the guy we're picking it up from, despite that being the person we see face-to-face. Our customer is in fact some steps removed, the originator of the job, ie the lease company. Its our job to keep them happy and do what they have booked us to do. Not to "steal" a car from under their nose.
Probably a wannabe trader trying to get his first steps on the ladder, by taking shortcuts.
1) The thrill of driving xxxxxxxxx soon goes, because of the risk of being caught speeding; and/or damaging (or being accused of damaging, if you've missed any scratches etc in your collection report) a high value car. Sure, you can enjoy it, but only to a point. In the end my favourite car was a lease return AA Transit Custom (they are somewhat worn inside at that age!)
2) You don't actually need your own car at all, because pretty much every weekend you get a "carryover" (collected Friday, driven home, delivered Monday morning). Everyone uses them over the weekend and everyone knows its going to be used.
3) It just smacks of unprofessionalism. When we go and pick up a car for eg "Car Buying Group" or a lease return or whatever, our customer ISN'T the guy we're picking it up from, despite that being the person we see face-to-face. Our customer is in fact some steps removed, the originator of the job, ie the lease company. Its our job to keep them happy and do what they have booked us to do. Not to "steal" a car from under their nose.
Probably a wannabe trader trying to get his first steps on the ladder, by taking shortcuts.
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