Hi there, I wanted to know if anyone could help me with creating a note on a car. I have a relative that wants to purchase one of my cars, and would like to pay me in installments. How do I go about structuring this note( I have a price $2800 and a percent rate 4%) but do I act as a dealership and collect credit and job info. Also can I put a lien on a vehicle without having a buisness.
Can anyone please help me on this matter, Thank You Howard
Pretty much… just create a note… if your worried about protecting yourself which it sounds as if you are… your probably shouldn’t be doing it…
You can sell it as a contract for the title or you could sell it with a lien on the title…
Check with a local tote the note lot, maybe you could get one to give you a copy of their note… for a few bucks…
Or find an attorney that works for one that does that stuff…
David
Thanks,
Another question are there any tax implications involoved when doing this since it is a source of income. I also checked with my dmv they said I can put a lien on the car until it is paid off. I will go to a local car lot to ask how they conduct their buisness. Thanks a lot