Purchasing a sled from a friend questions??

[yamiman]

I recently am in the process of purchasing a 08 nytro from a good friend, question is im kind of making a payment plan with him. I gave him $1500 with a personal check right away to let him know im serious and with in a couple weeks will have the remaining $$. He is financing it through yamaha and my biggest question is how abouts do I go paying the rest of it off through him so I get the title in hand securely? I do have the sled in my garage and do trust him I just want to make sure the money goes directly to yamaha financing so I do get the title and nothing hairy happens.

 

[Hunter2008]

Write up a contract with him and make him sign it also.
Make sure that it states that the money you give him will go to the bill. Or you could go to a lawyers office and have a contract between the two of you done up, (Which is what I would do no matter how well you think you know the guy).

 

[Blu Du]

if it's on a yamaha credit card, no worries. that all it is is a credit card same as if you bought the sled on your visa

 

[donbrown]

Write up a contract explaining the intentions of the payments.

I buyer agree to pay X dollars to seller for the sled .. serial number.
We understand the amount of x dollars will be the complete the payment for the sled.

This amount will be paid by date.

Once the amount of x dollars is paid by date the sellor will immediately
transfer ownership of the sled free and clear of any liens from any borrower.

 

[yamiman]

thanks guys, I will do it professionaly with a lawyer. I know he owes a little more with yamaha then we agreed on thats why maybe a lawyer written contract would be best.

 

[EricW]

Make the check a dual party like the insurance companies do. When you get a claim check it says Joe Blow and Maaco. Put your pals name on and Yamaha credit. He shouldn't have a problem, he can endorse it and send it on. You might even note on the check "pay off of loan # blablabla". No risks that way to you. Have a good one. EW