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Buyer wants to buy my used car in installments. How does this work?

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rexleonis
  2/11/2018 10:23 EST

Hi Expats!

I own an used car here in Italy and I'm selling it online. Somebody just called me and said he can pay half now and half in installments (rate). He said I can choose whichever bank I want.

I have no idea how this works. Has anybody done something like this?

HenryGiovanni
  2/11/2018 15:56 EST

HI Rexleonis,
I am in the market for a used car at half-price. Can I buy it from you on the same terms?

Personally, I wouldn't go for this. If it gets wrecked in a week, how will you get the other half-payment? Should the buyer die in the same wreck, you are SoL, permanently, and maybe even on the hook for future payments. Not a good choice. Cars are dangerous things.

If you are near Padova, then please contact me if it's a small car with good gas (or benzine, or whatever) mileage, and doesn't already have a million miles on it. And if the price is right, of course.

Otherwise. stay away from Nigerian Princes and used-car installments. OK on a house, except for that Nigerian Prince bit, Cars are not houses.

Disclosure: I'm relatively new here and have no idea how these things work here, but I wouldn't do it at home unless I knew the person and had references and an insurance waiver in hand. Used cars just ain't that expensive, and there are buyer loans or family money.

Let me know where you are, what kind of car, and price. Your location is most important; ain't driving from Puglia to Padova, nor even from Roma. Unless it's a really great price on a good car, for which I could take a "road vacation". I'm partial to the Fiat Panda, having driven one around the WWI battlefields up here on the
Fiume Isonzo in Friuli and across to the Altopiano/Val d'Adige, and all around. Small car, lots of room inside (for one! Even for two), good gas mileage, enough power for me to get up the Altopiano escarpment from Schio /Thiene with ease, even if I couldn't catch that slow old fully-loaded truck in front of me!! I just wasn't in such a hurry as he was :)
Yeah, that's it!

Let me know if you are close by.

Cheers, John.

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rexleonis
  2/11/2018 16:50 EST

I thought he meant that the bank of my choice will pay me in full and he will then pay back the bank in installments.

But I see where you're coming from. I had once a scammer from Padova trying to take my car.

Janin
  2/12/2018 07:44 EST

We are in the process of selling one of our 2 Mercedes 250TD (auto d'epoca).
We also had several strange offers.... ;)
Janin

HenryGiovanni
  2/12/2018 18:22 EST

Hi Rexleonis,
I would clarify that before I handed over any keys.
Cheers, John not-the-scammer in Padova.

foxwhite1
  2/21/2018 06:34 EST

Not advisable. Let him/her borrow the money from someone else. You are not a banker and if they are that short that they cannot afford to pay full price for the car or have such bad credit that they cannot borrow elsewhere I have to ask you how many red flags do you need to realize this is not a good deal for you.

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