Posted 2009-07-22 6:22 AM (#108346) Subject: Lease/Purchase agreement
Regular
Posts: 54 Location: Ohio
I have someone interested in my LQ at my full asking price. They are asking me to do a lease/purchase agreement for one year and believe they will be able to pay it off in cash by the end of the one year. They are offering a good down payment and offering their paid-off 2005 truck as extra collateral. I'm not sure if this is something that I want to get into, though. What if they beat the trailer to death over the course of a year and then decide they don't want it? Also, I'm not sure about the legalities of this sort of set up either. I do plan to talk to an attorney about it, but was looking for input from the folks on this forum.
I really want to get the trailer sold. It is basically just expensive driveway ornament these days. But I'd rather keep it and the monthly payments that go along with it than to get caught up in some deal that ultimately screws me and my family.
Posted 2009-07-22 8:23 AM (#108349 - in reply to #108346) Subject: RE: Lease/Purchase agreement
Veteran
Posts: 197 Location: MT
Are you a bank, dealer or something like that no your not. So don't act like one. I'm a loan officer and you don't even want to get into the paper work that this would take. Just tell them to go to a bank get the money or else all the risk is going to be on you. Don't get screwed just because your trying to get rid of your trailer.
Posted 2009-07-22 9:20 AM (#108354 - in reply to #108352) Subject: RE: Lease/Purchase agreement
Extreme Veteran
Posts: 447 Location: cedar rapids iowa
If the have a 2005 clear title and a good down payment and with the collateral of the trailer they shouldn't have any trouble getting a loan. Something doesn't add up.
Posted 2009-07-22 1:04 PM (#108385 - in reply to #108346) Subject: RE: Lease/Purchase agreement
Expert
Posts: 1351 Location: Decatur, Texas
Originally written by barrelhorses on 2009-07-22 6:22 AM
I have someone interested in my LQ at my full asking price. They are asking me to do a lease/purchase agreement for one year and believe they will be able to pay it off in cash by the end of the one year. They are offering a good down payment and offering their paid-off 2005 truck as extra collateral. I'm not sure if this is something that I want to get into, though. What if they beat the trailer to death over the course of a year and then decide they don't want it? Also, I'm not sure about the legalities of this sort of set up either. I do plan to talk to an attorney about it, but was looking for input from the folks on this forum.
I really want to get the trailer sold. It is basically just expensive driveway ornament these days. But I'd rather keep it and the monthly payments that go along with it than to get caught up in some deal that ultimately screws me and my family.
RUN AWAY AS FAST AS YOU CAN! Never do anything like this no matter who it is! BAD IDEA!
Posted 2009-07-23 8:46 PM (#108450 - in reply to #108346) Subject: RE: Lease/Purchase agreement
Regular
Posts: 54 Location: Ohio
Thanks for the input. You all have shared pretty much the same concerns that I have already thought of. It just sounds too good to be true. I've already consulted with an attorney. It is possible to set something up, but there is really a lot of risk for me. I would have to have such a big down payment that it would probably wipe the deal away anyhow. I agree that the guy should go get financing and buy it if he wants it.
I'm going to call him tomorrow and tell him no deal on the lease/purchase. I am going to throw a significantly lower price at him ($6,000.00 less seems significant to me) and see if he bites. I'll actually have to use some savings to finish paying the thing off but at least it will be out of my hair.
Lease/Purchase agreement
