FD_ERR

So yes I'm a noob and know a little about rotary. I joined the forum to learn so thanks in advance! So i put down the first payment on my 94 rx7 but i wont have the car till paid off :/ point is the guy was very honest with me about the car and said it has small coolant leak in the block so im assuming that it's the seals abd will need a rebuild (which was my plan anyway) thoughts? Thanks

Sgtblue

iTrader: (16)

Thoughts? Yes it will need a rebuild. And I would never recommend making payments to the owner. No title transfer, no lien recorded...a potential civil matter mess that you would probably lose. Get a loan for the car through a traditional institution.

FD_ERR

We have a legal contract that covers every basis.

TomU

iTrader: (11)

Hope that legal contract includes delivering the car with a functioning engine

FD_ERR

Yes we walked through and i know what is wrong and whats not wrong with the car. If any problems with it, the contract has the information about it. So basically it covers me

FD_ERR

My point is on the contract is a list of all known issues including the failing engine/ coolant leak. The contract also states that if any issues once car is paid off im entitled to refund of all money. Also car is not allowed to be driven no more th 500miles while in his possesion of contract

lduley

iTrader: (1)

and did you get that notorized?

FD_ERR

Yes sir with records of every deposit.

Sgtblue

iTrader: (16)

So you're making installments on a car you can't possess. So you can't even do the rebuild it needs before it's operable. Meanwhile it sits and the coolant seal grooves rust and pit, making the irons unusable (if they aren't already).
Any chance you can post a picture of this contract?...after redacting identifiers of course.

lduley

iTrader: (1)

we aren't trying to bash you, just don't want you to get screwed over, cause these things are usually fishy and people get screwed over

Sgtblue

iTrader: (16)

Rrright.
I see this often in my line of work. Regardless of any written contract you claim to have it's a civil issue should things go south. It's usually too great a value to sue in small claims. And too little value that it would make sense to hire an attorney. The next stop is usually the police station. But we rarely can do anything for them since it is a CIVIL issue and not criminal.
And again, time is not on your side if the coolant seal has failed. Damage is being done as it sits.
Does the contract prohibit him from driving the car? Does it mandate that he keeps it insured even in storage? Even if it does mandate insurance, will the insurance company notify you if the policy lapses? Is the installment money kept in escrow until the title is transferred incase the car is damaged somehow? Not to mention he's still holding title. Nothing to (criminally) prevent him from selling the car to someone else in the meantime.

Unless your credit is just that bad, or you're only 16 years old...and even if that's not the case, just get a traditional loan or don't buy the car.

FD_ERR

Nope sits in a garage but he starts and runs it for me. The contract protects both of us. There is enough on paper to simply show if i dont have a car he dont have money. It's also an account we both can monitor.

Sgtblue

iTrader: (16)

I guess that's a 'no' on posting a picture of the contract. Well...I tried. Unsubscribed.

FD_ERR

I will after work