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Selling a Trailer to Friend with a Payment Plan: UPDATE

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Original post: https://www.fatwallet.com/forums/finance/1550511

Well, I should have listened. Rollover accident, 10 car pileup, friendship broken, lawyers, insurance companies, TripleB, Agape, tree roots, ...


Or not. We recently deposited the last check. All went well. Still friends. The trailer worked great for them (and still is).

Just wanted to provide the update. I did appreciate the feedback people posted. Also ... for people considering the same thing, this is an anecdotal story--just because it worked for us does NOT mean that it will work for you. The warnings about deals with friends need to be considered. My general advice: if you are not willing to part with either your money or friendship, don't do it. If losing one of those things to keep the other is okay, and it is otherwise a good deal, go for it.
 

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rated:
Glad to hear it worked out well. It's like you said though, you have to be realize there's a possibility you won't get your money. Otherwise, there's too good of a chance that you'll end up either without a friend, money, or both. I've done it too with success, but I've always made sure beforehand that I was able to accept the financial loss if it fell apart.

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Congrats. 'Adds credence to the old adage about not lending or gambling with money you're not willing to part with.

Glad to hear your gamble paid off and helped a friend.

*results not necessarily typical, but still good to read success stories!

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Thanks for the update.

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"The trailer worked great for them (and still is)."  Since the trailer is 15 yrs old, wondering if buyer had any maintenance/repair issues, and satisfied that they got a fair deal?
Also:  didn't read entire previous thread, but did you include some sort of security interest language in original contract, such that you could have repo'ed for nonpayment?

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wilesmt said: I don't know how some of you get out of bed in the morning. It's a big bad scary world out there. Better to stay under the covers all day so you don't have to face any risk.

You are getting full asking price without any hassles. Good down payment. Write up a contract that details the payment plan and go from there. Zero need for a lawyer.

There's a 90% chance every thing goes great. You become better friends with the other family and go on camping trips with them.

7.5% chance they cannot make payments but sell the camper to pay you off.

2.5% - they screw you.

I'd take my chances.

  
FWF has this weird fascination with certain things - including not dealing with family/friends.  The forum, overall, is a terrible judge of risk.  And it's also terrible at math, but that's a different matter.

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wilesmt said:   
wilesmt said: I don't know how some of you get out of bed in the morning. It's a big bad scary world out there. Better to stay under the covers all day so you don't have to face any risk.

You are getting full asking price without any hassles. Good down payment. Write up a contract that details the payment plan and go from there. Zero need for a lawyer.

There's a 90% chance every thing goes great. You become better friends with the other family and go on camping trips with them.

7.5% chance they cannot make payments but sell the camper to pay you off.

2.5% - they screw you.

I'd take my chances.

  
FWF has this weird fascination with certain things - including not dealing with family/friends.  The forum, overall, is a terrible judge of risk.  And it's also terrible at math, but that's a different matter.

  And, terrible at making generalizations.

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tuphat said:   "The trailer worked great for them (and still is)."  Since the trailer is 15 yrs old, wondering if buyer had any maintenance/repair issues, and satisfied that they got a fair deal?
Also:  didn't read entire previous thread, but did you include some sort of security interest language in original contract, such that you could have repo'ed for nonpayment?

  
In our discussions, no repair/maintenance issues so far. We kept it in good condition while we had it (but as you said, 15 years old). It already served its main purpose for them. Now they are using it in a more standard camping fashion.

We did not include that kind of language. I knew, after initial payment, we could be out the rest of the money (not that we wanted to, but we could). The buyers were actually willing to do more to "protect" our interest, but in the end, we just didn't feel it was necessary.

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FWF has this weird fascination with certain things - including not dealing with family/friends.  The forum, overall, is a terrible judge of risk.  And it's also terrible at math, but that's a different matter.
  
I don't think it's a question of judging risk.  As op said in the thread opening report, you'll need to be willing to part with either friendship/family, or money, or both, if things go awry. With strangers it's rather simple.  You'll defend our rights, maybe you're feeling a bit more generous on some days, and after that initial generosity, you call lawyers if price/benefit of getting them involved is advantageous.  This is not really possible with friends/family, because the moment you call a lawyer they are no longer  friends and family.  In other words, the basic societal dispute resolution mechanism is not available to you when you deal with family and friends.

To be clear: we all "do business" with friends and family all of the time, when we lend stuff to kids etc., what guarantee do you have that they don't lose it.  What are you going to do then?  Demand full replacement value? Fair market value? Waive it off and never mind?  

I think the question arises when you look at larger transactions, and esp. when the transactions start to be done for financial gain - in which case you have to wonder why people are asserting that they willing to lose money to keep the freindship.  In this case, why not just give the thing to a friend?  So, if it's a commercial motive, like selling your house, the dealing with F&F becomes dicey, if you need the money.  Otherwise, why not give them the house for free?

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We throng to FWF for worst case scenarios; a lot of the time our problems are far easier than we at FWF perceive. At the end of the day, you can not put a $ figure on human qualities.

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delhel said:   We throng to FWF for worst case scenarios; a lot of the time our problems are far easier than we at FWF perceive. At the end of the day, you can not put a $ figure on human qualities.
  
QFT.

Everyone at FWF has their glass half empty.


Ok not really, but there is some truth to it. In reality, I think we all just heavily favor a large risk assessment evaluation before making any large dollar decisions ($1,000+)

rated:
The whole glass half empty/half full things is stupid.

The real problem is you have (and presumably bought) a glass that is twice as large as you need. Next time, just buy the right friggen cup.

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wilesmt said:   The whole glass half empty/half full things is stupid.

The real problem is you have (and presumably bought) a glass that is twice as large as you need. Next time, just buy the right friggen cup.

  
Better, why is it half empty? As a FWF elite you should be somewhere where you get free refills so it's always full.

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