Holding loan for buyer

[ginagary]

We are going to be selling our 2007 Winnebago Journey. Since it is over 10 years old, most buyers will not be able to get financing.
Has anyone had any experience in holding the loan for the buyer?
Pros/cons, suggestions.....
Thanks

[OH48Lt]

Bad idea. Even with a proper loan agreement, you have very little recourse if the borrower defaults, other than going to court. That will cost you, and will take time. Meanwhile, your Winny is being used and abused, and all you're holding is some paperwork.

VERY few people have the option of repossessing their property by themselves. They hire a guy like me to get their stuff back.

[gafidler]

Bad Idea, 1st time there is a problem with the RV , they will want to use monthly payment to make repair or just stop paying, then you must hire a lawyer to sue them and you may or may not get your money. But you will have to pay the lawyer.

[ppine]

Bad idea. Cash talks.
Loans are bad enough with friends and family.
Years ago my wife's good friend wanted to borrow $5,000.
I said "Okay give me the title to your car."
She paid us back on time.

[Jim]

You'd be surprised at the number of boilerplate legal agreement forms you can find at Office Depot or Staples. That's where I'd start.Then of course, there's lots of legal form companies on the internet: Legal Forms

[Community Alumni]

I would highly recommend against doing it. You may never see your money or motorhome again. Good luck!