I have a guy that would like to trade atvs with me. I really want what he has and he really wants what I have. Here is where I am concerned, mine is paid for and I have the tittle, his is not paid for so he does not have the title. If we give each other a bill of sale and I keep the title to mine until he pays his off and gives me his title, would I be ok? What would happen if he quit paying on his and the loan company came to repo the atv. Could they come get it from me? Please hel pme understand
Yes they can and will come and take it from you if he doesn't pay for it. I would go with him to the finance company and watch him pay it in full. That way you CYA.
I would not let anyone else be responsible for payments of a vehicle that I owned. That's just not smart business.
If anything I would draw up a contract where he pays you monthly, and then you make the payment to the lein holder. That way, you know for sure the monthly payments are being made, even if you keep it in his name.
Not a wise move.Dont trade without titles in hand.You'll regret it later.
dont do it. tell him to pay it off then trade or dont do it. youll regret it.