NO BANK NEEDED! | How To Buy or Sell a Car on Seller Finance
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- เผยแพร่เมื่อ 21 ก.ค. 2024
- This technique can help you sell your car at a higher purchase price, without having to go through a bank. I'll show you why Seller Finance is a great way to either buy or sell a car and I'll even give you the paperwork I used to do it! After this video, go watch the full training with my attorney Sean St. Clair as he walked me through the contracts we used below, step by step! 👇
📑 Seller Finance Vehicle Contracts - Full Video Walkthrough 📑
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🚧🚧🚧 DISCLAIMER 🚧🚧🚧
❎ I am not a CPA, attorney, insurance, contractor, lender, or financial advisor. The content in these videos shall not be construed as tax, legal, insurance, construction, engineering, health & safety, electrical, financial advice, or other and may be outdated or inaccurate; it is your responsibility to verify all information yourself. This is a TH-cam video for entertainment purposes ONLY ❎
Can you make a video on the legal side of seller finance, breaking down when someone doesn’t pay or hold up their side of the contract
yeah, I’d be curious to see what happens if they just wreck it and walk away....
SubTo student here coming up on a year and whether this is a house, car or just a piece of land, the things that always struck me about selling this way is how it's such a win-win scenario for both parties! Seller can get way more money total and move it faster cuz what does money love ? SPEED... Time literally is the most valuable thing you have... And for the buyer, they get much more flexibility maybe they're gonna use that truck for work or maybe it's just they have a very non traditional job so banks don't even wanna look at them! Such a great tool for selling! Thanks for all you do, Pace!
Exactly! Glad to have you here man
This step by step stuff is awesome, keep um coming for those of us with an attention span
THANK YOU!!! Seriously!
What !!! Yes finally I’ve been looking forward to this video!!
Awesome video -- Thanks Pace!!
You the man pace!
Bro, your a life saver, I really needed to know this information.
Glad to hear it!
Thank you so much for this Pace!
My pleasure!
Wait, I can't find video #3 of this series! How did you negotiate the deal and vet buyers? Did you reach your goal? I must know how this story ends lol!
I'm amazed by how much value you are providing here for free. Thank you so much!
LOOM videos: #Brilliant!
I’m doing it for my creative finance truck sale. #StayTuned
Masterclass 🔥
Super interesting Pace
Much appreciated!
hey Pace! would you happen to have handy the link for the vehicle tracker you've used? it would be super helpful!
Great stuff definitely going to do this
Go for it!
Just have a question about the type of tracking device
Great Video and I am sure when you met the BUYER, you got a good feeling from them, you also had choices as to which buyer to pick with the highest probability :) GreatJob Pace :)
Much appreciated!
I was literally going to post this question in the group 3 days ago.
Wow! I am selling my car to my son and delaying payments for two years. I have been struggling to find some info on how to formalize this seller financed arrangement and finding your video really turned on a lightbulb for me about things I wasn't even considering. Yowsa. Thanks tons. Im going back to the drawing board.
Glad you enjoyed! Seller finance car deals are fun to put together.
Where is part 3? I cant find it but great vid! Really interesting strategy
m.th-cam.com/video/ILfUcMVBDnU/w-d-xo.html
&index=2&t=242s&pp=iAQB
The Subto a Vehicle Paperwork
pacejmorby.com/vehiclepaperwork
I love how gou explain thimgs and I cant say enough aboht how great your methods are but Im not a big fan of trying a sub to or seller finace on a car.. there’s a lot of weirdos out there that would make a car disapear.. if everybody was honest and true, I would love this!
Subscribed, thank you🫡
Thanks for subbing!
My husband and I heard about seller finance for the first time from you tonight! Thank you for the enlightenment!
YOU'RE WELCOME!
Pace, you are going to break the financial system by giving power back to the people.
Why do you encourage people to learn about how they can live their best life by teaching this stuff to the public.
You are getting folks out of living in failure.
Well I guess I can't stop ya, so I'll join ya 💸💵🤑
THANK YOU!
Hey Pace! Saw your video and was amazed at how much I don’t know about creative finance! I have a few vehicles interested in selling their car via seller finance! The only issue is that I don’t really understand the process of putting the vehicle under my name/llc? Can you share some insight?
I’m interested in buying, are the cars still on the market and where are you located?
Love it. Wish I had known this before I caught up with my SUV note. You are the truth and I am to be in your world. ✌🏿🐊💯❤️🔥.
The only problem is $500 a month for 4 years is only $24,000. The payments would need to be $791 a month. Unless you were just figuratively speaking. Other than that, where do you get a tracker?
Hey bud. Looking at making a seller financing deal on a 2021 corvette lol. Is it better to get the contract notarized? That way it’s more legit and concrete? I would hate to give a 25k down payment just like that! I’m in Quebec Canada as well
Such a good video!$!$!$!
Hey Pace, love the video. I bought my half million dollar home in a similar way. Are you participating in seller finance? I have a bunch of cash but can’t qualify for the car I want and am looking for creative finance to buy a 2023 Kia Sportage.
So how do the people get their tags if the car is still in your name?
How do you handle title and registration transfer in the the deal in a subto car purchase?
Well since they haven’t paid for the car yet you keep the title! Once the vehicle is paid off then you would sign the title over to them andThen for registration it’s on the buyer of the vehicle to register it with the motor vehicle because they will be the one driving the vehicle!
Your intelligence is A1
Can you do a video on how to buy a title company
One day!
Has there been enough whining to get us the next video in the series yet? 😂 I, for one, want to hear the calls! And…I’d love to hear a rebuttal to some of the “what if the guy stops paying the insurance and takes the truck to Romania” stuff above.
well my boi.... if the buyer blows the motor or the brakes tires and transmission get worn out.... what is your collateral then... because I have bought used vehicles and when they break down it is very expensive.... and I have contemplated turning the vehicle in instead of spending 10k + on repairs.... my credit liability has kept me from doing that.... I like realestate safety nets much better 🍻
you set the price i set the terms or I set the price and you set the terms
hey what do you mean by a tracker? you dont put a physical thing on the vehicle?
I did not receive the contracts per the link option above. Who should I reach?
Is there a video that covers if the buyer defaults?
so wont the bank call the loan once they see there is a different owner? also how do you deal with insurance on both buyer and seller end?
Does this also work for Subto Deals?? Do I keep the title or does the seller still keep the title?
What if I want to seller finca my DJ controller . What kind of paper I. Need then ?
What you record the transaction with the DMV?
listening your episode on seller financing for vehicles and found it to be extremely enlightening from a financial perspective. The ROI advantages of installment payments over a lump sum upfront are clear, and I appreciate the deep dive into that topic.
However, I couldn't help but wonder about the legal implications and restrictions of such transactions. Specifically:
1. How frequently can one engage in seller-financed transactions before being considered a dealership?
2. While placing a lien on the title is an excellent method to safeguard the asset, is there a limit to how many liens you can place on differents vehicle titles as an individual without a dealership license? Ex: Can i be a lienholder in the title of 6 difference vehicles that people purchased from me under the seller finance method.
Understanding these legal parameters is vital for anyone considering this route, and I believe your insights would greatly benefit your listenership.
If you have knowledge on this or can direct me to resources or professionals who can shed light on this, it would be greatly appreciated. I'm eager to learn more and potentially become a part of your community.
Thank you for your time and for the invaluable content you produce.
Without a Dealers License This is Illegal
Lol at the airdrop thing. You're using a unix POS. Someone's never heard of quick share.
is there a website to buy seller finance cars ?
I don’t see the link for Sean Sinclair and contracts
Are you going to come out with the follow up to this video?
th-cam.com/video/kCOUMglTcME/w-d-xo.html Paperwork is pacemorby.com/vehiclepaperwork
How many cars can you sell on creative finance before the government requires a dealers license?
And to do this the car stays in your name until it’s paid off?
Question on #2 insurance (requires insurance) how do you get insurance on a vehicle that is not registered into that persons name.
Scenario: The person purchasing the vehicle from you making payments gets into an accident. The insurance company asks for a copy of the vehicles registration from the driver who is on a payment plan with you.
If I'm not mistaken the insurance company can say that the registered owner of the vehicle is not the name of the insured therefore we are going to deny the claim.
I'm not looking to post negativity out here I'm trying to get the insurance companies to pay if there is a claim and not try to weasle themselves out of one.
THE ONLY ANSWER: The only answer I can come up with feasible is to sell the vehicle at a lower price and charge a large amount of interest on that vehicle and place myself as the lien holder on the vehicle. If there is a easier way or a way around this that will be the least amount of liability back to myself please let me know!
do you have a video , how to buy correctly car with existing loan? i see lot of cars selling for the a loan amount or even less, but i don't know how to make paperwork correct and not becomein bad situation
I've got a video of my transaction coordinator explaining the paperwork here th-cam.com/video/B5EMtjV6RJM/w-d-xo.htmlfeature=shared. Hit up the free FB group if you have any more questions paceapproves.com/freefb-ytc
@@PaceMorby thank you!
Is video 3 available?
I just want to know...how much is the cost to become a student?? Seeimg as though today...the game is to be sold and not told...at least the Game in full and not just a little.
Are downpayments illegal or not? Which website do you use Craigslist you can’t accept payments do you use a different website to accept sellers finance payment/ down payments for seller finance and documentation if so which one ?
Write it all up in contracts, I talk more about the paperwork on my SubTo Cadillac video th-cam.com/video/o3cjfzx5Ykk/w-d-xo.html
Will a subto student please help Pace setup Google Drive
I owned a dealership for years...good luck finding the vehicle when the person falls off the face of the earth and rips that tracker out or gets crafty and wraps it in aluminum foil in a garage somewhere lol. In some states a vehicle can be issued a title even if a person has no title but has possession of the vehicle after X amount of time. Usually this applies just to abandoned vehicles but also something to consider a mechanics lien can be placed on the car if they take it to a shop and the person doesn't have the $$$ to pay for that blown transmission + storage fee's. I promise you -some Russian's I know could come take your F150, have it on a boat to Romania to be sold on the side of the road in a month and there's not a damn thing you could do to get it back.
Thanks! I already sold it and they have been making payments.
Why would you sell your vehicles to criminals? You have to watch videos to the end,you dont have to sell to aluminum foil people.
yeah Soul, I thought the same thing all the buyer can stop payments the n your screwed
So what stops them from doing this with any vehicle including ones from a dealership?
Happen to have the seller financing contract that was not a "wrap" with a current loan your lawyer
goes over in the video?
All creative finance documents are exclusive to the community members, but you can get them by teaming up with community members in the free group paceapproves.com/freefb-ytc
Found a seller selling a bike trailer on Craigslist wants someone to take over payments to banks how can I take over payments he wants me to apply for a loan but I’m trying your method sub too can you help me
Android has no air drop cause its already on your computer when you take the picture
Awesome information just hope somebody has the money to pay for it and you don’t get it back all in little pieces or taken across the state line to Mexico on refinance could be very very risky. I’m just saying.
It sold brother. Like 2 months ago.
But is your vehicle FREE & CLEAR? Things get messy if it's not and therefore the buyer doesn't have much skin in the game to follow through with the monthly payments.
You are seeing a Consumer Kelly Blue Book, My Book and your book is Different. As A Dealer MINE IS ACCURATE.
Is part 3 up yet?!
Yes! All my SubTo Car videos are on the "SubTo Car Series" playlist.
Can you seller finance to someone if you still owe on the vehicle though ??
Yes, but you wouldn't be on the insurance. Only the bank will be.
Thank you for this Morby. I’ve been binge watching your videos with Jerry. I’m on Vid #11 now. Anyways, I got a car but it’s not paid off yet. It’s financed through my bank and I’m a little upside down. Will this still work for me or should I pay the car off first before I can seller finance it? Thank you.
If you can get a down payment close to what you owe so you can pay it off that may be ideal for you.
Can you seller finance a vehicle that you are financing yourself?
Curious about this as well
Yes
That would be “subject to” because you have a loan on it. Seller finance is if you hold the title in hand. You’re already seller financing with the bank or dealer & they hold the title
LEGAL contracts, clausules, :)
I can’t find paces paperwork
pacejmorby.com/vehiclepaperwork
I'm trying to buy a car seller financing
Did you sell?
Can you do this on a car that you're financing?
What happens if they total the car?
@@GoalSnatcher What happens if you total your car ? The Insurance covers it . . .
It's all in being an insanely good salesman and convincing the other person that they should do something not in their best interest.
Thanks for flooding the FB group with people asking about cars.
/s
Well obviously there is interest and a need. So what?
Everyone finds loopholes. This is a bad idea. Someone could rack up 100k miles in no time and walk away.
_"This is why I talk trash about Android"_ -- You get that moving photos on an Android is just as easy as iPhone, right? I don't even have to go into my phone, I can just pull them up on my WINDOWS desktop, download them, and I'm done. I don't even have to open my phone.
❤
anyone here seller financing a car ? I have a buyer.
You can't get your car back if they stop paying
That’s a good thought 💭 but I think he may be file a lien against the vehicle at the county clerk office until it’s paid off. Traditional dealers do the exact same thing when you finance
Maybe not, but he can also report the car stolen and now the buyer will have a record for auto theft if they don't return the vehicle.
He has a tracker
Can you get a car for me
You have a lot of trust in people. I can come and give you $2000 down, agree to whatever terms. Rip out the tractor. Move to Montana, use it as a truck on my farm. After one year it’s going to be beat up as hell, not worth anything anymore and if you can ever find me, you can repo it.
It will appear as a debt on your credit
Correct
He’s gonna sell to someone he knows that won’t screw him
🤡
This is why the buyer must have insurance to protect the seller
WTF is a tracker? What buyer is going to be okay with their movements being recorded by some creep for the next 4 years?!
They don’t know it is put on there
@@WaldropYTC yeah, even worse
can this be done if you have a loan on the vehicle
yes
@@PaceMorby where would I learn about how to do that?
On my iPad but I cannot find this link with the paperwork. Do I have to use the computer or…?
Here's the link pacespaperwork.com