Overhaulin'

question about a contract for a privated used car sale?

So I'm am talking to this guy about buying a car and he came up with the agreement for me to pay monthly a certain amount. I found this contract online but don't know if i would need a lawyer, as i do not have the money. I just want to know the laws for the contract and how you could make the contract legal without a lawyer. I live in north carolina by the way. Thanks

Public Comments

1. Print 2 identical copies. Take them to Kinkos or your local bank - you need to find a notary and these places almost always have one. Sign the contracts in front of the notary, and have him/her notarize the contracts. You keep a copy, the seller keeps a copy. As a side note, if you are doing this, I STRONGLY discourage making payments unless you get title in your hands. The title would be transferred to your name, with the seller listed as a lienholder. ALWAYS get a receipt for every payment, even if you have to write it on a McDonalds napkin. Never pay a dime unless you get a receipt. Once the full amount of the loan has been paid, the seller signs a lien release, and the car is yours. If the seller will not put the title in your name with him as the lien holder, be very suspicious. Right now, too many people are selling cars on payments, and they have a loan against the car. You take the car, start making payments, then one day the repo man shows up> If the seller doesnt pay the note, you lose the car and the money you paid. So be very very careful about any arrangement where you do not get the title in hand, with the seller as a lien holder.