This may be a stupid question, but I was wondering if it has ever been possible to set up a finance plan on a private sale; like an agreement between buyer / seller that there will be x easy payments of $xxx.xx?
What is the law with this type of example, and what legally binds the buyer to continue payments after collecting?
Can any seller write up a contract, and if the buyer signs he is legally bound to it?
I just want to know what is stopping a buyer from running away after one payment and keeping the merchandise. In this event, how can the seller prove this?
What is stopping the buyer from backing out in the middle of the term, and saying he doesn't want it any more and wants a refund/termination of payments?
Also, if a person goes to a dealership and says "here's the situation: I am low on cash, and interested in buying this bike; however, I can only afford to finance it." Would the person be able to talk the dealership into buying the private sale, and re-sell it to the customer with interest? Or would the dealership try to upsell it by a couple G's?