Posted by Steve Tweed on January 17, 2002 at 12:27:51:
In Reply to: Rent to Own Tuba? Or Not? posted by Max Mearse on January 16, 2002 at 17:10:54:
I am in the midst of one of these types of deals.
I sold a horn to a young (college age) student who wanted the horn but couldn't pay the entire amount up front. We worked out a down payment and monthly payment plan in a loan agreement between us. Along with this was a purchase agreement that stated all the legal issues with loan default, penalties ect. The sale was in May of 2000, I had him pay 55% down and then $250/mo after that. He made the down payment, I shipped the horn, and he has made two payments after that. I am now suing him for the remaining money or repossession. It has really given me a bad taste in my mouth, to try and help someone out and to just get burned. I WOULD NOT recommend this to anyone, even with all the legal papers it's just not worth it.
My .02 cents
Steve