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Lay away purchase

Got an interesting question from a member (on another well known auction site) that I've never seen before. This person has 100% good feedback there and more buying than selling.

"...if i could make payments to you on this, there's just no way I could aford this all at once. if for any reason I had to back out , I would forfit all money paid to date and you keep the machine, I've never let any one down yet and I buy this way a lot. I could pay as much as 250.00 a month"

It would take 7-8 months to be paid up. I don't mind the wait but not sure how to go about it and if there could be any repercussions to me.
markpao
viridian's avatar
viridian
4,184 posts
 
Mark, that's not good. You're not WalMart. And if he defaults, do you really want to take the money from a fellow hobbyist? On the other hand you could give back the dosh and have to start all over again. My experience on this site and Audio Mart before it would suggest that you think very carefully about entering into this arrangement. And certainly, if you do, you will need it all spelled out in writing.
ohlala
993 posts
 
Agree with Viridian's trepidation. Too much play/gray area in this kind of arrangement for me. How late is too late for a payment? Even though its layway, you would be in the collections business. How is that for a hobby?
donjr
1,311 posts
 
If you don't mind the wait then what's the worry? It's not like you're going to send it to him until you're paid. I would promise to hold onto it boxed and in a safe place. If something happens to it refund the money. If you're seeing money go into your account each month I guess don't understand the problem. My dealer does it. Tell him he can't be late on a payment because you want it gone in 8 months. You'll make very little but some interest of the money. How do you think payroll companies make money? Interest off other people's money.
roscoeiii's avatar
roscoeiii
1,155 posts
 
I likewise wouldn't have much problem with that, under those conditions. Especially if he has 100% positive feedback and that the feedback isn't from just a few transactions.

Unless it would cause you any financial difficulty to have the payments spread out.

Buyer offered to forfeit all payments if it didn't work out. So you get money for just your patience, and if it doesn't work out your buyer has learned a painful but valuable lesson.

However, if you have another offer at around the same price from someone who could pay now, then I'd do that.
markpao OP
403 posts
 
Roscoeiii,

"However, if you have another offer at around the same price from someone who could pay now, then I'd do that"

That's exactly the case. Nothing but a couple of low ball offers. This was the 2nd time I listed it and it was just about a full "buy it now" offer. I really don't have any problem waiting for it to be paid off. And like Don said, I hold the item until it's paid for. I was just wondering about any Paypal repercussions down the road.
I went ahead and accepted it, so time will tell.
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