Lay away purchase

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.

Why does the word "scam" keep popping into my head as I read this?

Keep in mind that under those terms I'm pretty certain that you would lose all seller protections that may be provided by the site and/or the payment service, such as those that may help against illegitimate chargebacks and item not received claims.

Also keep in mind that at the most well known auction site it is by no means unheard of for an account having top-notch feedback to have been hijacked by someone else.

Finally, keep in mind the possibility that at some point during the process, perhaps when the second installment is due, "unexpected" circumstances he may find himself in may result in him proposing changes to the terms that have been agreed to. Perhaps, for example, he may find himself "unexpectedly" able to pay the entire remaining amount at that time, but only via a payment method that turns out to be of dubious repute.

Best regards,
-- Al

Well, You would have to have real ground rules laid out.
Like the form the payments would be in.
(to avoid the strange chance of some type Nigerian Prince phony check scam etc.
Then the hard and fast rule you will NOT refund any money if the time limit passes. (I would include one allowed missed payment. No more than that.)
Payments NOT by Paypal. it would have to be Postal money orders or personal checks with 15 day hold on the last one.
Absolutely no shipment withouut payment in full.

I would write out a form and email it to the buyer, which he has to sign and send with the first payment. Write something up and send it to him. If he say s YES...then go for it.

IMO PLENTY of folks do not have the money saved and would love to be able to buy some great equipment if they could do payments.

Naturally the one problem would be if he suddenly comes up with some bizarre payment scheme AFTER starting. Your contract could make it clear the system is set with payments as described and no other forms of payment are acceptable (except larger payments in the same form.

Anyway, good luck.

I have a good feeling about this guy! I am glad you went ahead with it. I would have also.

Times are what they are. Layaway made a BIG Resurgence this past holiday season.

+1 with Elizabeth, make a clear, concise and well worded contract that spells out both parties duties to perform. Payment by check, money order or transfer. Grace period and forfeture clause.

No Worries!

As your attorney, I recommend you start drinking heavily. If you want to become a finance company that's your business. I truly hope this turns out well for you. I do.