Lay away purchase

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.

Charo, lol thanks for the free legal advice. I'll
keep you posted.

Sounds good to me. You still posess the goods, and he is giving you money. He has a much better chance of being screwed on this deal than you do. Plus, you are helping out a fellow 'phile.