What if they wreck the car and have no insurance?
What interest rate are you charging?
Way too big a risk. I vote No.
I would rather buy a car at the auction for a good price and resell at a little bit of a higher price. Then you have no liability. They can get a loan elsewhere and you dont car if they don't make their payments or crash the car. You also get your money back right away to do it again.
Sounds bad to me. You would be getting the people who can't for whatever reason get normal financing and you then are trusting them to make you payments each week. Most of those people will not be able to pay $100 a week at all especially if they get paid twice a month. What are you going to do when they move or stop paying at all? What about the one person who gives you bogus info and you go try to take the care back and realize you have been taken?
Managing the finance, repossessions and other headaches is probably not worth what you would make.
You would want to pass the financing along to a company specializing in finance and collection. You could see yourself as an agent who connects the car buyers to the lender. There are some so called online dealers who have business model a bit like that.
http://www.becomealoanbroker.net/auto-lo...
http://www.carsdirect.com/auto-loans/aut...
You have no aptitude for business and no common sense.
I work at a Dealers Only auction so we be getting nice cars so basically I was thinking what if I bought cars there threw the dealer then just post online that if you want this car pay me $100 / $200 bucks a week till payed off... Then give them the title and once I get more money do it again I would not mind making $800 to $1,000 a month buhh I would have a device to track the cars if payment is not made...
My friend and I thinking about it big time like renting out a home in a way...
