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Updated about 5 years ago on . Most recent reply

Account Closed
  • Specialist
  • San Antonio, TX
351
Votes |
865
Posts

Taking a Hummer as a down payment?

Account Closed
  • Specialist
  • San Antonio, TX
Posted

I have a house that a prospective buyer wants me to  Owner Finance the sale. He wants to put a hummer down as the down payment. I’m not sure how to value that and exactly how to write it up to show the value and such. Anyone done a deal like this that could give me insight?

Most Popular Reply

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869
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920
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George W.
  • Investor
  • New Jersey
920
Votes |
869
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George W.
  • Investor
  • New Jersey
Replied

I would give him half the book value of the hummer as a down payment and that's being very generous if it's in great shape mechanically & cosmetics. Automobiles in general are a bad investment unless you are mechanically inclined and can get them dirt cheap. You can easily spend a thousands bucks just on tires if it needs them and another 600-800 on brakes. Plus they haven't made hummers in years so it most likely has rust and needs other repairs to look perfect. 

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