What a great way to sell a car … and, to make some money while you do. Say you have a car that you no longer need for whatever reason and Kelly says it is worth $5,000. Just take some photos and post it up on iSellerFINANCE for $5,000 with a promissory note that runs two years at 10% interest. A buyer shows up and you check his credit score, which is a combination of his FICO as reported by the 3 credit bureaus and iSellerFINANCE’s own credit score as computed by our proprietary credit scoring engine. Based upon his blended FICO and his personal profile (he is an Iraq vet), you decide to sell him the car. You both transfer registration, but you retain title. He takes delivery and you begin to receive payments of $230.72 a month for 2 years. You got rid of the car for your asking price. And, at the end of two years, you will have earned $5,537.28. The buyer gets a car he might not otherwise afford and is able to re-build his credit as we track his payment performance and report it along with the big 3. A true win-win!
December 15, 2011
Click and Clack would Approve!
By Steve King
About Steve King
iPeopleFINANCE™ Chief Operating Officer. Former CEO of Endymion Systems, Inc. a $36m Information Systems Services company. Co-founder of the Cambridge Systems Group, the creator of ACF2, the leading IBM Mainframe Data Center Security product; acquired by Computer Associates. IBM, seeCommerce, marchFIRST, Connectandsell alumni. UC Berkeley alumni. View all posts by Steve King
This entry was posted on Thursday, December 15th, 2011 at 11:05 am and tagged with Business, Credit bureau, Credit card, CreditScore, FICO, Financial services, Iraq, Loan and posted in Credit, Finance, Lending, Occupy Wall Street, Social Finance, Social Lending, Social Media. You can follow any responses to this entry through the RSS 2.0 feed.
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