I am looking to buy a 700k baht car from a trustworthy person, though not a personal close friend. After we agree on a down payment and monthly payment amounts what kind of basic conditions should I/we have in our written agreement that would protect both of our interests in the scenario where I were to make the initial down payment and take possession and drive the car now and get the car's title transferred into my name at the time of the last payment?

Well you may get a lot of different answers but if you were to buy a car off of me.

You wouldn't have the book and I wouldn't let you change the name in it until you have made the last payment.

I would also insist than you get No.1 insurance and I would want a copy of it to insure you had done so.

Friends and Money don't mix. So just be careful that this deal doesn't ruin your relationship.

There are ready-made standard contracts for this type of thing - most business stationary/book stores sell them.

keep it simple, it s called a pre purchase/pre sale agreement, as the actual purchase takes place on day of transfer ownership at DLT

agree on how late you can be before you need to return car to owner and if owner gets to keep any keys

agree on transfer when xxx has been paid

agree on tax and insurance and fines by mail, and possibly maintance/repairs

agree on if you get to hold reg book or at least a copy of it

agree on consequenses for owner if he fails to complete transfer as agreed on, typical double of paid amount to be returned to you

Thanx guys for all!!

Kawasaki: I could definitely buy a car from you because that is the way I like to protect my potential investment!

Moon River Oasis, Katchabeachbum: Thanx, too, for those finer points.

Now I feel confident to draw up an agreement....

Thanx guys for all!!

Kawasaki: I could definitely buy a car from you because that is the way I like to protect my potential investment!

Moon River Oasis, Katchabeachbum: Thanx, too, for those finer points.

Now I feel confident to draw up an agreement....

Thankyou but advice don't come any better than kbb & MRO, be lucky.

Thank you, but advice don't come any better than KBB & MRO, be lucky.

Thanks, I know all too well - actually, it was these guys irrefutable logic that broke me from my fixated mindset that the MU-7 was the overall king of the PPv's......

With each topic, I listen and appreciate all opinions of help.