I’m selling my 17 year old cousin my car. He wants to make regular payments on it, every two weeks or so. Instead of taking cash, issuing receipts, and tracking this on paper somewhere, I’d like to manage this online. Criteria would be the ability for him to make payments electronically, see payment history, and see the remaining balance.
I thought of PayPal invoicing him, but fees are too high for a personal loan of this nature. I also thought of some sort of custodial or joint savings account where he can, in effect, save the money for the car (even though he has it now) and just pay me in one lump sum when he has enough. None of these are a perfect fit though and I need some more ideas.
FYI the money itself is of no great concern to me. It’s a friendly agreement to get him some wheels and help him become fiscally responsible.