odd question - General Forum

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odd question
Thursday, October 31, 2013 6:00 PM
Alright guys I have a really weird question. My friend who lives in DE is going to be buying my cavalier. But he has to pay me in payments. We are going to get a document written up stating he pays me so much each month for so long pretty much like a loan through a bank. what i'm trying to figure out is i want to keep the car in my man until its paid off. How is this going to work? any suggestions would be great.

Re: odd question
Thursday, October 31, 2013 7:15 PM
Bad idea all together, unless you really need the $. Friends & money never mix well, you should have the friend save up or get a loan and buy it outright. There are legal issues with who insures it, and whose name is on the title and if there is a mechanical problem who pays?
Re: odd question
Thursday, October 31, 2013 7:32 PM
michael castrechino wrote:

Bad idea all together, unless you really need the $. Friends & money never mix well, you should have the friend save up or get a loan and buy it outright. There are legal issues with who insures it, and whose name is on the title and if there is a mechanical problem who pays?

x1000

It's nothing personal just a recipe for disaster.



"In Oldskool we trust"
Re: odd question
Thursday, October 31, 2013 11:52 PM
Same here, do not do it. Tell him to get a loan or cash, and do it the right way. Deals like this can break a good friendship if gone sour.


'03 LS Sport 5spd, Amsoil fluids, Vibrant cat-back, 5% 3M color stable tint, Z24 trunk lid

Re: odd question
Friday, November 01, 2013 7:02 AM
Yea tell him to get a loan and to buy it, unless you keep the car until it's paid in full.

What happens if he blows the engine/ trans/etc, or wrecks it and only has made a couple of payments on it. He doesn't have the $ to buy it, so he won't have the $ to repair it, or if he uses all his $ to repair it he can't pay you. He could also just give you the car back wrecked, blown up, etc then you are stuck with a car that isn't worth anything. Doing deals like this will end you in court sooner or later having to sue someone.

This is a bad idea all around. Either dude comes up with the $ to buy or put the car on craigslist and sell it
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