Financing a car for a neighbor

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Cardboard_killer
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Re: Financing a car for a neighbor

Post by Cardboard_killer » Tue Aug 08, 2017 4:38 pm

TampaShooters wrote:
OKIE wrote:Tell them yes, and when he gets the car paid in full, he can drive it. Until then it sits where it's at. I bought a boat like this as a teen, was so happy when I made the last payment and got to use it.
This.. Exactly.
And while it sits and something happens to it and you have to refund the deposit you are going to be kicking yourself that you got into the deal because you could have just sold it and been done with it.
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Re: Financing a car for a neighbor

Post by Gmountain » Wed Aug 09, 2017 6:56 am

Let me give you some free legal advice- that's the stupidest f#;.,/g thing you could ever do.

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Re: Financing a car for a neighbor

Post by N4KVE » Wed Aug 09, 2017 10:22 am

Cardboard_killer wrote: And while it sits and something happens to it and you have to refund the deposit you are going to be kicking yourself that you got into the deal because you could have just sold it and been done with it.
Since when are deposits refundable? They're not. The purpose of a deposit is to take an item off the market, & hold it until it's paid in full. The seller writes a contract where it states all $ collected is NOT refundable. If both parties sign the contract, that the deal. But I'd tell the parent to be the finance company. Pay the seller in full, & collect the $ from the kid. GARY

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Re: Financing a car for a neighbor

Post by Cardboard_killer » Wed Aug 09, 2017 11:21 am

So if you put a $5,000 deposit on a car, you came to pay it off and pick it up and now it didn't run, you wouldn't expect your deposit back?

And then, after you were screwed by the guy that stole your deposit, you would be a good neighbor and smile and say hello every morning?
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Re: Financing a car for a neighbor

Post by tector » Wed Aug 09, 2017 11:57 am

Cardboard_killer wrote:So if you put a $5,000 deposit on a car, you came to pay it off and pick it up and now it didn't run, you wouldn't expect your deposit back?

And then, after you were screwed by the guy that stole your deposit, you would be a good neighbor and smile and say hello every morning?
This is why I quoted Nancy Reagan.
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Re: Financing a car for a neighbor

Post by N4KVE » Wed Aug 09, 2017 1:27 pm

Cardboard_killer wrote:So if you put a $5,000 deposit on a car, you came to pay it off and pick it up and now it didn't run, you wouldn't expect your deposit back?
What world are you from? The car is tested to drive properly when the deal is made, & then the deposit is given to the seller. Since the vehicle will now sit undriven on the seller's property, it will start right up when the car is finally paid off. At the worst, the car might need a jump start if it takes the buyer 6 months to pay it off. GARY.

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Re: Financing a car for a neighbor

Post by photohause » Wed Aug 09, 2017 1:55 pm

Gmountain wrote:Let me give you some free legal advice- that's the stupidest f#;.,/g thing you could ever do.
LOLOLOL!!
What new gun my dear, this old thing?

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Re: Financing a car for a neighbor

Post by Cardboard_killer » Wed Aug 09, 2017 4:19 pm

N4KVE wrote:What world are you from?
The world where s';t happens.
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Re: Financing a car for a neighbor

Post by Nicolas » Thu Aug 10, 2017 8:58 am

Cardboard_killer wrote:The down payment was slightly less than half, so it wasn't completely crazy.
Oh it is if he drives off and tells you to jog on ..... that's a 50% discount right there. [smilie=011.gif]

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Re: Financing a car for a neighbor

Post by bonjorno2 » Thu Aug 10, 2017 2:38 pm

no, no, no
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Re: Financing a car for a neighbor

Post by ger42 » Thu Aug 10, 2017 3:46 pm

If I were to do it I would keep a set of keys (sorry only have 1 set) and have my name on the title. Misses 2 payments the car is driven off in the night.
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Re: Financing a car for a neighbor

Post by M14man » Thu Aug 10, 2017 3:58 pm

But if he has an accident and kills someone or severly injures someone, the lawyer roaches will go after the owner of the car as well as the driver.

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Re: Financing a car for a neighbor

Post by Milsurp » Thu Aug 10, 2017 4:05 pm

I would act as if they never even asked me. If they bring it up or ask again tell them your giving it thought and ignore them again until you sell it.

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Re: Financing a car for a neighbor

Post by kmagnuss » Thu Aug 10, 2017 4:29 pm

N4KVE wrote:
Cardboard_killer wrote:So if you put a $5,000 deposit on a car, you came to pay it off and pick it up and now it didn't run, you wouldn't expect your deposit back?
What world are you from? The car is tested to drive properly when the deal is made, & then the deposit is given to the seller. Since the vehicle will now sit undriven on the seller's property, it will start right up when the car is finally paid off. At the worst, the car might need a jump start if it takes the buyer 6 months to pay it off. GARY.
Lol I'm pretty sure you're joking... but just in case...that's not always true. Rubber deteriorates, hoses start to leak, seals go bad... all without driving the car.
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Re: Financing a car for a neighbor

Post by 870Mike » Thu Aug 10, 2017 5:03 pm

ger42 wrote:...and have my name on the title.
Then your name is on insurance, too.

What make/model is the car? Someone here might be interested.
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Re: Financing a car for a neighbor

Post by N4KVE » Thu Aug 10, 2017 6:06 pm

kmagnuss wrote:
N4KVE wrote:
Cardboard_killer wrote:So if you put a $5,000 deposit on a car, you came to pay it off and pick it up and now it didn't run, you wouldn't expect your deposit back?
What world are you from? The car is tested to drive properly when the deal is made, & then the deposit is given to the seller. Since the vehicle will now sit undriven on the seller's property, it will start right up when the car is finally paid off. At the worst, the car might need a jump start if it takes the buyer 6 months to pay it off. GARY.
Lol I'm pretty sure you're joking... but just in case...that's not always true. Rubber deteriorates, hoses start to leak, seals go bad... all without driving the car.
Well yeah, after a year, or more, that can happen. I was assuming the car would sit no more than 6 months. Many neighbors spend the summer up north, but leave their Florida car here. They come back in October, turn the key, & drive to Publix to get their first food order. Their cars start up like they drove it the day before. But after reading all the posts, it's CON. Cash, or nothing.

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Re: Financing a car for a neighbor

Post by tector » Sun Aug 13, 2017 10:20 am

Sell your car to strangers (or Carmax)--as is, where is, with no reps or warranties of any kind. They can have (and pay for) a mechanical inspection if it is a pricey vehicle.

If you sell to a neighbor, work mate, etc., you have to hear about it if anything goes wrong. And "friends" will want a "discount", which is the same thing as them asking for a gift of cash, which (usually) they wouldn't do.

It is not complicated, people.
Last edited by tector on Sun Aug 13, 2017 9:14 pm, edited 1 time in total.
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Re: Financing a car for a neighbor

Post by 10MMGary » Sun Aug 13, 2017 6:31 pm

No matter who you sell it to be sure they are at least 18 years of age or you'll be sorry.
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Re: Financing a car for a neighbor

Post by tector » Sun Aug 13, 2017 9:14 pm

10MMGary wrote:No matter who you sell it to be sure they are at least 18 years of age or you'll be sorry.
Avoid all contracts with minors.
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It is useless to attempt to reason a man out of a thing he was never reasoned into.-Swift

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