What would you do?
11-01-2012, 08:43 AM
#1
What would you do?
Long story short:
A friend of mine is going through some tough times.He currently owes a lil over 5k on his 04 tl.He basically said if i pay the rest of the debt the car was mine.
What do you guys think?Should i do it?
Im thinking of selling my wife's 04 accord and i probably wouldnt have to come out pocket.
Please lmk what you think pros/cons.....thxs
A friend of mine is going through some tough times.He currently owes a lil over 5k on his 04 tl.He basically said if i pay the rest of the debt the car was mine.
What do you guys think?Should i do it?
Im thinking of selling my wife's 04 accord and i probably wouldnt have to come out pocket.
Please lmk what you think pros/cons.....thxs
11-01-2012, 09:12 AM
#2
If it was a good friend of mine, I'd help him clean/detail the car and encourage him to sell it. Hopefully he can make enough on the sale to pay off his debt. If not, I'd lend him the balance so he's whole and debt-free on it.
If you can afford to do it -and he's a good friend in tough times - I wouldn't seek to benefit personally from it. I'd try to help him out.
If you can afford to do it -and he's a good friend in tough times - I wouldn't seek to benefit personally from it. I'd try to help him out.
The following 9 users liked this post by Limelight:
Acura-OC (11-02-2012),
Aman (11-01-2012),
Bearcat94 (11-01-2012),
BeezleTL85 (11-02-2012),
casty (11-02-2012),
and 4 others liked this post.
11-01-2012, 09:18 AM
#3
I personally would say give him the $5k and once he sell it for around 13k ish just hand me the money back.
The following users liked this post:
Aman (11-01-2012)
11-01-2012, 09:32 AM
#4
He is not a good friend but someone i have known for a while.
When he first came to me with the idea i told him to try and sell it.He said he has been trying to sell it for a few months now and no luck. The economy is f**k up.He has been working two jobs but bills are just getting a bit too much. Ive been trying to sell my motorcycle since june and nothing,so i know what he means.
KBBK is about 7-8k depending on condition,so i dont know where you are getting 13 from lol
When he first came to me with the idea i told him to try and sell it.He said he has been trying to sell it for a few months now and no luck. The economy is f**k up.He has been working two jobs but bills are just getting a bit too much. Ive been trying to sell my motorcycle since june and nothing,so i know what he means.
KBBK is about 7-8k depending on condition,so i dont know where you are getting 13 from lol
Last edited by Steven Bell; 11-01-2012 at 09:28 PM. Reason: Merged Posts
11-01-2012, 09:44 AM
#5
Senior Moderator
If it was a good friend of mine, I'd help him clean/detail the car and encourage him to sell it. Hopefully he can make enough on the sale to pay off his debt. If not, I'd lend him the balance so he's whole and debt-free on it.
If you can afford to do it -and he's a good friend in tough times - I wouldn't seek to benefit personally from it. I'd try to help him out.
If you can afford to do it -and he's a good friend in tough times - I wouldn't seek to benefit personally from it. I'd try to help him out.
11-01-2012, 10:31 AM
#7
moabizzi
ASpecAllDay, tell him to post in the CL of central NJ, your in NY right? even thou its post Sandy, i think once we all get power back, people will be interested. Im selling a 06 Nissan Maxima with 134500 miles on it, im getting offers for 6k. getting the transmission issues fixed, thats why i still have it. Some kid from central NJ will want the car for sure.
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11-01-2012, 10:31 AM
#8
Moderator
i would keep the accord.. since you have your own track record of it..
if hes not a good friend.. and just acquaintances, then find a buyer, and help him sell it, you keep whatever the difference is
if hes not a good friend.. and just acquaintances, then find a buyer, and help him sell it, you keep whatever the difference is
11-01-2012, 10:38 AM
#10
Moderator
you dont know how the TL was treated.. it might be a ticking time bomb for all you know.. stick with what you have. make some money out of it.
11-01-2012, 10:52 AM
#12
Moderator
circle of life man..
your helping him to sell the car.. hes free of payments.. so in theory.. your making his life better.. as a compensation.. you collect a service fee..
everybody wins. you dont have to necessarily give him 5k.. if you sell it for 6 or 7k, just keep like 300 bucks and call it even.
it would be different if he was a close friend or relative.. but just an acquaintance.
11-01-2012, 11:18 AM
#14
ASpecAllDay, tell him to post in the CL of central NJ, your in NY right? even thou its post Sandy, i think once we all get power back, people will be interested. Im selling a 06 Nissan Maxima with 134500 miles on it, im getting offers for 6k. getting the transmission issues fixed, thats why i still have it. Some kid from central NJ will want the car for sure.
ok cool ill run that by him...thxs
I actually do have the records.Its one owner and he has done everything with acura since day one.
Thats my first option,try and sell and make a profit. Maybe keep it tho,not sure.
11-01-2012, 11:23 AM
#16
Bro, don't profit from someone who is down on luck, karma is a bitch.I have found that the best way to keep friendship or even family is not to get mixed up in financial affairs.
If you want to purchase that car,give him a fair price that is acceptable to both of you and sell the Accord,just make sure that you check out his car for any mechanical problems etc. This way both parties can be happy, he gets the cash he needs and you help him and potentially get a better car than the Accord.
If you want to purchase that car,give him a fair price that is acceptable to both of you and sell the Accord,just make sure that you check out his car for any mechanical problems etc. This way both parties can be happy, he gets the cash he needs and you help him and potentially get a better car than the Accord.
11-01-2012, 11:24 AM
#17
If he has been trying to sell it for a few months already.......the hurricane will make it even harder to sell.
If you have the money - help him out by buying it for a bit more then he owes and give him some extra $.
You may be his only option - instead of the bank doing a repo.
If you have the money - help him out by buying it for a bit more then he owes and give him some extra $.
You may be his only option - instead of the bank doing a repo.
11-01-2012, 11:55 AM
#18
Bro, don't profit from someone who is down on luck, karma is a bitch.I have found that the best way to keep friendship or even family is not to get mixed up in financial affairs.
If you want to purchase that car,give him a fair price that is acceptable to both of you and sell the Accord,just make sure that you check out his car for any mechanical problems etc. This way both parties can be happy, he gets the cash he needs and you help him and potentially get a better car than the Accord.
If you want to purchase that car,give him a fair price that is acceptable to both of you and sell the Accord,just make sure that you check out his car for any mechanical problems etc. This way both parties can be happy, he gets the cash he needs and you help him and potentially get a better car than the Accord.
If he has been trying to sell it for a few months already.......the hurricane will make it even harder to sell.
If you have the money - help him out by buying it for a bit more then he owes and give him some extra $.
You may be his only option - instead of the bank doing a repo.
If you have the money - help him out by buying it for a bit more then he owes and give him some extra $.
You may be his only option - instead of the bank doing a repo.
Like i said im going to try and post pics
11-01-2012, 12:55 PM
#19
Moderator
Bro, don't profit from someone who is down on luck, karma is a bitch.I have found that the best way to keep friendship or even family is not to get mixed up in financial affairs.
If you want to purchase that car,give him a fair price that is acceptable to both of you and sell the Accord,just make sure that you check out his car for any mechanical problems etc. This way both parties can be happy, he gets the cash he needs and you help him and potentially get a better car than the Accord.
If you want to purchase that car,give him a fair price that is acceptable to both of you and sell the Accord,just make sure that you check out his car for any mechanical problems etc. This way both parties can be happy, he gets the cash he needs and you help him and potentially get a better car than the Accord.
how is this profiting? its a service fee
you just said what i said.. but in a different way.. in reality, you are giving him a fair price.. your giving him more than what he is asking for (5k) assuming OP sells it for more than 5k. keep a few hundred and call it a day. Both side wins.. OP gets what he worked for, and seller gets what he asked for plus more.
Karma is no way involved in this. Your merely helping a friend out and hes giving you some on the side. Keep in mind, they are ACQUAINTANCES.. so no family is involved. If seller is OK with it, i dont see anything wrong with it.
11-01-2012, 01:10 PM
#20
To each their own, op can do as he wish,personally I would not try and make money off a friend/ acquaintance who needed my help
I did not say what you said, no where did I suggest that the op make money for himself anyways no argument with you or anyone else potmilkz
I did not say what you said, no where did I suggest that the op make money for himself anyways no argument with you or anyone else potmilkz
11-01-2012, 05:21 PM
#21
If every "friend" in tough times comes to you, would you buy their cars to help them? I'm not trying to be mean, but what it comes down to is your own financial situation. Do you want to risk 5k for possible profit? 6-7k valuation, but no one is buying at 5k. You also have to account for the depreciation the car would accumulate if you cannot find a seller. 1k profit looks to be a very small margin (if your plan is to make profit).
I agree that you have to remain rational and not tie yourself into other's financial situation. It's unfortunate that our economy is as bad as it is, but you cannot try to save everyone. Just let his car get repo'd so he doesn't have to pay the remaining balance and you get yourself out of a sticky situation.
I agree that you have to remain rational and not tie yourself into other's financial situation. It's unfortunate that our economy is as bad as it is, but you cannot try to save everyone. Just let his car get repo'd so he doesn't have to pay the remaining balance and you get yourself out of a sticky situation.
11-01-2012, 08:45 PM
#22
Thxs for all of your inputs.
The only reason why profit even came up ,was because his main concern is getting rid of the note.If i find some one to pay more than what he wants im going to jump on it.
The way i see it,he is planning on losing the car anyways.If i dont have to come out of pocket i might just try and make a profit.
I was not able to get any pics yet because i dont see him on a regular bases.
The only reason why profit even came up ,was because his main concern is getting rid of the note.If i find some one to pay more than what he wants im going to jump on it.
The way i see it,he is planning on losing the car anyways.If i dont have to come out of pocket i might just try and make a profit.
I was not able to get any pics yet because i dont see him on a regular bases.
11-01-2012, 09:58 PM
#23
Suzuka Master
i would just get it since he intentionally wanted to lose the car anyway, beside 5k isn't bad for a 04 TL.
11-02-2012, 01:56 AM
#24
11-02-2012, 02:59 AM
#25
Instructor
I'd just try to aid him in selling the car... post that thing all over the place. ebay, craigslist, autotrader, all that. if he's working two jobs he probably doesn't have the energy to launch a full blown sale campaign for a car. it was seriously stressful and involving for me to try to sell my focus. i drove it all over the place showing it to people for like a month until I gave up and sold it to auto trader for trade in value.
11-02-2012, 09:00 AM
#27
Safety Car
^Dat Avatar. What was the question?
11-02-2012, 10:20 AM
#28
one thing doesnt add up; how is he a one owner and still have a car note on a 8 yr old car? the longest financing I've ever seen is 6 yrs.. so he's either not a one owner or he doesnt have a note on it anymore.. cant be both
11-02-2012, 10:48 AM
#30
FTW
Only time I would agree to a 5k deal is if the other party was blood related.
I wouldn't even consider if it was my GF of 9years.
AND if you do lend him 5k, dont expect to see it back. Plus based on the facts something is not adding up. Get the loan documents proving he owes 5k etc..
I wouldn't even consider if it was my GF of 9years.
AND if you do lend him 5k, dont expect to see it back. Plus based on the facts something is not adding up. Get the loan documents proving he owes 5k etc..
11-02-2012, 10:59 AM
#31
Racer
11-02-2012, 11:04 AM
#32
Race Director
He must have used it as collateral on a personal loan is my guess. (e.g. car was paid off in 5 years, then he used it as collateral for another loan).
Or something is very fishy about this whole deal....
OP, tell him to join Azine, make a few posts, then post it in the Black Market...
11-02-2012, 11:23 AM
#35
Even a title loan wouldn't give him that much. I believe a 07 TL only fetches 5.6k MAX (04 is a lot less)because title loans need to make at least a 65% profit (to pay for 'fees') if they were to sell it in a auction.
If the car is somehow legit, and the car was properly maintained/taken care of, I'll be interested. Looking for a couple vehicles for family and don't mind get another TL.
If the car is somehow legit, and the car was properly maintained/taken care of, I'll be interested. Looking for a couple vehicles for family and don't mind get another TL.
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BeezleTL85 (11-02-2012)
11-02-2012, 12:28 PM
#37
once again thxs for all the input
Like i said i was trying to keep the story short but i will add this.My boy took the car from his cousin that could not keep up with the payments .His cousin was the first owner.I apologize technically 2 owners but still the same note.
@weatscoastin31 you are exactly right the fact that he is working two jobs has hurt his chances of really putting the car out there.
About him owing money on the car 8yrs later: Speaking for myself when i first purchased my 06 tl,I made the stupid mistake of taking a 8 yr lone as well .Im aware some of you have never heard about this but since i was stupid enough to do it,i can say these types of loans were available. I have not looked at his paper work yet so please dont shoot just speaking for myself.
Bottom line ive decided to not put any money towards the situation and keep the accord lol....
Now if i can sell it ,pay my boy more than what he wants and still make a profit, i will.
Like i said i was trying to keep the story short but i will add this.My boy took the car from his cousin that could not keep up with the payments .His cousin was the first owner.I apologize technically 2 owners but still the same note.
@weatscoastin31 you are exactly right the fact that he is working two jobs has hurt his chances of really putting the car out there.
About him owing money on the car 8yrs later: Speaking for myself when i first purchased my 06 tl,I made the stupid mistake of taking a 8 yr lone as well .Im aware some of you have never heard about this but since i was stupid enough to do it,i can say these types of loans were available. I have not looked at his paper work yet so please dont shoot just speaking for myself.
Bottom line ive decided to not put any money towards the situation and keep the accord lol....
Now if i can sell it ,pay my boy more than what he wants and still make a profit, i will.
11-02-2012, 12:49 PM
#38
12.5% per month (at a minimum) isn't THAT bad compared to the mark up they charge payday loans.
I had to do it once (didn't put the TL up though) for $2k paid up $2305.xx for just a month (included fees).
aspecallday-- PM me pictures and list of mods (if any) and things like that too see if I would be interested to buy it