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Posted: 12/12/2013 8:04:36 PM EST
My Tundra is getting a little long in the tooth and as it turns out, I do in fact need a second row of seats. So lately I've been looking for a replacement.

My brother, who has a hard on for my truck caught wind of my search asked if he could take over the payments.

He works so making the payments shouldn't be an issue and if it does become an issue I guess I'll just have two trucks.

What are the PROS/CONS of such situations?

I'd almost feel better cosigning a loan with him and selling him the truck but that just seems
Link Posted: 12/12/2013 8:06:02 PM EST
It depends on if you're upside down on the loan.
Link Posted: 12/12/2013 8:08:07 PM EST
Not upside down, probably owe 50-60% of what I could get if I went through the hassle of selling it.
Link Posted: 12/12/2013 8:14:20 PM EST
[Last Edit: 12/12/2013 8:15:16 PM EST by ATC]
Take him to the bank and have the loan switched into his name. Done!
Payments will be much cheaper too, since they will likely refinance it for another 5yrs



ETA: Never do business with friends or family. I've learned the hard way both times.
Link Posted: 12/12/2013 8:15:57 PM EST
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By aIIan:
Not upside down, probably owe 50-60% of what I could get if I went through the hassle of selling it.
View Quote


I know how you feel, sometimes my laziness costs me thousands of dollars.
Link Posted: 12/12/2013 8:17:30 PM EST
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By ATC:
Take him to the bank and have the loan switched into his name. Done!
Payments will be much cheaper too, since they will likely refinance it for another 5yrs



ETA: Never do business with friends or family. I've learned the hard way both times.
View Quote

Yep, what I was gonna say.
Link Posted: 12/12/2013 8:17:40 PM EST
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By ATC:
Take him to the bank and have the loan switched into his name. Done!
Payments will be much cheaper too, since they will likely refinance it for another 5yrs



ETA: Never do business with friends or family. I've learned the hard way both times.
View Quote


This
Link Posted: 12/12/2013 8:18:59 PM EST
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By ATC:
Take him to the bank and have the loan switched into his name. Done!
Payments will be much cheaper too, since they will likely refinance it for another 5yrs



ETA: Never do business with friends or family. I've learned the hard way both times.
View Quote





Iv'e never had a problem.
Link Posted: 12/12/2013 8:19:44 PM EST
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By jonnyjeeps:


I know how you feel, sometimes my laziness costs me thousands of dollars.
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Originally Posted By jonnyjeeps:
Originally Posted By aIIan:
Not upside down, probably owe 50-60% of what I could get if I went through the hassle of selling it.


I know how you feel, sometimes my laziness costs me thousands of dollars.


Truth is I love my truck and would be happier if it stayed in the family
Link Posted: 12/12/2013 8:21:29 PM EST
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By Toothpicksandkatchup:





Iv'e never had a problem.
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Originally Posted By Toothpicksandkatchup:
Originally Posted By ATC:
Take him to the bank and have the loan switched into his name. Done!
Payments will be much cheaper too, since they will likely refinance it for another 5yrs



ETA: Never do business with friends or family. I've learned the hard way both times.





Iv'e never had a problem.

You never have a problem until the first time you have a problem.
Link Posted: 12/12/2013 8:21:50 PM EST
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By Toothpicksandkatchup:

Iv'e never had a problem.
View Quote



Me either.

As for going to the bank my brother is young with literally no credit. Wouldn't the bank do their best to screw him rate wise?
Link Posted: 12/12/2013 8:26:02 PM EST
[Last Edit: 12/12/2013 9:06:48 PM EST by OnlytheTip]
DO NOT DO IT! I let a FAMILY member take over payments, they did fine for the first 8 months. It was great being able to trust somebody with such a big responsibility. On the ninth month..................POOF! I started getting phone calls from the bank, then the bank telling me I needed to insure it, then the bank adding insurance. All of this time I was being told "yeah, I'm taking care of it, don't worry I got you".

I wound up paying for a car that I had bought just a few months prior to their default, and the car I let them take over payment on. Imagine $900.00 a month in car payments back in 2000. I finally got out from under the debt, but it took its toll, and hurt my marriage. DO NOT DO IT!


ETA: I had paperwork drawn up, the bank does not care.
Link Posted: 12/12/2013 8:26:13 PM EST
I forsee a late payment on his end
Link Posted: 12/12/2013 8:29:50 PM EST
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By aIIan:



Me either.

As for going to the bank my brother is young with literally no credit. Wouldn't the bank do their best to screw him rate wise?
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Originally Posted By aIIan:
Originally Posted By Toothpicksandkatchup:

Iv'e never had a problem.



Me either.

As for going to the bank my brother is young with literally no credit. Wouldn't the bank do their best to screw him rate wise?


"Screwing with him" is the bank protecting themselves. You don't see the risk from their side?



You do this and shit goes sideways, you're fucked with the bank and your family.
Link Posted: 12/12/2013 8:29:51 PM EST
Guys, I would still be making the payments. He'd just slide me some cash on the first or 14th to be exact.

Discussion ForumsJump to Quoted PostQuote History
Originally Posted By glorifiedG:
I forsee a late payment on his end
View Quote


I foresee a long walk to work on his end as well followed by a beating
Link Posted: 12/12/2013 8:35:02 PM EST
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By mean_sartin:

"Screwing with him" is the bank protecting themselves. You don't see the risk from their side?

You do this and shit goes sideways, you're fucked with the bank and your family.
View Quote


No, I've known the kid for 19 years. Other than a couple missing Hotwheels cars he's a pretty stand up guy. The banks sees him as free money.

I don't see this financially screwing me - family "fucked" over a few hundred dollars? I should hope not.

I was thinking more like liability issues, registration, insurance hike, etc.
Link Posted: 12/12/2013 8:36:00 PM EST
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By aIIan:
Guys, I would still be making the payments. He'd just slide me some cash on the first or 14th to be exact.



I foresee a long walk to work on his end as well followed by a beating
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Originally Posted By aIIan:
Guys, I would still be making the payments. He'd just slide me some cash on the first or 14th to be exact.

Originally Posted By glorifiedG:
I forsee a late payment on his end


I foresee a long walk to work on his end as well followed by a beating



Whose name would be on the title?
Link Posted: 12/12/2013 8:38:49 PM EST
If I don't go through the bank, mine.

If and when the truck is paid off I'll sign it to him.
Link Posted: 12/12/2013 8:38:57 PM EST
Either you transfer it in his name and get off the payments and title, or you sell it to someone that can.
Link Posted: 12/12/2013 8:42:05 PM EST
You've clearly decided it's OK to do this, regardless of all the real-world experience to the contrary that people are giving you. Knock yourself out.
Link Posted: 12/12/2013 8:44:06 PM EST
[Last Edit: 12/12/2013 8:44:46 PM EST by tcrpe]
Whose name will be on the title?

Yours?

Do not do it.
Link Posted: 12/12/2013 8:47:21 PM EST
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By MMcCall:
You've clearly decided it's OK to do this, regardless of all the real-world experience to the contrary that people are giving you. Knock yourself out.
View Quote


Real world experience about their apparent shitbrained families. Take family out of the equation and what are the CONs?

Worst case scenario, he misses a payment and I have an extra vehicle in the driveway.

What am I missing?
Link Posted: 12/12/2013 8:49:18 PM EST
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By aIIan:


Real world experience about their apparent shitbrained families. Take family out of the equation and what are the CONs?

Worst case scenario, he misses a payment and I have an extra vehicle in the driveway.

What am I missing?
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Originally Posted By aIIan:
Originally Posted By MMcCall:
You've clearly decided it's OK to do this, regardless of all the real-world experience to the contrary that people are giving you. Knock yourself out.


Real world experience about their apparent shitbrained families. Take family out of the equation and what are the CONs?

Worst case scenario, he misses a payment and I have an extra vehicle in the driveway.

What am I missing?



Worst case scenario, he kills someone, and your life is destroyed.
Link Posted: 12/12/2013 8:50:54 PM EST
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By tcrpe:

Worst case scenario, he kills someone, and your life is destroyed.
View Quote


OK, that's more like it. Care to expand on that scenario?
Link Posted: 12/12/2013 8:50:57 PM EST
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By aIIan:


Real world experience about their apparent shitbrained families. Take family out of the equation and what are the CONs?

Worst case scenario, he misses a payment and I have an extra vehicle in the driveway.

What am I missing?
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Originally Posted By aIIan:
Originally Posted By MMcCall:
You've clearly decided it's OK to do this, regardless of all the real-world experience to the contrary that people are giving you. Knock yourself out.


Real world experience about their apparent shitbrained families. Take family out of the equation and what are the CONs?

Worst case scenario, he misses a payment and I have an extra vehicle in the driveway.

What am I missing?

You'll see
Report back now and then till its payed off
Link Posted: 12/12/2013 8:53:35 PM EST
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By aIIan:


Real world experience about their apparent shitbrained families. Take family out of the equation and what are the CONs?

Worst case scenario, he misses a payment and I have an extra vehicle in the driveway.

What am I missing?
View Quote View All Quotes
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Discussion ForumsJump to Quoted PostQuote History
Originally Posted By aIIan:
Originally Posted By MMcCall:
You've clearly decided it's OK to do this, regardless of all the real-world experience to the contrary that people are giving you. Knock yourself out.


Real world experience about their apparent shitbrained families. Take family out of the equation and what are the CONs?

Worst case scenario, he misses a payment and I have an extra vehicle in the driveway.

What am I missing?


I will make this simple for ya..
Just toss the irresponsible kid the keys and make the payment yourself.
It sounds crazy I know but this will cause you less heartache than what your suggesting.

Eta
I called him irresponsible because he has bad credit. If he won't or can't pay a bank on time when there are consequences, what makes you think he
Will pay you?
Link Posted: 12/12/2013 8:53:47 PM EST
Your insurance company will need to know that he is the new primary driver, or he will have to have his own policy to cover it. If they don't know and something happens, you might be left making payments on a totaled truck.

You're giving it to him for payments = you're selling it to him for half price?

If the kid has no credit, getting him signed up with a credit union and co-signing on the loan will start a positive credit history for him, legally separate the truck from you, and generally simplify things. Your good credit should help him get a decent interest rate. I can currently get something like 2.5% on a car loan through mine.
Link Posted: 12/12/2013 8:56:41 PM EST
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Originally Posted By aIIan:


OK, that's more like it. Care to expand on that scenario?
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Originally Posted By aIIan:
Originally Posted By tcrpe:

Worst case scenario, he kills someone, and your life is destroyed.


OK, that's more like it. Care to expand on that scenario?



Your name on the title, it's yours regardless whatever Mickey Mouse dining room table documents you try to proffer.

Your name on the title, your responsibility.

No way around that.

Oh, he says he'll insure if?

For how much? 10 million?

Seriously, don't do it. Sell it to him, and co-sign a loan if you must (I wouldn't), but put the title in his name.

Link Posted: 12/12/2013 8:59:19 PM EST
[Last Edit: 12/12/2013 9:04:01 PM EST by aIIan]
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By jonnyjeeps:
I will make this simple for ya..
Just toss the irresponsible kid the keys and make the payment yourself.
It sounds crazy I know but this will cause you less heartache than what your suggesting.

Eta
I called him irresponsible because he has bad no credit. If he won't or can't pay a bank on time when there are consequences, what makes you think he
Will pay you?
View Quote


FIFY

He has no debt. Luckily he's never mailed in any of those pre-approved VISA applications they love handing out at school... I know I did
Link Posted: 12/12/2013 9:00:01 PM EST
This type of shit is where judge Judy episodes come from
Link Posted: 12/12/2013 9:01:58 PM EST
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By Amish_Bill:
Your insurance company will need to know that he is the new primary driver, or he will have to have his own policy to cover it. If they don't know and something happens, you might be left making payments on a totaled truck.

You're giving it to him for payments = you're selling it to him for half price?

If the kid has no credit, getting him signed up with a credit union and co-signing on the loan will start a positive credit history for him, legally separate the truck from you, and generally simplify things. Your good credit should help him get a decent interest rate. I can currently get something like 2.5% on a car loan through mine.
View Quote


He has the mandated FL insurance on his current car, does that not cover you when driving another vehicle?

Co signing was the original plan - just wasn't sure if it was necessary.
Link Posted: 12/12/2013 9:02:00 PM EST
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By aIIan:


Real world experience about their apparent shitbrained families. Take family out of the equation and what are the CONs?

Worst case scenario, he misses a payment and I have an extra vehicle in the driveway.

What am I missing?
View Quote View All Quotes
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Originally Posted By aIIan:
Originally Posted By MMcCall:
You've clearly decided it's OK to do this, regardless of all the real-world experience to the contrary that people are giving you. Knock yourself out.


Real world experience about their apparent shitbrained families. Take family out of the equation and what are the CONs?

Worst case scenario, he misses a payment and I have an extra vehicle in the driveway.

What am I missing?

Worst case scenario, he starts beating the hell out of it, because it's "his" truck, and then gets a bit behind on payments. You take it back, he gets fired from his job. Mom and Dad are pissed at him, though not as much as they're pissed at you for not "being understanding" of his plight. Meanwhile, you're stuck with a truck that you still have to make the payment on, that is beat half to death, or won't run or drive. And at the end of it, you've interjected business into family, and created a truckload of drama in your family.

Shit like this happens every single time. Every. Time.
Link Posted: 12/12/2013 9:02:55 PM EST
Let him get a loan and build his credit that way. If he is responsible he could pay a bit extra principal in effect lowering his overall interest payment.
Link Posted: 12/12/2013 9:05:40 PM EST
Sell it to him it is then. It just seems a little co-signing on a loan for the vehicle I'm selling.
Link Posted: 12/12/2013 9:06:07 PM EST
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By Pepper45:

Worst case scenario, he starts beating the hell out of it, because it's "his" truck, and then gets a bit behind on payments. You take it back, he gets fired from his job. Mom and Dad are pissed at him, though not as much as they're pissed at you for not "being understanding" of his plight. Meanwhile, you're stuck with a truck that you still have to make the payment on, that is beat half to death, or won't run or drive. And at the end of it, you've interjected business into family, and created a truckload of drama in your family.

Shit like this happens every single time. Every. Time.
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Originally Posted By Pepper45:
Originally Posted By aIIan:
Originally Posted By MMcCall:
You've clearly decided it's OK to do this, regardless of all the real-world experience to the contrary that people are giving you. Knock yourself out.


Real world experience about their apparent shitbrained families. Take family out of the equation and what are the CONs?

Worst case scenario, he misses a payment and I have an extra vehicle in the driveway.

What am I missing?

Worst case scenario, he starts beating the hell out of it, because it's "his" truck, and then gets a bit behind on payments. You take it back, he gets fired from his job. Mom and Dad are pissed at him, though not as much as they're pissed at you for not "being understanding" of his plight. Meanwhile, you're stuck with a truck that you still have to make the payment on, that is beat half to death, or won't run or drive. And at the end of it, you've interjected business into family, and created a truckload of drama in your family.

Shit like this happens every single time. Every. Time.


EVERY TIME!
Wanna see a "stand up" kid disappoint you and cause you more trouble than it turns out he's worth...do him a favor and give him something he hasn't earned.
Link Posted: 12/12/2013 9:07:19 PM EST
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Originally Posted By aIIan:


OK, that's more like it. Care to expand on that scenario?
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Originally Posted By aIIan:
Originally Posted By tcrpe:

Worst case scenario, he kills someone, and your life is destroyed.


OK, that's more like it. Care to expand on that scenario?



he kills someone with it, family of the deceased sues the owner of the vehicle.

you ask us to point on cons besides hes family, that is a con dont disregard this. if making two payments is fine then do the GD thing and get both.

how about he gets some red light tickets, drive through a toll on accident without paying guess whos getting the ticket?

say he knocks up his gf, gets fired from his job, becomes ill or something else that is out of his control and he is unable to make his payments to you, again are you fine with making two payments?

are you fine with being responsible for the vehicle even if its never in your presence? are you fine with paying for tickets that are not yours? are you fine with the potentially having family issues over a truck?

it doesnt matter what "fuckbrained" family you are part of, all families are like this. "hey man i cant make the payment this month xyz came up im really sorry, ill work over time and pay you twice next month, you have my word youve known me for how long?" next month " shit man you wouldnt believe what happened, .... you get the picture" this happens to all families, nothing goes wrong until it does.

if you want to do it right, go through the bank... period. sure they are going to charge him some interest because he doesnt have credit but guess what? your actually going to be helping him earn credit.
Link Posted: 12/12/2013 9:10:34 PM EST
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By aIIan:
Sell it to him it is then. It just seems a little co-signing on a loan for the vehicle I'm selling.
View Quote


Co-signing a loan for anyone is a little
Link Posted: 12/12/2013 9:12:05 PM EST
[Last Edit: 12/12/2013 9:17:57 PM EST by OnlytheTip]
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By aIIan:


Real world experience about their apparent shitbrained families. Take family out of the equation and what are the CONs?

Worst case scenario, he misses a payment and I have an extra vehicle in the driveway.

What am I missing?
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Originally Posted By aIIan:
Originally Posted By MMcCall:
You've clearly decided it's OK to do this, regardless of all the real-world experience to the contrary that people are giving you. Knock yourself out.


Real world experience about their apparent shitbrained families. Take family out of the equation and what are the CONs?

Worst case scenario, he misses a payment and I have an extra vehicle in the driveway.

What am I missing?


Why even bother coming in here and asking an opinion? You've obviously made up your mind. As for family, they are a fickle beast at best. I got fucked over by my mother-in-law, and her husband. They were 2 states away from us, and always lied about it. When I finally got to see the car it was trashed, I couldn't get more than 1/3 of what the book value was.

As long as your name is on the title, you are legally responsible if he kills someone in it. They'll go after the deeper pockets. Prison is not avoidable either, it just depends on the case.
Link Posted: 12/12/2013 9:17:13 PM EST
[Last Edit: 12/12/2013 9:18:47 PM EST by aIIan]
If I'd already made up my mind he'd be cruising in his new truck not badgering me about buying a new one

In fact I made up my mind a few posts up - he's buying the truck.

ETA, your mother in law and her man aren't family.
Link Posted: 12/12/2013 9:52:52 PM EST
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By aIIan:
Guys, I would still be making the payments. He'd just slide me some cash on the first or 14th to be exact.
You're going to get stuck with two cay payments


I foresee a long walk to work on his end as well followed by a beating
I foresee you with two car payments and unnecessary drama in your family.
View Quote


Link Posted: 12/12/2013 10:17:28 PM EST
[Last Edit: 12/12/2013 10:20:21 PM EST by ATC]
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By aIIan:


Real world experience about their apparent shitbrained families. Take family out of the equation and what are the CONs?

Worst case scenario, he misses a payment and I have an extra vehicle in the driveway.

What am I missing?
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Originally Posted By aIIan:
Originally Posted By MMcCall:
You've clearly decided it's OK to do this, regardless of all the real-world experience to the contrary that people are giving you. Knock yourself out.


Real world experience about their apparent shitbrained families. Take family out of the equation and what are the CONs?

Worst case scenario, he misses a payment and I have an extra vehicle in the driveway.

What am I missing?


Take family out of the equation, and you have just another guy walking on the street. Would you offer the same deal to them? Family is nothing more than someone with a common bloodline to your own. Take that away and they are just people. I may be the minority, but all but my parents live over 500 miles away. I haven't seen some of them in years...some in a decade. So I don't hold the term "Family" to such high standards as most. To me, family is my close friends here in town...

The deals I have done, have been with people I have trusted my life to...friends of 20 years since the first day of Kindergarten. I almost lost one over a $600 truck I sold him over the summer. Our friendship is still not the same as it was before.
Link Posted: 12/12/2013 10:31:04 PM EST
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Originally Posted By tcrpe:



Worst case scenario, he kills someone, and your life is destroyed.
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Originally Posted By tcrpe:
Originally Posted By aIIan:
Originally Posted By MMcCall:
You've clearly decided it's OK to do this, regardless of all the real-world experience to the contrary that people are giving you. Knock yourself out.


Real world experience about their apparent shitbrained families. Take family out of the equation and what are the CONs?

Worst case scenario, he misses a payment and I have an extra vehicle in the driveway.

What am I missing?



Worst case scenario, he kills someone, and your life is destroyed.

Would that not fall back on the driver not the owner?
Link Posted: 12/13/2013 7:54:36 AM EST
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By tcrpe:



Your name on the title, it's yours regardless whatever Mickey Mouse dining room table documents you try to proffer.

Your name on the title, your responsibility.

No way around that.

Oh, he says he'll insure if?

For how much? 10 million?

Seriously, don't do it. Sell it to him, and co-sign a loan if you must (I wouldn't), but put the title in his name.

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Originally Posted By tcrpe:
Originally Posted By aIIan:
Originally Posted By tcrpe:

Worst case scenario, he kills someone, and your life is destroyed.


OK, that's more like it. Care to expand on that scenario?



Your name on the title, it's yours regardless whatever Mickey Mouse dining room table documents you try to proffer.

Your name on the title, your responsibility.

No way around that.

Oh, he says he'll insure if?

For how much? 10 million?

Seriously, don't do it. Sell it to him, and co-sign a loan if you must (I wouldn't), but put the title in his name.




Watch out here! My uncle co-signed a loan for my cousin and ten years later the bank called him to collect on a LATER loan. It turns out that once you co-sign for someone, you're on the hook to cover their loans for them FOREVER! (yes, lawyer said that's how it works!). This was in Ga so YMMV.

My advice, don't do it! If you're brother really IS responsible, take him to CU or bank and have him refinance the truck in his name. He he can't or won't, then he IS NOT responsible and you shouldn't be expecting to get payments EVER!
Link Posted: 12/13/2013 7:55:09 AM EST
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Originally Posted By jonnyjeeps:
This type of shit is where judge Judy episodes come from
View Quote



X100!
Link Posted: 12/13/2013 7:56:49 AM EST
Don't do it. If your brother loses his job, wrecks it, or just stops paying, it's your responsibility and your credit that will get wrecked.
Link Posted: 12/13/2013 7:59:18 AM EST
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By aIIan:


He has the mandated FL insurance on his current car, does that not cover you when driving another vehicle?

Co signing was the original plan - just wasn't sure if it was necessary.
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Originally Posted By aIIan:
Originally Posted By Amish_Bill:
Your insurance company will need to know that he is the new primary driver, or he will have to have his own policy to cover it. If they don't know and something happens, you might be left making payments on a totaled truck.

You're giving it to him for payments = you're selling it to him for half price?

If the kid has no credit, getting him signed up with a credit union and co-signing on the loan will start a positive credit history for him, legally separate the truck from you, and generally simplify things. Your good credit should help him get a decent interest rate. I can currently get something like 2.5% on a car loan through mine.


He has the mandated FL insurance on his current car, does that not cover you when driving another vehicle?

Co signing was the original plan - just wasn't sure if it was necessary.



Not when he owns vehicle or when he is regular driver even if vehicle is in your name. It will cover a new (to him) vehicle for thirty days in Florida. If you keep vehicle in your name and let him drive it then you have to add him to your policy. Cha CHING!
Link Posted: 12/13/2013 8:02:27 AM EST
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Originally Posted By Digitalpower:



he kills someone with it, family of the deceased sues the owner of the vehicle.

you ask us to point on cons besides hes family, that is a con dont disregard this. if making two payments is fine then do the GD thing and get both.

how about he gets some red light tickets, drive through a toll on accident without paying guess whos getting the ticket?


OP; Ever hear of the red light cameras in Florida????? Guess who gets the tickets?????


say he knocks up his gf, gets fired from his job, becomes ill or something else that is out of his control and he is unable to make his payments to you, again are you fine with making two payments?

are you fine with being responsible for the vehicle even if its never in your presence? are you fine with paying for tickets that are not yours? are you fine with the potentially having family issues over a truck?

it doesnt matter what "fuckbrained" family you are part of, all families are like this. "hey man i cant make the payment this month xyz came up im really sorry, ill work over time and pay you twice next month, you have my word youve known me for how long?" next month " shit man you wouldnt believe what happened, .... you get the picture" this happens to all families, nothing goes wrong until it does.

if you want to do it right, go through the bank... period. sure they are going to charge him some interest because he doesnt have credit but guess what? your actually going to be helping him earn credit.
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Originally Posted By Digitalpower:
Originally Posted By aIIan:
Originally Posted By tcrpe:

Worst case scenario, he kills someone, and your life is destroyed.


OK, that's more like it. Care to expand on that scenario?



he kills someone with it, family of the deceased sues the owner of the vehicle.

you ask us to point on cons besides hes family, that is a con dont disregard this. if making two payments is fine then do the GD thing and get both.

how about he gets some red light tickets, drive through a toll on accident without paying guess whos getting the ticket?


OP; Ever hear of the red light cameras in Florida????? Guess who gets the tickets?????


say he knocks up his gf, gets fired from his job, becomes ill or something else that is out of his control and he is unable to make his payments to you, again are you fine with making two payments?

are you fine with being responsible for the vehicle even if its never in your presence? are you fine with paying for tickets that are not yours? are you fine with the potentially having family issues over a truck?

it doesnt matter what "fuckbrained" family you are part of, all families are like this. "hey man i cant make the payment this month xyz came up im really sorry, ill work over time and pay you twice next month, you have my word youve known me for how long?" next month " shit man you wouldnt believe what happened, .... you get the picture" this happens to all families, nothing goes wrong until it does.

if you want to do it right, go through the bank... period. sure they are going to charge him some interest because he doesnt have credit but guess what? your actually going to be helping him earn credit.

Link Posted: 12/13/2013 8:06:13 AM EST
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Originally Posted By Toothpicksandkatchup:





Iv'e never had a problem.
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Originally Posted By Toothpicksandkatchup:
Originally Posted By ATC:
Take him to the bank and have the loan switched into his name. Done!
Payments will be much cheaper too, since they will likely refinance it for another 5yrs



ETA: Never do business with friends or family. I've learned the hard way both times.





Iv'e never had a problem.

Aren't you like 20?
Not many deals you could make...
Link Posted: 12/13/2013 8:09:30 AM EST
I think helping out family is great.

Problems:
If he wrecks the truck it could be a claim on your insurance, possibly causing a rate increase.
If he wrecks your truck and kills or injures some people you could be a party to a law suit.

If he loses his income their could be some family tension.

The best thing you could do is either pay off the truck and finance it yourself at a reasonable interest.
Or cosign so that your brother can start building a credit history.



Link Posted: 12/13/2013 8:12:53 AM EST
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Originally Posted By aIIan:


No, I've known the kid for 19 years. Other than a couple missing Hotwheels cars he's a pretty stand up guy. The banks sees him as free money.

I don't see this financially screwing me - family "fucked" over a few hundred dollars? I should hope not.

I was thinking more like liability issues, registration, insurance hike, etc.
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Originally Posted By aIIan:
Originally Posted By mean_sartin:

"Screwing with him" is the bank protecting themselves. You don't see the risk from their side?

You do this and shit goes sideways, you're fucked with the bank and your family.


No, I've known the kid for 19 years. Other than a couple missing Hotwheels cars he's a pretty stand up guy. The banks sees him as free money.

I don't see this financially screwing me - family "fucked" over a few hundred dollars? I should hope not.

I was thinking more like liability issues, registration, insurance hike, etc.


If you "own" the truck in the eyes of the state, you're on the hook for any bullshit he finds himself in with "your" property.
Link Posted: 12/13/2013 8:13:59 AM EST
[Last Edit: 12/13/2013 8:21:03 AM EST by tnsparky]
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Originally Posted By aIIan:
Guys, I would still be making the payments. He'd just slide me some cash on the first or 14th to be exact.



I foresee a long walk to work on his end as well followed by a beating
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Originally Posted By aIIan:
Guys, I would still be making the payments. He'd just slide me some cash on the first or 14th to be exact.

Originally Posted By glorifiedG:
I forsee a late payment on his end


I foresee a long walk to work on his end as well followed by a beating

That's the way to do it if you're going to let him "take over."

But you say he is young and doesn't have much credit. So if you can swing it to where the bank would give him a loan, that would be better (you help him twice, by getting him a deal on the truck and by helping him build credit).

eta: as other's have said, letting him "take over" is a bad idea from a liability standpoint.
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