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Posted: 12/12/2013 9:04:36 PM EDT
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 |
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Not upside down, probably owe 50-60% of what I could get if I went through the hassle of selling it.
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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. |
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I know how you feel, sometimes my laziness costs me thousands of dollars. View Quote View All Quotes View All Quotes Quoted:
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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 |
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Quoted: Quoted: 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. |
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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. |
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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? View Quote View All Quotes View All Quotes Quoted:
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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. |
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"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. |
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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 View Quote View All Quotes View All Quotes Quoted:
Guys, I would still be making the payments. He'd just slide me some cash on the first or 14th to be exact. Quoted:
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? |
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If I don't go through the bank, mine.
If and when the truck is paid off I'll sign it to him. |
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Either you transfer it in his name and get off the payments and title, or you sell it to someone that can.
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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.
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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? |
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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 View All Quotes Quoted:
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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. |
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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 View All Quotes Quoted:
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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 |
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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 View All Quotes Quoted:
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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? |
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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.
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OK, that's more like it. Care to expand on that scenario? View Quote View All Quotes View All Quotes Quoted:
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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. |
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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 |
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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. |
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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 View All Quotes Quoted:
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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. |
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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.
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Sell it to him it is then. It just seems a little co-signing on a loan for the vehicle I'm selling.
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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. View Quote View All Quotes View All Quotes Quoted:
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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. |
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OK, that's more like it. Care to expand on that scenario? View Quote View All Quotes View All Quotes Quoted:
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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. |
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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 View All Quotes Quoted:
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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. |
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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. |
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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 |
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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 View All Quotes Quoted:
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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. |
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Worst case scenario, he kills someone, and your life is destroyed. View Quote View All Quotes View All Quotes Quoted:
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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? |
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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. View Quote View All Quotes View All Quotes Quoted:
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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! |
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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.
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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. View Quote View All Quotes View All Quotes Quoted:
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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! |
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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. View Quote View All Quotes View All Quotes Quoted:
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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. |
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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... |
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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. |
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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. View Quote View All Quotes View All Quotes Quoted:
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"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. |
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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 View Quote View All Quotes View All Quotes Quoted:
Guys, I would still be making the payments. He'd just slide me some cash on the first or 14th to be exact. Quoted:
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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