Only because im not you and any new drivers on the boards is all good… ill say go out on a limb and do it.
I know of a very similar situation in which everything worked out fine but obviously there are things that cant.
Maybe you remember being that age and the options you had for car buying, and it sucks, but if aperson would ever be willing to take that risk… well, you just might light up that kids day.
My idea… slap him with some 21% apr and make him pay weekly. 19 year olds usually dont have many expenses (phone credit cards gas insurance ect) So if he is working full time like he says he is then it will be payed off in a breeze and you will have at least your money back in a short amount of time and then even a little extra as intrest.
Maybe a stretch but if I had money to spare I think i would do it regardless of flameing and what not.
Yeah, only do this if you can afford to not get your money.
Banks are for loans. Sellers are for receiving cash in full.
A bank won’t give him a loan without another person taking liaibility. Why? Because the bank has decided it’s too risky. A bank wouldn’t feel the hit of getting stiffed out of a couple thousand, but they still won’t take the risk. Why would you take the risk?
Even for the kid looking for the loan. What happens when you’re a week late with a payment from a bank. Eh, maybe a late fee. If you’re a week late with a payment to a private individual? Harassing phone calls? Court? Big dude on your doorstep with a shovel?
Get a loan from a bank. You might have to pay out the ass on interest, but such is the nature of borrowing money for something when you’re young with no credit history.
Get a contract written, and notarized. That states if there is a missed payment or no lump sum in 2 months that the car is legally yours and the money he gave you up front/monthly payments is yours to keep.
That way the kid knows he is gonna get boned if he doesnt make with the cash.
I can see it now, a posse forming to kick his ass.
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Lol, just one more option that weighs in his favor. Either way this is going to have a spit answer. If this was 1955, where legal action was mostly used in only criminal court and credit barely existed, shit like this would fly easily. I believe in trust and that there still are good people out there and while there are a few aspects that cant be accounted for (death, injury, hardships) I believe its a lot less risky than everyones making it out to be.
man I love playing devils advocate, someone has to.
its great how everyone thinks its a bad idea and what not. i wouldnt fuck anyone over. im not like that
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It’s not necessarily that anyone is saying you would stop paying him on purpose. The point is, what if you lose your job, total the car and end up in a hospital etc. If you are unable to continue paying for the car, do you have someone that will take up the payments? If you did, you would have a co-signer to get you the loan.
I’m sure your not a bad kid, it’s just precautions that need to be taken. The risk factor here for the seller is huge.
just a thought, how did a non-legally binding agreement work out for you when a sled was involved?
You’re better off getting the loan from a bank anyway. The first car I made payments on was from “the bank of grandpa”. Sure, 0% was great but it earned me nothing for my credit rating and when I went to get my first real loan my rate sucked. I would have been much better off paying the higher rate on the much cheaper car and using that to establish my credit, especially since I never made a single late payment.
the member is me…i know it seems bad…i did the same thing with my accord though. I was also thinking that the car could be collateral. If i were to stop paying and ignoring him that he would have the right to come get the car and keep the money that i did pay him. I’m no one to fuck anyone over…as bad as i would feel paying someone weekly for a car, i would feel worse to fuck them over. But coming from the sellers view, i would be iffy too…btw i find out tomorrow if i can get one or not…ill give ya a call :tup:
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If what I read is correct and you work at a temp agency… you won’t get a loan.
