Boy-I sure agree here.
The future looks bleak. I see her with a destroyed car and you with a loan to repay.
Longest OCI on this board!!!!!!
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The future looks bleak. I see her with a destroyed car and you with a loan to repay.
He's making the bed to lie in.
This is a good idea, how can I "transferred" a loan to her?? Again, I am just trying to help out a family member, yes, I know she does not deserve a new good, but, I guess my mother in law needs to be pick up and drop off with a new car, her old car was a 91 Accord, and she had pretty much ignored the maintainence on that poor Accord, it has about 220K miles with many engine problems. Wife and I think that it's not safe for mother in law(sister in law live with her and take care her) to travel in a beat up car. We know it's going to happen with the new car, but doesn't expect it is so early.
I got to go with the brethren on this one. Like the Nike commercial "Just Do It." Get the oil and filter and when she's sleeping or out one night, perform the Nascar pit stop. Shouldn't take you more than 15 minutes. I'd do it while the engine is still hot, to help drain all the junk in the oil. If you co-signed, it's you arse as well.
I don't know all the specifics, but it would appear you would need to "sell" the car to her. At that time she would take out new financing. And that would pay off the old loan.
Of course many of these loans are "upside down." And she may not have down payment money. So you may have to chip in to help the process out. It may be the cheapest way out for you in the long run.
Are we even certain that he's the only person on the note, and not the co-signer?
No offense, but I'd get out of this as fast as possible, then take a personal finance course (and don't sign anything w/o understanding it again).
mr
No offense, but I'd get out of this as fast as possible, then take a personal finance course (and don't sign anything w/o understanding it again).
mr
My guess is that 13,000 miles may not have done any critical damage. OK, so you may only get 150,000 miles instead of 250,000 miles out of the engine, But I would go ahead and change the oil yourself. In fact, just take over maintenance altoghether. You'll be ahead in the long run, and if later she decides that she does not want the vehicle any longer, you'll have a history on the vehicle.
Cheers, Doug
Cheers, Doug
Well, I started this fiasco, but I don't want to be too hard on the guy. I give him the benefit of the doubt that he's just trying to be a good brother, but unfortunately, that's what everyone who gets screwed in these kinds of situation is trying to do: help someone out. I'll also give his sister the benefit of the doubt that she fully intends to make all the payments, but the fact is if she had a history of doing that, they wouldn't be in this arrangement to begin with.
Um, maybe I should go ahead and change the oil myself, she will let me do it, I just don't want to help her anymore as she did ****** me off by making promise about taking care the car before I agree the loan.
Um, I guess I can do this: Hey, sisiter, do you have $20 buck you can borrow to me, I just need to go to grab some fast food. More than likely, she will hand me $20, then, I go ahead and change the oil, at least, I get $20 for the M1 and OEM Honda filter that I am going to use. I intend to use Syn on her car as I know she will not do oil change at 3K. So with M1, hopfeully, it can run up to 10K with no problem, then I can do another oil change at 10K.
I hate being a good person to help out someone but end up need to keep helping her more in the future.
Also, I am going to have her direct deposit the payment to me via her paycheck and I will mail the payment out myself just to make sure she will not slip on payment and ruin my credit history. The ironic thing is that she just inherient a house(all paid off in Silion Valley, worth about $750K) from her dad and she is actally richer than me now(in term of asset, not cash!!) What a world to live in!!!
I will not help anyone who doesn't deserve it, period, not even my dad!!
Um, I guess I can do this: Hey, sisiter, do you have $20 buck you can borrow to me, I just need to go to grab some fast food. More than likely, she will hand me $20, then, I go ahead and change the oil, at least, I get $20 for the M1 and OEM Honda filter that I am going to use. I intend to use Syn on her car as I know she will not do oil change at 3K. So with M1, hopfeully, it can run up to 10K with no problem, then I can do another oil change at 10K.
I hate being a good person to help out someone but end up need to keep helping her more in the future.
Also, I am going to have her direct deposit the payment to me via her paycheck and I will mail the payment out myself just to make sure she will not slip on payment and ruin my credit history. The ironic thing is that she just inherient a house(all paid off in Silion Valley, worth about $750K) from her dad and she is actally richer than me now(in term of asset, not cash!!) What a world to live in!!!
I will not help anyone who doesn't deserve it, period, not even my dad!!
I'll second that. If you sign for someone on a loan (including co-sign), and do not realize that you are liable to the creditor, then uh, well, I guess you make lawyers sleep better at night
Woops, I was quoting this statement.
Yes, I kknow I will be liable for the loan, and I know that she will be gettign a house so I know she will eventally has the money. I am going to talk to her regarding taking over the loan but doing a loan herself by financing her house.
Thansk for all your advice, even some are harsh, I really appreicate it.
Since she has a hosue now, I think I will still wait to see when will she change the oil and do an oil analysis on it at that time. Also, I am going to open the oil filler cap and take pic to see how the engine looks like now verse how it looks like in the future.
Thansk for all your advice, even some are harsh, I really appreicate it.
Since she has a hosue now, I think I will still wait to see when will she change the oil and do an oil analysis on it at that time. Also, I am going to open the oil filler cap and take pic to see how the engine looks like now verse how it looks like in the future.
Trade-in time. Start over and do it right.
If I didnt change the oil in my mothers, fathers, sisters, and grandfathers vehicles it would never get done.
You should have changed the oil for your sister.
As far as the loan goes, I wouldnt worry about the fraud thing, but what changed between now and then to make you want to take the car out of your name? I dont know many women/girls who change their oil, whats the big surprise?
IMO this is your fault.
You should have changed the oil for your sister.
As far as the loan goes, I wouldnt worry about the fraud thing, but what changed between now and then to make you want to take the car out of your name? I dont know many women/girls who change their oil, whats the big surprise?
IMO this is your fault.
That depends. Did she ever ask him to do it, or does she just totally not care about it? I'm not willing to babysit ignorant people, but I am willing to change someone's oil anytime they ask.
. . . and it's the sister in law, not the sister. BIG difference!
Borrow the car, goto Walmart Lube Express and have Pennzoil or whatever bulk put in for $15.00. The car is not gone however she's over 3k over the recommended OCI and probably a bit timewise. The engine is not gone, but probably getting some excess wear. So the engine lasts 150k instead of the 250k-300k if oil/maintenance was done properly. There is still life in it especially being so new.
A long time ago I knew a guy (a newly admitted lawyer) who bought a Renault Le Car (mistake #1). He then did not change the oil for the first 20K miles (mistake #2). I then found out he was a coke head (mistake #3) and he was disbarred, even though he had only been a lawyer for under 2 years.
The car was reposessed, so I don't know what harm he did.
The car was reposessed, so I don't know what harm he did.
Bigjason,
Take you sister-inlaw down to the bank and have her take out a small home equity loan against the house to pay off the car loan in your name. Tell her that this is best for both of you because it will be building her credit (assuming she pays on time) and takes you out of the loop.
Offer to maintain the car by bartering. If she carts your mother-inlaw around and you / wife don't have to, to me that seems like an easy trade off.
Take you sister-inlaw down to the bank and have her take out a small home equity loan against the house to pay off the car loan in your name. Tell her that this is best for both of you because it will be building her credit (assuming she pays on time) and takes you out of the loop.
Offer to maintain the car by bartering. If she carts your mother-inlaw around and you / wife don't have to, to me that seems like an easy trade off.
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