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And ditch this whole idea of his co-signing a loan on a replacement vehicle. You need to begin disentangling your financial situation from his. Save up as much money as you can so that in three years you have a down payment on a newer used vehicle. And in 3 years, whatever residual value remains on that Pontiac will be immaterial to you. Maybe you and he can split the value, or you can let him have the whole thing to sell as he wants.
As for the CRT. Sell it. Keep marking it down from $50 to $25 to $15 to $5. Tell him each time you mark the price down. And when it sells for $5. Give him all $5 dollars.
In the end, yes he's becoming a bit prickly about things, but he has gone above and beyond. In the interest of your friendship, let the car issue go. Repair what needs to be repaired to keep the car in shape to take you to work, but postpone any other remaining repairs.
And ditch this whole idea of his co-signing a loan on a replacement vehicle. You need to begin disentangling your financial situation from his. Save up as much money as you can so that in three years you have a down payment on a newer used vehicle. And in 3 years, whatever residual value remains on that Pontiac will be immaterial to you. Maybe you and he can split the value, or you can let him have the whole thing to sell as he wants.
As for the CRT. Sell it. Keep marking it down from $50 to $25 to $15 to $5. Tell him each time you mark the price down. And when it sells for $5. Give him all $5 dollars.
In the end, yes he's becoming a bit prickly about things, but he has gone above and beyond. In the interest of your friendship, let the car issue go. Repair what needs to be repaired to keep the car in shape to take you to work, but postpone any other remaining repairs.
Good points, I'm just concerned at this point, given his viewpoint of things, that I could pay all five years on this vehicle and then have him turn around and say "this is my car" and then I've bought him a car, ya know?
I don't want to take him to the cleaners, but I don't want to get taken for a ride either. I'll try to hash out what I can with him *crosses fingers*
It sounds like he is being a little unreasonable but since you got nothing in writing, the law is not on your side. Save those messages between the two of you just in case.
Can't you just buy a new vehicle in your name only since you're back on your feet?
He's got all the cancelled checks he sent to his friend which is a bit more than nothing.
Honestly, I think it's unreasonable to expect your friend to co-sign a loan for you, after all he has already done. I am generous with my time and money, but would never co-sign a loan for anyone (OK, maybe my mom or sister if either needed me to, but no one else!).
Get a loan in your own name if you want a different car. If your credit isn't great, just deal with it and the higher interest rate that comes with it.
Honestly, I think it's unreasonable to expect your friend to co-sign a loan for you, after all he has already done. I am generous with my time and money, but would never co-sign a loan for anyone (OK, maybe my mom or sister if either needed me to, but no one else!).
Get a loan in your own name if you want a different car. If your credit isn't great, just deal with it and the higher interest rate that comes with it.
I'm not sure if I made it clear, but my friend already took out a loan in his name for the car I'm currently driving.
I could just stop paying him today and my name isn't on the loan so then he gets stuck with it.
I believe I'm trying to do something beneficial for both of us. We both get the current car paid off when traded in, we switch me into a better quality brand vehicle and we take away the headache for him of having to wait for my check each month and drive to the bank to deposit it.
In addition, I could even go with a 24-36 month plan which gets my friend out sooner since it will be 2 years paying on the car this September.
I'm not asking him to spend any money, I'm not asking him to assume any additional risk above and beyond what he's already locked into now.
But I will check my credit score and if it's viable to proceed forward without him co-signing I would prefer that as well, so neither of us has to deal with this issue any further.
Honestly, I think it's unreasonable to expect your friend to co-sign a loan for you, after all he has already done. I am generous with my time and money, but would never co-sign a loan for anyone (OK, maybe my mom or sister if either needed me to, but no one else!).
Get a loan in your own name if you want a different car. If your credit isn't great, just deal with it and the higher interest rate that comes with it.
I have to agree.
Your friend really extended himself for you by taking on a loan for a car that you're driving. That's a REALLY good friend, and you should count yourself very lucky. I have some very good friends, but I wouldn't cosign a loan for anybody. It's a very big risk.
Your friend has been incredibly generous toward you. If you are not careful, you are going to lose this amazing friend who took you in, sheltered you and your wife, put his credit on the line for you. Be grateful, shut up, keep driving this car, make it as convenient and easy as possible for him to make the payments for you. Meanwhile, stop spending ANYTHING at all and save like crazy, so that you can buy yourself a cheap good used car outright for cash when this one inevitably goes. If you end up losing money by this car dying an early death, it is NOTHING compared to the value of having and keeping this amazing friend.
When you are in a position yourself to help someone else in this way (by opening your home long term to them, and signing for a car loan for them), you can be so generous as to do the right thing, and give them any equity built up by the unsecured loan that you make them on your good credit some day in the future. Meanwhile, be grateful, scrimp and save to the point of pinching every penny until it screams before you spend it on ANYTHING, and get back on your own two feet, and off the back of this amazing friend. And then, when you are totally independent of him, use your first free spending money to take him out, or on vacation, or buy him a gift, to let him know how much you truly appreciate what he so generously did for you.
Sounds like your friend is incorporating a "hassle fee". I suppose he would be entitled. I personally would never co-sign for anyone or buy a car in my name for someone else. If I were in your shoes, I would be looking to cut ties financially. Bite the bullet and get a loan in your name. Establish an account at your local credit union if you do not belong to one already and see about getting a your own loan. yes you will pay a higher interest rate but the financial freedom will be well worth it. Obviously I don't know you or your friend but if he is dropping hints that you owe him money, this is not going to end well. Yes, there is a serious possibility he can take the car away from you when its paid off. Get your own loan and buy him a nice gift for all his help. Do not get involved in another deal. End it now.
Your friend took you in, signed on for a car and insurance in his name. The risks he took were immense.
Sorry buddy but you are being irrational. If I was to get all psychotherapist on yr. a**e I'd say it's because you've become less dependent and are stung by your dependency and this little mental sleight-of-hand about "equity" is an attempt to justify your obvious recalcitrance. IOW and to be much less charitable, you sponged off of him — and he let you — and now your pride and ego is seeking a salve while dressing it in a seeming charade of rationality i.e. "the car needs work", "I built equity".
If I were you I'd think about ways that didn't require him to "buy" you another car. That would go a long way to restoring your pride.
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