Re: Buying a car that is being financed.... - Saab General Bulletin Board - Saabnet.com
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Re: Buying a car that is being financed....
Posted by Phil (more from Phil) on Tue, 20 Apr 2004 16:52:15
In Reply to: Buying a car that is being financed...., turborob, Tue, 20 Apr 2004 16:05:05
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Adding the word 'family' to the mix doesn't really change anything that I can see. You should be paying him fair market value for the car as you would if buying from anyplace else.
Example: If the car is WORTH $20K, and he owes $20K then all is well, nobody loses a dime, he just rids himself of the automobile & debt if any.
If the car is WORTH $18K and he still owes $20K then you should be buying for $18K and he eats the lost of $2K (at time of sale) or he can keep it(no sale)since he's up side down and wouldn't break even for another year. This is where he or anyone else will take a lost, not you.
Lastly, if the car is WORTH $20K and he owes $18K then you both still win since again, you pay fair market value, and he profits $2K in the sale of it. This would be ideal for you and him.
If you pay him what he owes, and not what it's worth, you're doing yourself NO FAVOR. Be careful here....
Bottom line, pay him for the car what you'd pay anyplace else.
No more, no less.
See Ya,
Phil
posted by 67.1.7...
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