Opinions needed...Letting a bud make payments on bike?
#11
04-10-2008, 09:45 AM
Road Warrior
RE: Opinions needed...Letting a bud make payments on bike?
ORIGINAL: DWhite
I thought some of you may have some experiences or opinions about the following.
I am entertaining the idea of getting a new bike. My '04 RK is paid for. I have a bud who cannot get financed for a new bike. He aksed me if I could work something out with him so he could make payments on my RK. I hold the title and he could make monthly payments until paid in full.
Has anyone ever done this kind of agreement? Did you detail it on paper? How did it turn out. Are you still friends?
I thought some of you may have some experiences or opinions about the following.
I am entertaining the idea of getting a new bike. My '04 RK is paid for. I have a bud who cannot get financed for a new bike. He aksed me if I could work something out with him so he could make payments on my RK. I hold the title and he could make monthly payments until paid in full.
Has anyone ever done this kind of agreement? Did you detail it on paper? How did it turn out. Are you still friends?
#12
04-10-2008, 09:46 AM
Seasoned HDF Member
Join Date: Jun 2007
Location: North of Hell, South of Heaven
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RE: Opinions needed...Letting a bud make payments on bike?
My closest friends have always been there because we never borrow money from each other. We will pick up a tab or what have you, but nothing more serious than that. Money matters ruin families and friendships can be even more fragile. Be careful...
#13
04-10-2008, 09:50 AM
The Schlong Man
RE: Opinions needed...Letting a bud make payments on bike?
If you were really his friend you'd just give to him.[sm=deal.gif]
#14
04-10-2008, 09:52 AM
Cruiser
Join Date: Sep 2007
Location: Cary, NC
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RE: Opinions needed...Letting a bud make payments on bike?
There is a reason why he cannot get financing.
Some years ago my father asked me to co-sign a loan for him. I was ready to do it until my wife talked me out of it. Man, was she ever right as we found out several years later. I loved my dad, but there was a reason he needed a co-signer on that loan. And I didn't want to screw up the reputation that my wife and I and worked hard for.
Bad financial habits are very hard to break. In this case, your risk far exceeds the reward.
Best of luck!
Some years ago my father asked me to co-sign a loan for him. I was ready to do it until my wife talked me out of it. Man, was she ever right as we found out several years later. I loved my dad, but there was a reason he needed a co-signer on that loan. And I didn't want to screw up the reputation that my wife and I and worked hard for.
Bad financial habits are very hard to break. In this case, your risk far exceeds the reward.
Best of luck!
#15
04-10-2008, 09:53 AM
RE: Opinions needed...Letting a bud make payments on bike?
I'm afraid I have to agree,A real friend would not ask you to do this.I had a real cherry hot rod Sporty I wanted to sell,my friend of thirty plus years wanted it badly,he did not ask me to finance the bike he went to a bank and got a loan to buy it.I held on to it untill he had everything together.
#16
04-10-2008, 09:56 AM
RE: Opinions needed...Letting a bud make payments on bike?
ORIGINAL: DWhite
I thought some of you may have some experiences or opinions about the following.
I am entertaining the idea of getting a new bike. My '04 RK is paid for. I have a bud who cannot get financed for a new bike. He aksed me if I could work something out with him so he could make payments on my RK. I hold the title and he could make monthly payments until paid in full.
Has anyone ever done this kind of agreement? Did you detail it on paper? How did it turn out. Are you still friends?
I thought some of you may have some experiences or opinions about the following.
I am entertaining the idea of getting a new bike. My '04 RK is paid for. I have a bud who cannot get financed for a new bike. He aksed me if I could work something out with him so he could make payments on my RK. I hold the title and he could make monthly payments until paid in full.
Has anyone ever done this kind of agreement? Did you detail it on paper? How did it turn out. Are you still friends?
#17
04-10-2008, 09:59 AM
RE: Opinions needed...Letting a bud make payments on bike?
Doesn't sound like a good idea. To many things can happen then it just gets ugly after that.
#18
04-10-2008, 10:03 AM
Stellar HDF Member
RE: Opinions needed...Letting a bud make payments on bike?
Never loan money or borrow money from friends and relatives! If something should happen, like a wreck, etc............your name's on the title and would be responsible and possibly sued.
Like the rest said, don't do it.
Like the rest said, don't do it.
#20
04-10-2008, 10:14 AM
RE: Opinions needed...Letting a bud make payments on bike?
I did this with a cousin and it was a disaster. Payments started getting late, racked a LOT of miles up and after a year of not taking care of it, he had mechanical problems. Did not have the money to fix the trans. Vehicle was tore all to hades, owed more than it was currently worth and quite paying. Its a good way to get screwed, lose the bikeand lose a friend to boot. Sorry if its harsh, but doing business with family and friends is risky to start. Add in being the banker too and its a disaster waiting to happen. I don't do business with family or friends unless I am willing to give it to them and just hope i get some money too.