Should I (Finance my Vette for my brother)?

**0rion** · 01-05-2010, 09:59 PM

I'm gonna go against the crowd here. If it were MY brother I would because we have and always will have a great relationship and I would do it not expecting to ever see it again. If you do it you have to have the same mentality. Can't hold it over his head if he can't or don't pay you because this is YOUR decision to do this. I would do this for my brother without even thinking. My brother would never ask or accept it even if I offered though.

**Hi-Po** · 01-05-2010, 10:11 PM

Originally Posted by 0rion

I'm gonna go against the crowd here. If it were MY brother I would because we have and always will have a great relationship and I would do it not expecting to ever see it again. If you do it you have to have the same mentality. Can't hold it over his head if he can't or don't pay you because this is YOUR decision to do this. I would do this for my brother without even thinking. My brother would never ask or accept it even if I offered though.

Hell, he could just feed you free meals and get you drunk on the house tab to pay you off

If he does ask, I would accept and hope he doesnt pay.

**0rion** · 01-05-2010, 10:15 PM

Originally Posted by Hi-Po

Hell, he could just feed you free meals and get you drunk on the house tab to pay you off

If he does ask, I would accept and hope he doesnt pay.

I get that now.

Actually, I probably cook shit for him more than I eat up there. I have all of mom's old recipes and make stuff she used to make every now and then and take him some.

**DrMilhouse** · 01-05-2010, 10:43 PM

He's putting that stuff down and can't afford the interest rate?

Ya know, I'd say that's a call only you can make. If he's really good at paying you, then go for it, just realize it's gonna be a while before you have your money.

If he can't afford the interest he either A) doesn't have any credit or B) has fucked up credit.

If he fucked up his credit, what the hell are you doing financing him on something and asking the financial goofballs at LS1.com (I'm one of them) and if he has no credit, have him go to a credit union and get started with building his credit.

**DJ Red Barron** · 01-05-2010, 10:45 PM

Originally Posted by 86 IROC-Z

What the fuck type of store does he own that sells both of that sort of stuff together?

What? You don't know about Joe Bob's Performance Parts & Fuck Emporium?

And I say yea. Finance the car. What's the worst that can happen? You end up with the Vette back, broken down and destroyed. But it will come with a trunk full of Amsoil & buttplugs. Win/win IMO.

**Modulistic** · 01-05-2010, 10:56 PM

Originally Posted by SHines-IT

My brother and I was talking today. We went to a few dealers and he really can't afford the interest rate they quoted (16+)... So we kinda was talking and threw an idea out there. He needs a more reliable car and mind is miles ahead of his. I am in a better financial situation, I can do this.

Basically I sell him my corvette for $6,500.
He sells me his 01 Ford Focus ZX3 -1,250 (Pretty much give me, and take off)
He puts down between +1,000-1,500

He pays the remaining balance of $3750-4,250 (At $200-250 a month)

So he gets a more reliable car, I pretty much make a hair profit on the Vette. I get a POS, either I will replace the engine or part the car out. If I do, I am going to paint it flat black and tint the windows darker then shit... Ugly POS... Plus, I as we was at the dealer. I test drove two cars I am interested in, Solstice and G8 GT. I think by then, I will have enough to put half down on a used one.

PS: His Focus runs and drives, just not well. Looking at prices of engines, not really worth me trying to rebuild it. So fuck that option, unless it really does not cost much to "build it up"... It's a thought, that I would more then likely part it out to get that portion back (Hell maybe make a penny).

Also, if he does not pay me back. The tittle stays in my name till paid for. If he does not pay, and falls behind 3-5 months. I take the Vette back and keep everything, unless he pays to get caught up...

Plus, now that my Falcon is running good now. I may start driving that allot more.

So what do you guys think?

a good businessman would attach interest... like 300 per month and make money for taking a risk.. thats my advice...take a risk and tie up money shold make you some money.

**SHines-IT** · 01-05-2010, 11:01 PM

Originally Posted by Modulistic

a good businessman would attach interest... like 300 per month and make money for taking a risk.. thats my advice...take a risk and tie up money shold make you some money.

So you would tack interest for your brother? The risk is if he misses X amount of payments, I take the my Vette back and keep the Focus.

**silverWS6** · 01-05-2010, 11:32 PM

Originally Posted by SHines-IT

So you would tack interest for your brother? The risk is if he misses X amount of payments, I take the my Vette back and keep the Focus.

But if he does pay... you loose the vette for good?

**SHines-IT** · 01-06-2010, 12:07 AM

Originally Posted by silverWS.6

But if he does pay... you loose the vette for good?

Wish then cool, does not bother me one bit. As I would then next year put it down toward a used Pontiac Solstice, Pontiac G8 GT, or Jeep Wrangler 4x4. Because well, I should be able to put half down on a car by then, if I keep just putting the money he pays me in the savings. My stepdad also thought the idea of new engine/trans for the Fungus would be a good idea, even said he would pay exactly what I paid for it, to buy it for my little brother next year. So hey, may work out.

Also, I am fixing to put collectors insurance on my Falcon again, since I plain to be driving it allot this year. Pretty much, if the sun is out and no rain. I will probably be driving it for the slight longer distance. Put a nice agreed value on it... Hopefully no idiot slams into it, but if they do hopefully I don't get hurt. But there's no replacing it, so I guess I have money to buy some land or down payment on a house out here

**SHines-IT** · 01-06-2010, 01:15 AM

Originally Posted by DrMilhouse

He's putting that stuff down and can't afford the interest rate?

Ya know, I'd say that's a call only you can make. If he's really good at paying you, then go for it, just realize it's gonna be a while before you have your money.

If he can't afford the interest he either A) doesn't have any credit or B) has fucked up credit.

If he fucked up his credit, what the hell are you doing financing him on something and asking the financial goofballs at LS1.com (I'm one of them) and if he has no credit, have him go to a credit union and get started with building his credit.

His credit was destroyed by his ex g/f, basically left him with a lease and other bills that they both was so post to split... He could not find a room mate in time and well, yea. He could afford the interest rate, just who wants to pay 16+ with cars that are pretty much the same as the Fungus?

**Frosty** · 01-06-2010, 01:53 AM

As they say when you lend $$-Don't expect it back. Don't lend out things that you don't expect to be returned...especially with family.

So lets say he defaults...is the 'vette still going to be in your name or his? Is the Focus going in your name or staying in his? If the 'vette is staying in your name how is he going to insure it under his name? He can't. He'd be driving on your policy which A)Might piss off you insurance company and B) Open you up to a nice can of what-the-fuck if he gets into an accident. If the 'vette gets transferred to his name good luck getting it back if he defaults.

I'm not saying your brother is a deadbeat or anything like that...but this is business....and mixing business with family rarely works.

**GTP231** · 01-06-2010, 04:29 AM

Were you born stupid or have you worked at this?

**SHines-IT** · 01-06-2010, 04:58 AM

Maybe I should note, he's 24 years old. In college, works as mental health something... So he's a bit old and mature. Not like he's my age or 21. He does not drink, he gets sick after half a beer. SOB drives like my damn grandmother...

**GTP231** · 01-06-2010, 07:54 AM

So?

**86 IROC-Z** · 01-06-2010, 08:20 AM

Inb4 OP is starring in episodes of both small claims with Judge Judy as well as Family Feud.

**tep98ws6** · 01-06-2010, 08:41 AM

Originally Posted by DJ Red Barron

And I say yea. Finance the car. What's the worst that can happen? You end up with the Vette back, broken down and destroyed. But it will come with a trunk full of Amsoil & buttplugs. Win/win IMO.

**waldo** · 01-06-2010, 09:08 AM

don't do it.

**Frosty** · 01-06-2010, 09:23 AM

Originally Posted by SHines-IT

Maybe I should note, he's 24 years old. In college, works as mental health something... So he's a bit old and mature. Not like he's my age or 21. He does not drink, he gets sick after half a beer. SOB drives like my damn grandmother...

That really means nothing when we're talking about $$$ and business. His drinking habits has no bearing on his finances.

I'm sure he's a good guy, I just warn you that family and business mixed is a bad idda.

**SHines-IT** · 01-06-2010, 09:41 AM

Originally Posted by Frosty

That really means nothing when we're talking about $$$ and business. His drinking habits has no bearing on his finances.

I'm sure he's a good guy, I just warn you that family and business mixed is a bad idda.

Mostly referring to him not wrapping the car around a tree.