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Should I pull the trigger on this??

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  • #1

    Should I pull the trigger on this??

    Here's the deal..... I found a pretty nice festy for sale. It's a 92 gl sport, white with all correct sport options (seats, spoiler, alloys, etc.), good body, no rust, 2nd owner with 240k miles on her (current owner has had it since 17k miles). Kept in good condition with all maintenance and service. They're asking $1450.
    The thing is one of my coworker's just had her transmission go out in her car and she can't afford $1000 on fixing it (think it's an old ford contour). Just wondering if I should loan her the money for this and she would make monthly payments to me? I told her that if she ever got rid of it I would buy it back, haha!
    Any thoughts? Fair price for the car? Should I trust lending money to a coworker?
    "Lane, I've been going to this high school for seven and a half years. I'm no dummy."

    Gone but never forgotten, "Hulkstiva"...http://www.fordfestiva.com/forums/sh...ht=progression
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  • #2
    I would make sure to have a written contract that clearly shows payment amounts and due dates. Also include a section that states that any missed payment will result in you taking the vehicle until the loan is paid in full.
    If you do this, once the contract is signed by you both and a witness take her to the dmv, transfer the title to her name with you as lien holder. This way she is responsible for all insurance and liabilities.
    You can also make her carry full coverage insurance as the car is "financed" covering your investment if she totals it.
    If you do it make sure no matter what you stand firm on payments etc...
    Family, friends and coworkers are the top 3 worst to get into money deals with.
    Last edited by econoaddict; 11-27-2010, 06:13 PM.
    Hotrod Forums Directory * D&D Discbrakes 61-67 Econoline Conversions
    1988 Festy - white 5spd 1.3 * 1992 Festy - red 5spd 1.3 * 1963 Econoline 5 window pu * 1993 Dodge W250 5.9 Cummings * 94 Mustang

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    • #3
      ^Sweet. That's some good info. Thanks!
      "Lane, I've been going to this high school for seven and a half years. I'm no dummy."

      Gone but never forgotten, "Hulkstiva"...http://www.fordfestiva.com/forums/sh...ht=progression

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      • #4
        Lane, the contour is barely worth the $1000.00, you might be better off to help her buy another car and scrap hers, it might be worth $250 so with $1250 she might end up with a better car. Just a thought, good luck.
        An idea can turn to dust or magic, depending on the talent that rubs against it.

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        • #5
          Originally posted by sc72 View Post
          Lane, the contour is barely worth the $1000.00, you might be better off to help her buy another car and scrap hers, it might be worth $250 so with $1250 she might end up with a better car. Just a thought, good luck.
          Haha, yeah that's what I was thinking. Her car was a piece!
          "Lane, I've been going to this high school for seven and a half years. I'm no dummy."

          Gone but never forgotten, "Hulkstiva"...http://www.fordfestiva.com/forums/sh...ht=progression

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          • #6
            Find her a $500 festy beater. Econoaddict gave some damn good info that I will remember if I ever need it.
            91 Festiva BP Autocross/Track/Rallycross hopeful
            14 C7 Z51

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            • #7
              Originally posted by Grey Vw View Post
              Find her a $500 festy beater. Econoaddict gave some damn good info that I will remember if I ever need it.
              I'm looking for those too. This one is just so tempting becuase it's a gl sport and I know it will probably be mine someday! Haha
              "Lane, I've been going to this high school for seven and a half years. I'm no dummy."

              Gone but never forgotten, "Hulkstiva"...http://www.fordfestiva.com/forums/sh...ht=progression

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              • #8
                And why would a man be so nice as to offer to loan $1,000 to a female coworker? lol jk
                91 Festiva BP Autocross/Track/Rallycross hopeful
                14 C7 Z51

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                • #9
                  Originally posted by Grey Vw View Post
                  And why would a man be so nice as to offer to loan $1,000 to a female coworker? lol jk
                  Oh man, if you only knew!! Totally not like that at all! I'm at least 30 years her junior.....and I'm not into cougars at all!
                  "Lane, I've been going to this high school for seven and a half years. I'm no dummy."

                  Gone but never forgotten, "Hulkstiva"...http://www.fordfestiva.com/forums/sh...ht=progression

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                  • #10
                    older women

                    HOLY CRAP !! Well wait a minute,where does that put her, in her 50's that means she is experienced, HUUUM Just Joking.
                    An idea can turn to dust or magic, depending on the talent that rubs against it.

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                    • #11
                      Originally posted by sc72 View Post
                      HOLY CRAP !! Well wait a minute,where does that put her, in her 50's that means she is experienced, HUUUM Just Joking.
                      Haha! She's recently divorced too!
                      "Lane, I've been going to this high school for seven and a half years. I'm no dummy."

                      Gone but never forgotten, "Hulkstiva"...http://www.fordfestiva.com/forums/sh...ht=progression

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                      • #12
                        My first rule, never loan anything you expect back.


                        Tough call. I would only do it if you can live without ever seeing the money again, then if she pays you back, bonus.
                        And do consider what the car is worth. Are you only sticking your finger in the dam. If it is a piece, she should probably go look into financing a replacement, with a bank.
                        Rodney

                        1991 FI 5 Speed Aqua Blue

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                        • #13
                          I think he is talking about loaning her the money to buy the Festy.....and then buy it back if she wants to sell or gets it back if she defaults.
                          "FLTG4LIFE" @FINALLEVEL , "PBH"
                          89L Silver EFI auto
                          91GL Green Auto DD
                          There ain't no rest for the wicked
                          until we close our eyes for good.
                           I will sleep when I die!
                          I'm a little hunk of tin, nobody knows what shape I'm in. I've got four wheels and a running board, I'm not a Chevy, I'M A FORD!

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                          • #14
                            Yeah, I trust her, but I would definitely draw up some sort of contract just to be safe. Just like Geneva said though, the prize of the whole situation would be getting the car in the end.....whether she finds another car, gets tired of it, can't pay anymore or whatever. She already sold her other car for scrap, so if anything ever happens to the festy I'm sure I'll be picking it up for scrap price! Too bad festies never break down!
                            "Lane, I've been going to this high school for seven and a half years. I'm no dummy."

                            Gone but never forgotten, "Hulkstiva"...http://www.fordfestiva.com/forums/sh...ht=progression

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                            • #15
                              Lane....read this before you do anything.....

                              Ruined Aspire! - FordFestiva.com Forums
                              http://www.fordfestiva.com/forums/showthread.php?t=30216
                              General auto related talk
                              "FLTG4LIFE" @FINALLEVEL , "PBH"
                              89L Silver EFI auto
                              91GL Green Auto DD
                              There ain't no rest for the wicked
                              until we close our eyes for good.
                               I will sleep when I die!
                              I'm a little hunk of tin, nobody knows what shape I'm in. I've got four wheels and a running board, I'm not a Chevy, I'M A FORD!

                              Comment

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