You should have provided a "You are right" answer above... because you are.
The English idiom would be "he's cutting off his nose to spite his face." In other words, he's doing something irrational --even though it will hurt him-- just because he's upset.
Is my friend right and I'm wrong?
Yosyp
2012/05/26 11:44:21
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I have a friend who has a very good condition 2010 car, problem is , he lost his job and has decided to let the bank take the car even though he has less than a year remaining on his payments.
I offered to take over the payments, I thought this would be win win situation for both of us, save his credit , I'll have a car.
He didn't look at it that way, said no way, the car is almost paid for , why should I get it at such a bargain.
Bottom line, he is willing to let the bank repossess and damage his credit, instead of allowing me to take over payments.
PS: I can not afford to give him a loan.
Doing what you propose is fraught with danger the car would still be registered to him and what about insurance. You would have to clear this all with the finance company.
What you propose is not even legal you cannot simply take over payments in my country. You have to settle the balance before you can transfer any vehicle.
Offer to settle the balance in cash he might change his tune. Give him some form of compensation, let him keep his dignity.
The car is not his until it is paid for it in effect belongs to the finance company.
Anyway in my experience, friends, family and financial dealings are a recipe for disaster, steer clear.
Regardless, the guy is not too smart, and not your friend. Let him get screwed - he deserves to feel the consequences. If he suddenly decides to change his mind and let you, DON'T do it. Trust me, you would be sorry you did.
at what discount is he willing to accept to save his credit rating ?
if the car is worth more than the payments, he could sell the car out right , pay off the load and pocket the difference..
your not willing to pay fair market value for the car ????
but the question still remains..
fair market value of car ?
discount ?
willing to pay fair market value ?
this business deal does not seem that complicated to me...
he wants $ X for the car , you want to pay $ Z for car,
takes t2o to tango,
If I were you, I would probably start getting pissed off at him for being so stupid, I can't stand ignorance.
He does not want a repo on his credit. That's very damaging.
The English idiom would be "he's cutting off his nose to spite his face." In other words, he's doing something irrational --even though it will hurt him-- just because he's upset.
A whole generation will go through life without a job where does that leave us all.
The global village will cause no part of the world to be immune.
We have cultivated an economy and culture on debt driven consumerism. The divide between rich and poor is widening every day. The middle class is disappearing the balance has gone.
The rise of the Nazis comes to mind be concerned very concerned. IE: the evil Jew has been renamed the evil banker the symptom is the same.
Economies based on service IE; the UK are in IMO waiting to implode.
Financial sector getting rich everybody else pounded into the ground.
The problems are not getting fixed it is business as usual, IE: J.P. Morgan loss, the tip of the Iceberg.
Nice point about the 'evil banker' who's more than earned the title, as far as I can see. Still, though it's all circling the drain, we ARE Mankind. We've risen to the challenges of evolution and extinction in the literal sense. We'll hash it out, I feel certain.
Took an A bomb an H bomb and the total leveling of Germany to beat the ignorance and arrogance out of two cultures.
Moral decay, materialism, greed, tyranny, ignorance, arrogance have broken down every civilisation in the worlds history.
I wade through Gibbon's rise and fall of the Roman Empire and it all sounds so familiar.
The dark ages lasted 500+ years.
Took the Renaissance to jump start western civilisation again.
That is what I fear the turmoil that comes before a new order.
Let us hope that we come to our senses soon.