If you go with a contract I see no fault in this.

i see no fault in this if you go with a contract like chuggernaught said.
Also make sure that you still have money for you and your family.
hugs

i see no fault in this if you go with a contract like chuggernaught said.
Also make sure that you still have money for you and your family.
hugs

You hold the title until it is fully paid. They pay the insurance. Even then, there is a risk, cause if they crash and don't pay the insurance, you're screwed.

Any time you lend money to anybody, it is a risk....if you can't afford to lose the money if for some reason they don't pay it back, don't loan it. That money is for you. Be sure you don't need it to invest in something that could help you maintain your life in the future -- do you need a car yourself, do you need savings for car repairs, home repairs, other unforeseen emergencies?

I have made the same kind of gestures of kindness before, and regretted it soon afterwards, when I could have used the money and needed it for something else.

Just be sure that won't happen once you let go of that money, it may not come back around for some time.

Thanks starfish, Financilally I have already made investment for the long term and could survive without the funds. We just bought a new 4cyl car for cash and I am tempted to see if the wife would want to give them that one and look for another one for herself. and we have a good resource for another car. I've done good with the money so far and have set it up so I can't mess it up and get in a bind.

That is why I am wondering if a Good Deed should be this big or should I be happy with smaller actions. ya know is this my bp talking or is it the right thing to do

Caution is the best policy.

Give it a month, see if you still feel the same way ?

w8 4 full payment i have just been shit on AGAIN after being kind and helping someone out, at least this time money wasnt involvedjust some of my time and effort

Waiting a month to make the decision sounds like good advice.

If you buy them a car..I would have you pay cash for the car,get the title turned over to them,have them buy the car from you for 1 $..that way,nothing can come back on you if they renig on payments,or get in an accident ,and are not insured.
DO NOT co-sign,or just give them a car,that you put the down payment on,and they take over the payments...that could be disaterious for your financial rateings,if they find themselves in a posistion where they can't make payments.

Doing a good deed,is a thoughtful and careing thing for you to do...but not at the exspence of putting your own financial security on the line.

There's the car.

Then Insurance, Gas etc .

Could they afford the running costs ??

I woul ddecide how much you could afford tol ose and not be unhappy abot. $300-$500? And then tell the people that when they get ready to buy a car you would likelend them that amount of money toward the car. Have a contract or sat least apiece of pper saying their names your names when they will finish up paying by andhow much was lent. You probably willlose friend or not get paid. You can still lose a friend even if the y pay you back.

keep the love going thats all we have

My friend gave me her car when she bought a new one and mine was falling apart.

You are too trusting.

I would agree with a bit of advice in here. Sell them the car for $1 and have them transfer the title. Then set up a contract for something else for the value of the car. (of course by then I mean as well not afterwards) By doing this they are making payments on something of no value that cannot turn around and Hurt you if they do turn around and do something with it. You will not be liable for anything that happens with the car, yet still get payments back as they can. Also I would suggest drawing up the payments flexibly, such as they will give you SOME money every month and set up a range from x to x.

This allows them to pay less if they have to and not feel like all is hopeless because they missed a payment. I myself have a problem where I feel like if I miss a single payment there is no point in trying to catch up, instead just let it go.

With these things all in line then you are safe (provided you can afford to lose the money if they don't pay) they dont feel like a charity case, and they dont feel trapped into payments either. Trapped is a bad feeling even if neccessary.

You have to think of liability with this sort of gift. If the title stays in your name and they have an awful accident then you will be responsible for all their medical bills.

Just like if you give them the car and they never get insurance. Most police will just take the car away from them. Who will bail out the vehicle then?

If they can't afford a piece of junk car can they really afford the gas needed to run the machine?