vB Easy Archive - dilemma...

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dilemma...
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Posted by: y0kizzle

i currently have a 07 hyundai accent with 18k miles that i pay $359/month and still owe $19k on due to negative equity on a trade-in...
i found a friend to take over that payment...
i found a 04 infiniti g35 for $25k out the door with 34k miles on it...
it has all the options except for navi installed...
missing floormats and few scratches here and there, but expected of a used car...
question is would you keep the hyundai or get the g35...
i can get the g35 for about $450-500/month due to low credit score...
what should i do, g35 was so damn nice when i drove it...

btw...
me and my friend are making a contract and getting it notorized so i can't get screwed over...

Posted by: BeaverLiquor

why do you need a contract? will it still be in your name? just transfer or "sell" him the car less trouble that way.

you have to ask yourself can you afford the new car? higher payments, higher insurance, higher maintenance and higher gas costs.

Posted by: y0kizzle

Quote:

Originally Posted by BeaverLiquor

why do you need a contract? will it still be in your name? just transfer or "sell" him the car less trouble that way.

you have to ask yourself can you afford the new car? higher payments, higher insurance, higher maintenance and higher gas costs.

yea i can afford it...
it will still be in my name because she has really bad credit...
g35 is my dream car and i feel like it's a good opportunity for me to get it...

Posted by: Woogie650

Quote:

Originally Posted by BeaverLiquor

why do you need a contract? will it still be in your name? just transfer or "sell" him the car less trouble that way.

US statute of frauds states that all sales transactions with a value of $500 or more requires a contract signed by both/all parties.

Signed and notarized. Smart thinkin, Y0kizzle.

Posted by: Abom

Is the new purchaser allowed to register / insure the Accent ? I know here in Canada, in the Yukon specifically, the lien-holder will only allow the original purchaser to register and insure the vehicle. If your purchaser cannot legally insurance and register the Accent, I would not let her take it, since it will be your legal responsibility and your insurance that would be liable for anything and everything.

Personal opinion, if you can afford it, buy the new car and keep them both. G35 for the nice summer days, Accent for the winter. I have the exact same arrangement, bought my wife an '01 Ford Focus (~$7k remaining on it) two years ago. She has now bought an '04 Explorer, and I own an '05 Mustang convert, so I use the Focus as my winter vehicle so I don't wreck my top on the Mustang with ice and snow.

That's of course if you can afford to do such a thing, luckily my insurance is el-cheapo, so I am able to do that.

Posted by: babooza69

07 car with 18k miles? damn!

Posted by: BeaverLiquor

Quote:

Originally Posted by Woogie650

US statute of frauds states that all sales transactions with a value of $500 or more requires a contract signed by both/all parties.

Signed and notarized. Smart thinkin, Y0kizzle.

i looked it up and it's $5000. i asked because in the original post it didn't seem like he was selling the car so the statue of fraud contract would be a moot point anyways.

Quote:

Originally Posted by y0kizzle

yea i can afford it...
it will still be in my name because she has really bad credit...
g35 is my dream car and i feel like it's a good opportunity for me to get it...

since it is still in your name it will be very complicated with insurance and plates and if she defaults on any payment you'll still be on the hook even with the contract. and if you friend doesn't really need, a car i'd suggest fixing her credit first or see if you or someone else can co-sign, which is still risky but the car will be under her name.

Posted by: Woogie650

Quote:

Originally Posted by BeaverLiquor

i looked it up and it's $5000. i asked because in the original post it didn't seem like he was selling the car so the statue of fraud contract would be a moot point anyways.

since it is still in your name it will be very complicated with insurance and plates and if she defaults on any payment you'll still be on the hook even with the contract. and if you friend doesn't really need, a car i'd suggest fixing her credit first or see if you or someone else can co-sign, which is still risky but the car will be under her name.

All my legal textbooks say $500, so this got me a little curious.

I looked it up on wikipedia and this is what it says:
In the United States, contracts for the sale of goods where the price equals $500.00 or more (with the exception of professional merchants performing their normal business transactions, or any custom-made items designed for one specific buyer) fall under the statute of frauds under the Uniform Commercial Code (article 2, section 201) [1]. The most recent revision of UCC § 2-201 increases the triggering point for the UCC Statute of Frauds to $5,000, but as of 2006 no U.S. state has adopted revised Section 201.

I'd still create a sales contract for anything over $500 just so that both parties stay protected. If and whe you take them to court, the judge might say 'our state has yet to adopt the revised 201, so we go by the $500, and not the $5000.'