I really, really, really need help regarding purchase of new car.

[EVILISLEMONS]

Okay before I get started, please note I'm an idiot. I know what I say in the following paragraphs may be (or is) stupid, but I need to get some honest answers so I have to explain this situation with as much accuracy.

IT'S A LONG POST BUT IT IS GREATLY APPRECIATED IF YOU READ THROUGH IT.


To start off, there is a total of four people involved in this: A millionaire who we will call Cee, a friend of mine who we will call Vee, and another friend of mine who we will call Pee (pardon the pun). Both friends (meaning aside from the millionaire) are around 20 years old.

One day, Vee told me he wanted to purchase a car but because he did not have his license yet, there would be no way he could do it. So Cee steps in and says, "look, I'll help you buy the car". Keep in mind that Cee is a millionaire who owns several restaraunts. He is Vee's boss as well. You can tell how much trust/respect in each other simply from the fact he is helping Vee to buy the car using himself as the owner.

Well we get to the dealership and start the whole process of buying a 2012 Honda Civic SI Coupe. Price: ~40,000. Crazy. Yes, I know. But again, Cee is a millionaire so it was nothing to him. He owns 5 cars ranging from Mercedes Benz to a Porsche. Now, the problem arises when we needed to make a security deposit of $500. Both Cee and Vee cannot do it. They do not have the money on them. Only I do. How can a millionaire have no money on him? Well check the ** at the end of the post. Because of that, we all decided to pay it which means the car's under my name -- I'm the Owner of the vehicle. This meant that I would have to make the payments using my bank account. I'm OK with this since I just have to receive the payments from Vee and pay it off on time. No problems there. We also agreed that when Vee gets his license, we would transfer the ownership to his name, freeing me from all of this.

I'm not thinking much about it at this point. I'm thinking "cool, it's under my name. My credit rating is going to be excellent because I have a millionaire and a buddy to pay off this beautiful car". So yeah, after a bit of more paper work, we finished the deal. It was $233.11 bi-weekly for a period of 84 months. 84 months you say? No problem of course. Millionaire here. At least that's what I thought. Vee, Pee, and Cee were going to pay for the car. I was just merely there to help sign the papers.

At the end, they told me I could come pick the vehicle up when I got the insurance for the car. That's when it hit me: my driving record is no good. I have 3 convictions on my driving record. I wouldn't say the infractions were extremely bad, but it is definitely going to make the insurance cost a lot more than usual. On top of that, I am doing this all without my parent's knowledge. They will be sending me papers regarding the purchase of the car and the insurance - things that I DO NOT WANT TO SEE IN THE MAIL.

So why the hell am I doing it? Cause I'm an idiot. Why the hell won't I just tell my parents then? Because our relationship is strained due to past events. Please don't ask. Just know that I absolutely cannot allow them to find out I'm doing this.

So to clarify, my problem lies not only with the cost of financing this vehicle, but also having to deal with the higher insurance rate AND doing all of this without my parents knowing. At this point, I'm frustrated. I'm frustrated at the fact I did not think this far ahead and I'm frustrated at my failure to research.

That's why I want to turn to you guys for some advice. What exactly can I do to get out of this situation? I want to be able to take out the car, but the insurance is way too high. We wanted to ask Cee to help us, but we finally realized how much problems he has to deal with on his own: he's going through a divorce, has three kids who have turned against him, + he just co-signed for our damn car. What he did for us was more than enough.

We thought about paying insurance for a month, use it to take out the car, then cancelling the insurance. That way, we have the car in our possession and we don't have to pay insurance for the rest of the car. Of course, that means we won't get to drive it, and obviously we won't. At least until Vee manges to get his license. But the thing is, is it even possible to cancel an insurance within a month of purchasing the policy? I think they clearly outline in their contract that you must be a part of the company for a set amount of months before you are able to cancel.

We also thought about telling the insurance company and the dealership themselves to send the mail to a mailing address -- that way none of the mail reaches my home. This means we will have to deal with the high insurance, but at this point we've all agreed that keeping my parents in the dark about this was the number 1 priority.

Another thing we thought of was putting the insurance under someone else's name - preferrably Cee's. But the thing is, despite Cee being a millionaire he does not have any insurance experience. The reason is because all of his insurance were put under his wife's name, not his. I doubt an insurance broker would allow him to be insured like that - especially when he is not the legal owner of the vehicle (which I remind you again is me). I have no clue for sure though so can anyone tell me if this is possible?

I will try to simplify it once more: Is there a way for me to avoid having my parents involved with this (i.e. by changing mailing addresses) and possibly get a lower insurance policy? Not under my name of course -- I know I'm screwed for insurance because of my record. I really need to figure this out really soon. Within a day or two to be exact. Again, I know I'm stupid. Please do not preach to me. I just ask you guys to help me figure out a solution based on the given situation.

** Like I've said a bit in the previous paragraphs, Cee is going through a divorce so his wife took almost everything from him. He decided to take a break and shut himself from them as well. The only thing he brought with him were his keys to his Toyota Celica. No phone, no nothing. Tough world when you're in your 50s dealing with personal problems as well as running multiple restaurants.

Thanks in advance.

[feelthedeal]

Dafuq?

The inconsistencies in this story are pure flame bait...

http://drewminh.net/wp-content/uploads/2011/05/michael-jackson-eating-popcorn.gif

[goneinsixtyseconds]

I can't tell if this is a serious post or an elaborate clusterf*** of a joke but I'll bite.

Solution: Cancel the purchase agreement and be prepared to eat the loss of your $500 deposit. You're obviously not ready to handle the responsibility of titling a vehicle on behalf of a non-licensed friend (which btw is insanely fraudulent and illegal).

Advice: In the future, talk to a grown up before you make any decisions in your life. No, not your friend "Vee", nor "Pee" and especially not your so called millionaire friend "Cee" :rolleyes:.

*sigh*
I worry for our youth of tomorrow. If OP is any indication of where we're heading, we're all in a lot of trouble :facepalm:

[XtremeModder]

:facepalm:

I'm going to assume your being serious. In all honesty this is a disaster waiting to happen.

By the way a civic SI is about $31,500 taxes in.

I'm not sure Why you would ever agree to this what do you when your friend doesn't pay you... Pay it yourself? Because if you don't pay it and the car gets repossessed, expect your credit rating to take a huge hit. This can also put a strain on your friendship.

He doesn't have a license... Not even a g1? It'll be more than a year from now for him to start legally driving it, keep that in mind.

All I can say is that you should 100% not do this, tell your friend that by the time he gets his license, an even better SI will be out


Also, how old is your friend? Because his insurance will be a ***** load as a new driver in an SI.


Go to the dealer and tell them that all the insurance companies are quoting $4500+ per year and you can't do it. If you lose the deposit then so be it.

What you SHOULD do:

Let your friend buy the car on his own with no one else's help, and pay the insurance... I'm telling you righ now if you do do this, I gauruntee we will see this car for sale on here within a year, and it won't sell, and if it does you'll take a huge loss, trust me because I bought a BMW last year, could afford it but it got in the way of my savings so I sold it, guess how long it took to sell, 5-6 months.

Please take my advice and don't do this and I'll say it one more time. If you do this you will quickly regret it, plus what's the point of buying a car you cant drive for a year (which btw is bad for the vehicle) when your friend could just buy one when he can and it'll be even better.

[poedua]

To start off, there is a total of four people involved in this: A millionaire who we will call Cee, a friend of mine who we will call Vee, and another friend of mine who we will call Pee (pardon the pun). Both friends (meaning aside from the millionaire) are around 20 years old.

One day, Vee told me he wanted to purchase a car but because he did not have his license yet, there would be no way he could do it. So Cee steps in and says, "look, I'll help you buy the car". Keep in mind that Cee is a millionaire who owns several restaraunts. He is Vee's boss as well. You can tell how much trust/respect in each other simply from the fact he is helping Vee to buy the car using himself as the owner.

So why the hell am I doing it? Cause I'm an idiot. Why the hell won't I just tell my parents then? Because our relationship is strained due to past events. Please don't ask. Just know that I absolutely cannot allow them to find out I'm doing this.

So to clarify, my problem lies not only with the cost of financing this vehicle, but also having to deal with the higher insurance rate AND doing all of this without my parents knowing.

Simple solution,,,Vee is buying a car ...not you.

It's Vee's problem...not yours. Let Vee's parents help him out.

Also, so Cee ( the ' alleged ' millionaire :rolleyes: ) steps in and says, "look, I'll help you buy the car"...BUT... Cee can't cough up paltry $500 in chump change for a deposit....so, Cee is either not a millionaire or he's just a loser - or perhaps- both.

In any event, none of your friends seem to be particularly bright or responsible.....so, I'd just simply walk away and don't get involved AT ALL - that way - you don't have concern yourself about your parents.;)

[deep]

So the guy who is legally unable to drive wants to buy a car, the guy without $500 to his name is going to pay for it, and the guy with no brains at all is going to facilitate. Sounds like a win-win-win.

[steve-0101]

Sorry OP, I have nothing to offer.

I'm just here to say "wow".

[aalui]

"One day, Vee told me he wanted to purchase a car but because he did not have his license yet, there would be no way he could do it."

I dont get it, why does Vee wants to buy a car when he does not have a license yet? He wont be able to drive it and itll just be sitting there and depreciate.

[starboy869]

Wtf?

[poedua]

So the guy who is legally unable to drive wants to buy a car, the guy without $500 to his name is going to pay for it, and the guy with no brains at all is going to facilitate. Sounds like a win-win-win.

+1

Also sounds like Stevie Wonder leading Ray Charles through a dark cave with a flashlight !!!;)....:lol::lol::lol:

Then again, considering how hilarious and utterly comedic the OP's rambling, lengthy post reads, I think Larry, Curly and Moe may have been more suitable character pseudonyms than Cee, Vee & Pee..

[iownyou]

CAncel the purchase, forget about the 500$, and stay away from THE TRIO~~

[iownyou]

+1

Also sounds like Stevie Wonder leading Ray Charles through a dark cave without a flashlight !!!;)....:lol::lol::lol:

well if Stevie is leading, flashlight or not doesnt really matter...

[starboy869]

So the guy who is legally unable to drive wants to buy a car, the guy without $500 to his name is going to pay for it, and the guy with no brains at all is going to facilitate. Sounds like a win-win-win.

the guy without $500 in his pocket that supposely has $1,000,000 in the bank (and getting it on a monthly payment plan?)

the new Civic Si could be $40k with a high interest loan which they give out to new people or bad credit people.

[poedua]

well if Stevie is leading, flashlight or not doesnt really matter...

typo ...should of been ' with ' - fixed ! Thanks !:)

[thelefteyeguy]

punch me in the scrotum if this isnt trollbait.

WTF is your friend buying a car if he has no money at all. If the rich friend was so ball'n he can just loan him once of his 4 cars.

....makes me stupid just reading it.


Moe, Larry, Curly and Shemp going to buy a car episode.

[thelefteyeguy]

I can't tell if this is a serious post or an elaborate clusterf*uck of a joke but I'll bite.

Solution: Cancel the purchase agreement and be prepared to eat the loss of your $500 deposit. You're obviously not ready to handle the responsibility of titling a vehicle on behalf of a non-licensed friend (which btw is insanely fraudulent and illegal).

Advice: In the future, talk to a grown up before you make any decisions in your life. No, not your friend "Vee", nor "Pee" and especially not your so called millionaire friend "Cee" :rolleyes:.

*sigh*
I worry for our youth of tomorrow. If OP is any indication of where we're heading, we're all in a lot of trouble :facepalm:

these are the ppl that will be funding the CPP when we retire ....:cry:

[poedua]

Moe, Larry, Curly and Shemp going to buy a car episode.

Wonder which one would play the ' millionaire ' ?;).......:lol::lol::lol:

http://guyism.com/wp-content/uploads/3stooges1.jpg

[ichpen]

I'm really not buying into this story. Why would you 'finance' a car ahead of time for someone who doesn't drive? I mean did you just want to give me money bi-weekly and I can show you pics of a car and tell you you own it? ;)

Anyway, if it's just possession you're after you can get one day or one week insurance or just get the car towed from the dealership. Cost should be minimal.

P.S. A car loan does damage to your rating. Screw your score, you are limiting how much you can borrow until it's paid off or transferred you know for things you might need as opposed to your friends.

[SpillOnAisle9]

The missing link in this well-crafted (;)) plan is the fact buddy buying the car (the dude without the license) is going to
have to pay HST twice...once at purchase and again when the ownership is transferred.


yeah....that's the only problem :D

[poedua]

these are the ppl that will be funding the CPP when we retire ....:cry:

Actually, I think the ' Darwin Awards ' might come into play before that happens ! ;)...:lol::lol:

[thelefteyeguy]

have to pay HST twice...once at purchase and again when the ownership is transferred.


yeah....that's the only problem :D

oh yeah...:lol:

all I can say is $500 to the dealership...free money

[Bomberman07]

One day, Vee told me he wanted to purchase a car but because he did not have his license yet, there would be no way he could do it.

Your problem started here. Why do Vee wants a car if he can't drive it?

[saint2e]

Problems with story:

- $40,000 Honda Civic SI Coupe <--- who in their right mind pays that much for a Honda Civic?
- "Millionaire" doesn't have access to $500... I'm no where near a millionaire and I can drum up $500 pretty easily.
- Guy without a license wants to buy a car... Cart before the horse, much?
- Ludicrousness of Person A buying a car for Person B, and having that car in Person C's name.

[gei]

This story is obviously false and ridiculous for so many reasons - but why would the OP go to the trouble of typing up all that nonsense unless he was actually looking for some information?

Perhaps he himself just wants to know how he can drive a car without a license?

[Busybuyer888]

Going along with the story ... there one HUGE problem in the near future ...

There will be a 13% HST cost to transfer the car. There is no such thing as a change of ownership between friends (only family). It will be considered a sale between two individuals.

Lets say the car is valued at $25,000 for purposes of the sale ... that would mean $3,250 would have to be paid to MTO to change the ownership.

Losing the $500 deposit to walk away from this nightmare in the making, looks like a very smart thing to do.

[2004acura]

trolling.
can't help you
not sure why the **** do you want to go to the dealer with those guys in the first place

[Kevinck]

Please OP come back and give us an answer as to why the guy with no license wants to buy a car that he can't drive, can't insure, and can't afford. Even if this a troll post there should be an interesting troll answer.

[mucat]

I am surprised you guys actually read the whole thing. I gave up right at "Civic SI Coupe. Price: ~40,000".

[NCDkitchens]

why are you all surprised? he clearly stated "Okay before I get started, please note I'm an idiot. I know what I say in the following paragraphs may be (or is) stupid, but I need to get some honest answers so I have to explain this situation with as much accuracy. "

He is stupid.

[spike1128]

I am just going to say something simple. Why is Mr. Vee buying a car when he can't drive? Here alone proves this is a troll post.

Stop wasting our RFDers' time. We got deals to find.

[IMWHFMPC]

You are an *****. Tell your friend to pay for car+insurance all at once, if he cant afford it tell him you need to cancel because of insurance rate, and you will probably need to eat that $500. Not sure how your friendship is going to end, but if a friend ask you to co-sign ***** like this i dont think they are good friends anyway.

[iownyou]

why are you all surprised? he clearly stated "Okay before I get started, please note I'm an idiot. I know what I say in the following paragraphs may be (or is) stupid, but I need to get some honest answers so I have to explain this situation with as much accuracy. "

He is stupid.

He did say "please note" .... no one noticed?? :-0

[2004acura]

I am surprised you guys actually read the whole thing. I gave up right at "Civic SI Coupe. Price: ~40,000".

maybe with the turbo option that dealer just recently upgraded.

[EVILISLEMONS]

This is not a troll post. This is the truth. I myself KNOW it's a bad idea but you guys aren't understanding the story and giving me solutions under wrong preconceptions.

Number one, our millionaire guy is a man in his 50s who went through a very personal dilemma. Background: He and his wife are in the same business (It is a pizza business) and they own several chains around the city. They do not have a good relationship with each other. They both ended up arguing to the point their kids also jumped in and started bashing at him. His eldest son tried to fight him as well. He became really depressed, and and drove to his friend's house for the night. He did not bring his wallet. The next morning, he came to his house and noticed all his family gone and we found out they went to a family's house. At this point, he's an emotional wreck. His wife also took his wallet (which I guess was done out of malice).

But before all of this, we had already planned on the purchase of the car. This situation was not what we expected at all. We went with it anyway. We drove to the dealership. He had no money of course because he had no wallet. My friend had money but he did not have enough for the security deposit. That is why I was the one who paid for it. If you guys don't believe me or the fact that he's rich - tell me how it was possible to get approved for purchasing a vehicle that costed 40,000 when I have barely any credit at all (being that I got my credit card less than 6 months ago)?

Speaking of it being 40,000...there were a few packages added to it. The price before all of that amounted around 31,000.

Please understand that if my friend by any chance can't pay (I know he will be able to pay for it though), the millionaire will help him pay. He joked with us and simply said he would deduct my friend's salary for compensation if needed.

Yeah, my friend doesn't have a license. He wants a car because his family doesn't have one. He the eldest sibling (of two) living with a single mother. Sure he could've opted for a cheaper car, but the millionaire guy treats my friend as if he was his own. That is why he wanted to spoil my friend a bit. He has his G1, and he is working towards obtaining his G2 which should take less than a year since he can take a driving school to reduce the time it takes to get one. Once he is able to obtain his G2, we can trade ownership of the vehicle. Yes, we know it costs money but we are willing to pay the price. Why do that when you can just get the car when he gets his license and avoid the tax fee altogether? Because a car would make getting to certain places easier - both for him and for his family.


Please re-evaluate your solutions and opinion guys. I know the whole thing sounds like a disaster but I think you guys just don't understand the entire situation accurately as well. To me, this is a 50-50. I may end up regretting this decision, or be grateful of it. I risk getting bad credit to achieve better credit. We are still young, but don't we have to start somewhere? Of course it takes hard work for this to be successful - who says we won't work hard? Simply speaking, all it takes is paying for the car on time. A one time fee to transfer ownership at a later date. Then the situation sounds just like how it would for anybody financing the car. Is that not what it is? We have managed to change the mailing address so the problem with my parents is over. The risk I run is getting bad credit from within a year. Not any more because it won't be under my name by then. I trust my friend will be able to pay for the car for a year at the very least.

This explanation should make my original post more believable and if it doesn't, oh well. I am serious with this post and whether or not I get support or hate, I really want a non-biased response.

[Kevinck]

Here's an honest response that i think every responder to this thread will agree with. It's already been mention. Easiest and best solution that solves ALL problems.

Go back to the dealer and cancel the deal. Worst case scenario you lose your $500. Get Cee to pay you the $500 once he gets access to his bank cards again. You are now 100% free of the situation.

Everyone lives without a car until Cee gets his ***** together. Then they all go to the dealer without you and do everything with the proper names on the papers. Worst case scenario they're without a car for a couple months. Sure a car would make the guy's life easier but he's lived this long without it so he can wait another month or two.

Before you argue or try to rationalize anything, just stop and think about all the trouble you're going through to do something that is not urgent. If this was a one time deal that could never be repeated then maybe you'd have a case for trying to hold onto this car. But you have an easy out that only costs $500 (which your millionare friend should cover anyway). The option for him to help your friend buy a car will still be open when he gets his wallet and his sanity back.

[Engi-Nir]

Problems with story:

- $40,000 Honda Civic SI Coupe <--- who in their right mind pays that much for a Honda Civic?
- "Millionaire" doesn't have access to $500... I'm no where near a millionaire and I can drum up $500 pretty easily.
- Guy without a license wants to buy a car... Cart before the horse, much?
- Ludicrousness of Person A buying a car for Person B, and having that car in Person C's name.

PEE, why is he mentioned in OP's story, is he there to PEE?

OP is a troll, wasting time

[XtremeModder]

This is not a troll post. This is the truth. I myself KNOW it's a bad idea but you guys aren't understanding the story and giving me solutions under wrong preconceptions.

Number one, our millionaire guy is a man in his 50s who went through a very personal dilemma. Background: He and his wife are in the same business (It is a pizza business) and they own several chains around the city. They do not have a good relationship with each other. They both ended up arguing to the point their kids also jumped in and started bashing at him. His eldest son tried to fight him as well. He became really depressed, and and drove to his friend's house for the night. He did not bring his wallet. The next morning, he came to his house and noticed all his family gone and we found out they went to a family's house. At this point, he's an emotional wreck. His wife also took his wallet (which I guess was done out of malice).

But before all of this, we had already planned on the purchase of the car. This situation was not what we expected at all. We went with it anyway. We drove to the dealership. He had no money of course because he had no wallet. My friend had money but he did not have enough for the security deposit. That is why I was the one who paid for it. If you guys don't believe me or the fact that he's rich - tell me how it was possible to get approved for purchasing a vehicle that costed 40,000 when I have barely any credit at all (being that I got my credit card less than 6 months ago)?

Speaking of it being 40,000...there were a few packages added to it. The price before all of that amounted around 31,000.

Please understand that if my friend by any chance can't pay (I know he will be able to pay for it though), the millionaire will help him pay. He joked with us and simply said he would deduct my friend's salary for compensation if needed.

Yeah, my friend doesn't have a license. He wants a car because his family doesn't have one. He the eldest sibling (of two) living with a single mother. Sure he could've opted for a cheaper car, but the millionaire guy treats my friend as if he was his own. That is why he wanted to spoil my friend a bit. He has his G1, and he is working towards obtaining his G2 which should take less than a year since he can take a driving school to reduce the time it takes to get one. Once he is able to obtain his G2, we can trade ownership of the vehicle. Yes, we know it costs money but we are willing to pay the price. Why do that when you can just get the car when he gets his license and avoid the tax fee altogether? Because a car would make getting to certain places easier - both for him and for his family.


Please re-evaluate your solutions and opinion guys. I know the whole thing sounds like a disaster but I think you guys just don't understand the entire situation accurately as well. To me, this is a 50-50. I may end up regretting this decision, or be grateful of it. I risk getting bad credit to achieve better credit. We are still young, but don't we have to start somewhere? Of course it takes hard work for this to be successful - who says we won't work hard? Simply speaking, all it takes is paying for the car on time. A one time fee to transfer ownership at a later date. Then the situation sounds just like how it would for anybody financing the car. Is that not what it is? We have managed to change the mailing address so the problem with my parents is over. The risk I run is getting bad credit from within a year. Not any more because it won't be under my name by then. I trust my friend will be able to pay for the car for a year at the very least.

This explanation should make my original post more believable and if it doesn't, oh well. I am serious with this post and whether or not I get support or hate, I really want a non-biased response.

Please op, we do understand (those of us giving advice), what you have to do is stop rationalizing this. Buying a car that no one can drive is just plain stupid.

Also, when your friend gets his license, you'll have to have insurance under your name and hell have to have insurance under your policy to be a secondary driver. Someone correct me if I'm wrong.

Besides, your friend will NOT be able to afford an SI working at a pizza place, especially the insurance and that car takes premium gas.

[dc200]

Does this "millionaire" come from Nigeria by any chance?

[yao416]

Looks like Cee Lo is an idiot

[caprio]

I think you need to cancel the deal ASAP. Let your friend re buy the car when he gets his G2 licence under his own name. This whole situation doesn't sound logical at all.

Why the rush in buying the car, you are not exactly getting the deal of the century with paying over $40K for a Civic. (you could of bought a TSX) If your friend didn't have $500 on him then come another day! You don't need to buy right on the spot. This seems like a potential scam. eg. Your friend claims the car was stolen (actually shipped to a 3rd world country), he splits the money with your other friend, and you have to deal with the insurance for the loss since it is under your name. Even if this isn't a scam, imagine if your friend was ever charged with driving over 50 km/h, the Civic would be impounded and you have to pay $10,000 to get back the vehicle. Your friend could just back out and say that isn't his problem anymore and you would be screwed. Although you already have a bad driving record, when you lend your car, you lend your insurance so if your friend ever got into an at fault accident, that is another strike against you and your rates will remain high.

Just say that your parents don't approve of this deal and back out and have your "millionaire" friend pay you back the $500. Don't be fooled by these "millionaires", a lot of them are just like a shell (empty inside). Nice cars, nice house but a mountain of debt!

Also, if your friend needs a car, ask him to use Zip Car or other companies that will let you borrow the car for about $15 per hour with insurance. Taking the taxi when your friend needs to would be much cheaper than the insurance, car payment, and gas. Owning a car is not always the smartest thing to do. Ask your friend to save up money to buy a property of his own rather than to spend it on a $40K Civic. If he really wants a Civic coupe, just tell him to buy a used one.

My question is what is in it for you?

[yao416]

Minus whale buy a c250 coupe or 323i with 40k

[firetree]

Here's an honest response that i think every responder to this thread will agree with. It's already been mention. Easiest and best solution that solves ALL problems.

Go back to the dealer and cancel the deal. Worst case scenario you lose your $500. Get Cee to pay you the $500 once he gets access to his bank cards again. You are now 100% free of the situation.

Everyone lives without a car until Cee gets his ***** together. Then they all go to the dealer without you and do everything with the proper names on the papers. Worst case scenario they're without a car for a couple months. Sure a car would make the guy's life easier but he's lived this long without it so he can wait another month or two.

Before you argue or try to rationalize anything, just stop and think about all the trouble you're going through to do something that is not urgent. If this was a one time deal that could never be repeated then maybe you'd have a case for trying to hold onto this car. But you have an easy out that only costs $500 (which your millionare friend should cover anyway). The option for him to help your friend buy a car will still be open when he gets his wallet and his sanity back.

+1
that's right,there is no need to take a chance here. Yeah,it could work out at the end,but why take the risk?? Take the easy way out and do the right thing. Simply put,the risk is far greater than the benefit.

[joepoonie]

My friend had money but he did not have enough for the security deposit. That is why I was the one who paid for it. If you guys don't believe me or the fact that he's rich - tell me how it was possible to get approved for purchasing a vehicle that costed 40,000 when I have barely any credit at all (being that I got my credit card less than 6 months ago)?

This tells me that this whole "story" is a lie. If you're the one that is signing for the car, then the dealership would have done a credit check on you, not your "rich friend". They wouldn't have given you credit because you have a "rich friend".


Yeah, my friend doesn't have a license. He wants a car because his family doesn't have one. He the eldest sibling (of two) living with a single mother. Sure he could've opted for a cheaper car, but the millionaire guy treats my friend as if he was his own. That is why he wanted to spoil my friend a bit. He has his G1, and he is working towards obtaining his G2 which should take less than a year since he can take a driving school to reduce the time it takes to get one. Once he is able to obtain his G2, we can trade ownership of the vehicle. Yes, we know it costs money but we are willing to pay the price. Why do that when you can just get the car when he gets his license and avoid the tax fee altogether? Because a car would make getting to certain places easier - both for him and for his family.

So does he have a license or does he not? One moment he has a license, one moment he doesn't. Again, your post honestly looks trollific.

[azncapcom]

OP is obviously a troll.

Other than the fact that no one in the right mind would do something like he did. He also contradicts himself several times.

In his second post, he states that his friend could've got a cheaper car but his millionaire friend wanted to spoil him... then he later on states that his friend will be making the monthly payments... so who is paying for the car? your friend or the millionaire? How is the millionaire spoiling your friend if your friend will be making the payments. Also he'll be able to afford the car payments PLUS insurance payments on a pizza job? Yeah he might be able to afford it if it was to use 100% of his salary to pay for it. Then you go saying how he is the eldest of 2 with a single mother, would he really be spending all his money on a car with high insurance or helping with the payments in the home?

Also in OPs second post he mentioned that the millionaire did not have his wallet that day at the dealer. Don't you need some kind of Identification to co sign? I.e drivers licence? How would they know hes a millionaire? How would they know hes not giving a false name?

STOP TROLLING

but credits on the effort to troll.

[poedua]

This explanation should make my original post more believable and if it doesn't, oh well. I am serious with this post and whether or not I get support or hate, I really want a non-biased response.

Here's one for you ...it's your friend's car...not yours.

It has NOTHING to do with you - so, don't get involved in way financially or otherwise......just, walk away.

Problem solved. :)

[Gee]

This is a screw up waiting to happen

I have my doubts about this story. If the millionaire really wants to help, buy the car out right and use it for a pizza delivery car. Deduct payments from employee until it is paid off.

The millionaire is not really a millionaire.

Elvis is an idiot. You're responsible for everything. You cannot cancel insurance. You think Honda Finance will allow you to own a car that has no insurance. One of the terms of fiancing is current insurance.

If you own the car, the plates are also yours. Your friend goes on the 407 or runs a red light camera, you get the invoice.

Go back to the dealership and tell them you were refused financing or your insurance was too high. Try to get your deposit back. If you lose the deposit, then treat it as the cost of education for this bone head move.

If you did managed to pull this off, there is no benefit for you. Credit rating? Yeah right. You have everything to lose and nothing to gain.

The smart move is to buy a used car once he gets his licence.

[zzz3]

Okay before I get started, please note I'm an idiot. I know what I say in the following paragraphs may be (or is) stupid, but I need to get some honest answers so I have to explain this situation with as much accuracy.

IT'S A LONG POST BUT IT IS GREATLY APPRECIATED IF YOU READ THROUGH IT.


To start off, there is a total of four people involved in this: A millionaire who we will call Cee, a friend of mine who we will call Vee, and another friend of mine who we will call Pee (pardon the pun). Both friends (meaning aside from the millionaire) are around 20 years old.

One day, Vee told me he wanted to purchase a car but because he did not have his license yet, there would be no way he could do it. So Cee steps in and says, "look, I'll help you buy the car". Keep in mind that Cee is a millionaire who owns several restaraunts. He is Vee's boss as well. You can tell how much trust/respect in each other simply from the fact he is helping Vee to buy the car using himself as the owner.

Well we get to the dealership and start the whole process of buying a 2012 Honda Civic SI Coupe. Price: ~40,000. Crazy. Yes, I know. But again, Cee is a millionaire so it was nothing to him. He owns 5 cars ranging from Mercedes Benz to a Porsche. Now, the problem arises when we needed to make a security deposit of $500. Both Cee and Vee cannot do it. They do not have the money on them. Only I do. How can a millionaire have no money on him? Well check the ** at the end of the post. Because of that, we all decided to pay it which means the car's under my name -- I'm the Owner of the vehicle. This meant that I would have to make the payments using my bank account. I'm OK with this since I just have to receive the payments from Vee and pay it off on time. No problems there. We also agreed that when Vee gets his license, we would transfer the ownership to his name, freeing me from all of this.

I'm not thinking much about it at this point. I'm thinking "cool, it's under my name. My credit rating is going to be excellent because I have a millionaire and a buddy to pay off this beautiful car". So yeah, after a bit of more paper work, we finished the deal. It was $233.11 bi-weekly for a period of 84 months. 84 months you say? No problem of course. Millionaire here. At least that's what I thought. Vee, Pee, and Cee were going to pay for the car. I was just merely there to help sign the papers.

At the end, they told me I could come pick the vehicle up when I got the insurance for the car. That's when it hit me: my driving record is no good. I have 3 convictions on my driving record. I wouldn't say the infractions were extremely bad, but it is definitely going to make the insurance cost a lot more than usual. On top of that, I am doing this all without my parent's knowledge. They will be sending me papers regarding the purchase of the car and the insurance - things that I DO NOT WANT TO SEE IN THE MAIL.

So why the hell am I doing it? Cause I'm an idiot. Why the hell won't I just tell my parents then? Because our relationship is strained due to past events. Please don't ask. Just know that I absolutely cannot allow them to find out I'm doing this.

So to clarify, my problem lies not only with the cost of financing this vehicle, but also having to deal with the higher insurance rate AND doing all of this without my parents knowing. At this point, I'm frustrated. I'm frustrated at the fact I did not think this far ahead and I'm frustrated at my failure to research.

That's why I want to turn to you guys for some advice. What exactly can I do to get out of this situation? I want to be able to take out the car, but the insurance is way too high. We wanted to ask Cee to help us, but we finally realized how much problems he has to deal with on his own: he's going through a divorce, has three kids who have turned against him, + he just co-signed for our damn car. What he did for us was more than enough.

We thought about paying insurance for a month, use it to take out the car, then cancelling the insurance. That way, we have the car in our possession and we don't have to pay insurance for the rest of the car. Of course, that means we won't get to drive it, and obviously we won't. At least until Vee manges to get his license. But the thing is, is it even possible to cancel an insurance within a month of purchasing the policy? I think they clearly outline in their contract that you must be a part of the company for a set amount of months before you are able to cancel.

We also thought about telling the insurance company and the dealership themselves to send the mail to a mailing address -- that way none of the mail reaches my home. This means we will have to deal with the high insurance, but at this point we've all agreed that keeping my parents in the dark about this was the number 1 priority.

Another thing we thought of was putting the insurance under someone else's name - preferrably Cee's. But the thing is, despite Cee being a millionaire he does not have any insurance experience. The reason is because all of his insurance were put under his wife's name, not his. I doubt an insurance broker would allow him to be insured like that - especially when he is not the legal owner of the vehicle (which I remind you again is me). I have no clue for sure though so can anyone tell me if this is possible?

I will try to simplify it once more: Is there a way for me to avoid having my parents involved with this (i.e. by changing mailing addresses) and possibly get a lower insurance policy? Not under my name of course -- I know I'm screwed for insurance because of my record. I really need to figure this out really soon. Within a day or two to be exact. Again, I know I'm stupid. Please do not preach to me. I just ask you guys to help me figure out a solution based on the given situation.

** Like I've said a bit in the previous paragraphs, Cee is going through a divorce so his wife took almost everything from him. He decided to take a break and shut himself from them as well. The only thing he brought with him were his keys to his Toyota Celica. No phone, no nothing. Tough world when you're in your 50s dealing with personal problems as well as running multiple restaurants.

Thanks in advance.

http://img819.imageshack.us/img819/1811/nebnf.jpg

tl;dr?
did op write chapter for next game of thrones book?
:confused:


EDIT: swears in pic are censored...y u mens report?

[TorontoEh]

http://drewminh.net/wp-content/uploads/2011/05/michael-jackson-eating-popcorn.gif

[Marmite]

Complicated love triangle............

[kareshi]

Why do that when you can just get the car when he gets his license and avoid the tax fee altogether? Because a car would make getting to certain places easier - both for him and for his family.

This implies you agree that he should drive before he actually gets a license. This is a big NO already and you're helping someone to commit a criminal offence. I hope cops can catch your friend driving without valid license .

[Steelerfan]

OP is lying about so many things, but I'll just point out the obvious falsehoods:

a) Apparently the guy wanting to buy the car is a little short on his deposit, so instead of OP lending him $500 for the deposit, OP puts down the cash and ends up as the buyer. WTF?

b) Anyone who has ever worked in the Pizza business knows they do nightly cash drops. If millionaire pizza chain owner didn't have his wallet on him, he could've easily used the cash from one of his drops and replaced it later when he regained possesion of his wallet. Better yet the whole transaction could've waited until he had the wallet back.

c) I don't care what packages you order on a Civic Si, you still won't pay 41k. I quickly priced one on Honda.ca with every available package and couldn't get over 36k. Maybe Honda has options on 24k gold rims I wasn't aware of.

d) So the guy wants the car because his single mother family doesn't have one? There are a lot of cars that would help out a single parent family with two children, a 41k Si isn't one of them.

The other inconsistancies have already been pointed out, like why didn't millionaire pizza guy just buy the car and let dude drive it while paying him back working at the pizzeria.

How did millionaire guy get approved for a 41k car loan with no ID?


What is the over/under on OP ending up in jail due to theft and/or fraud?

[BD006]

What was the point of Pee?

Agreeing to this "deal", bad driving record, strained relationship with parents... OP doesn't sound like the brightest bulb in the drawer.

[XtremeModder]

Actually OP.

Buy the car, please do, that way you can send me a pm and take a huge loss on the vehicle when you need to sell it because your friend wont pay you, I'll lowball offer you right now, $15,000 when you're ready to sell :D

[xxxray]

I was kinda wondering what kind of friend refers to another friend as "the millionaire" ? Sounds kinda fishy

[jetersucks]

http://emotibot.net/pix/5303.jpg

[99rs]

hahahahahahahahahahahahahahahahahahaha........time to log out and live life

[dc200]

OP is lying about so many things, but I'll just point out the obvious falsehoods:

a) Apparently the guy wanting to buy the car is a little short on his deposit, so instead of OP lending him $500 for the deposit, OP puts down the cash and ends up as the buyer. WTF?

b) Anyone who has ever worked in the Pizza business knows they do nightly cash drops. If millionaire pizza chain owner didn't have his wallet on him, he could've easily used the cash from one of his drops and replaced it later when he regained possesion of his wallet. Better yet the whole transaction could've waited until he had the wallet back.

c) I don't care what packages you order on a Civic Si, you still won't pay 41k. I quickly priced one on Honda.ca with every available package and couldn't get over 36k. Maybe Honda has options on 24k gold rims I wasn't aware of.

d) So the guy wants the car because his single mother family doesn't have one? There are a lot of cars that would help out a single parent family with two children, a 41k Si isn't one of them.

The other inconsistancies have already been pointed out, like why didn't millionaire pizza guy just buy the car and let dude drive it while paying him back working at the pizzeria.

How did millionaire guy get approved for a 41k car loan with no ID?


What is the over/under on OP ending up in jail due to theft and/or fraud?

http://29.media.tumblr.com/tumblr_lvdp84JHjx1r4ghkoo1_250.gif

[Vishu]

I am too lazy to read the entire thread so I am sorry if this has all ready been posted but,

you do not need to have a drivers license to buy or own a vehicle. Assuming this story is true, hopefully knowing this will help others from making any irrational decisions.