How many would do this?

Question

I have a best friend of myens who was layoff and had to move out of his place. Currently I have payout his 2008 Honda Accord EX remaining balance, his credit bills and so on. In exchange he told me I could use his 2008 until he pays me back.I have no plans to take over his car though I will give him as much time as he needs in me being a lifeguard will be ethical of me to drive it barefoot and use to go out with my girlfriend any advice is appreciated.

Answer 1

You're probably just giving your money away. They always talk a good story, but if he can't handle his finances now, what makes you think he'll do any better in the future? Get promissory notes for everything, you may think you'll never need them but you may be very glad you did later. I don't even bail my family members out. It just teaches them that they can do anything with no conseqences.

Answer 2

It sounds like you could get ripped off in the deal... but if you insist on doing it, here's my advice:

First, get EVERYTHING in writing. Make him sign the agreement.

Second, I assume you're not paying everything off for him, you're just making the monthly payment for the car? So, in essence, you're "renting" the car from him for the cost of his monthly payment? Who will pay the insurance? Make sure you agree to that too. If the car gets totalled by you, who will be responsible?

Third, DO NOT agree to pay his credit card bills. You're getting nothing in return. He can easily keep charging to the account and you get nothing except lost money.

If you want to "rent" his car from him, sure. But get everything in writing.

Answer 3

depends on your relationship.

If you have any doubts about repayment. Go for a document for your own good as well as your friend's (he will not get any kinky ideas in future).

Regarding using his car, I would say a BIG NO.

That will make ur friend more depressed no matter what he show off in front of public. Inner feeling would be sad.

Also when you go for agreement either of the parties will have self respect on each other.

Cheers

Answer 4

Well its only reasonable to use the car since you are paying for it. But make sure you have insurance of your own.

I'd buy Carpet Covers/Mats to make sure the car doesn't get dirty when driving barefoot. Take it to Detail once in a while.

I'd be hesitant to take the girlfriend out in that car though unless the date is strictly PG Rating.