I hope this post is ok in this forum. I feel this didn't belong in the classifieds.

I have a good running fresh built '93 cx turbo hybrid hatch. A local buddy with a '00 PY has a blown motor and wants to trade cars as is. i have the parts and time to fix her up but he doesn't really and it's sad to see the PY on jacks for so long. Straight to the point, my car is paid for and he is still paying for his car. what is the best and easiest legal way to make this trade? I have been getting different answers and just want to see what you guys think. Thanks.

 

The obvious thing I get from your post is that because of the fact that your buddy has his car on jacks indicates that he 1) Has little or no money to fix the car and 2) Has no time to fix the car for work related reasons or personal reasons which are irrelivent.

It gets tricky because you have a perfectly working car that runs and is paid for where as he has a car he's still paying on and does not run.

The first thing you both need to do is get both cars appraised. Since your car is running, you can take it to three or four guys around town and have them write up on paper what the private party value is. On your friends end with the Type R, he may have to contact his bank, insurance company or pay for a private appraiser to come out to the car. Either way, you both need a starting point to wheel and deal. After you figure out what every thing is worth, your buddy needs to call the bank to find out what the pay off is on the loan. This will tell you how much he still owes on the car. If the balance is higher than what the car is worth, or what your car is worth, Id walk away from the deal.

However, if the pay off is reasonable...say a couple grand then the trade may be in your favor because you own something that he wants, which is a running car and you may have more head way in the trading process because of that fact. Use that selling point to your advantage but don't stress it. Chances are, your friend has realized this fact and he knows that you know that he knows.

Also, another selling point are the car titles. Is yours clean? Is his? Are you going to have to get a rebuilt title when your done? Why was the car on blocks? Etc. Etc.

If I answered some questions great, but there are many factors that go into trading cars. Good luck.

Aloha,
Brandon

 

how much is left on the loan for the PY R. also, does he want you to pay for the rest of the loan or just trade + cash? what motor is turboed in the hatch?

 

thanks Haleiwa-Brando.

nightrider, the hatch has a 89mm stroke gsr motor w/ topend work.

forgot to mention the trade would happen on a 'as is' basis and even trade. i come and get the car. he said i wouldn't have to worry about anything and he'd still pay the payments. so that is what makes me want to do the trade. all i will really want to do is put a good block in and drive the car. i don't want to be responsible for anything.

a lawyer recommended that he maintains his payments, registration, etc. and i do the same. make a document stating that and have it notarized. also, state that if he defaults on his payment and whatnot, i get my car back. basically we drive each others car's. does this sound right or has anyone ever traded a car similar to this way?

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by not so civic &raquo;</TD></TR><TR><TD CLASS="quote">A lawyer recommended that he maintains his payments, registration, etc. and i do the same. make a document stating that and have it notarized. also, state that if he defaults on his payment and whatnot, i get my car back. basically we drive each others car's. does this sound right or has anyone ever traded a car similar to this way?</TD></TR></TABLE>

As long as there is literature that states the specifics in the agreement. For example, say your buddy wrecks the civic and flees the scene or robs a bank with it. Guess who the cops will be looking for if a witness gets the plates. Guess who's license will be suspended if parking tickets go unpaid....etc. etc.

To fight this in court you need to have everything covered in the agreement. Another thing is if he decided to default on the payments. You dumped money into the car to fix it up and he got to drive around a functioning car for however long he got to. I believe banks repo after three months of no payments... Something to think about.

I feel even if you cover all your angles with lawyers and notorizations your still setting yourself up to get shot in the foot. The deal isn't sweet enough on your end and that is what bothers me about it. Tell him you want a cash deposit and X percent is non-refundable. Make it high enough to where he can barely afford it and make the non refundable portion high enough to where he will consider the risk of loosing his *** on the deal.

Life Lesson: Never lend your friends large amounts of money, because you will more than likely get fucked. Trust all the people you can trust on one finger. Which is yourself.

Aloha,
Brandon

 

yeah i think the simple fact it's not paid off is why i am not gonna do this. i'll save my own *** here and now. there are too many complications and stuff i just don't want to get into. more trouble and work than it's really worth to me and you're right on the trust issues.

 

CYA man, CYA- cover your ***

Well, since his car is not paid, you're not going to get the title until it is. But since yours is, this is how it gets weird.

It's fine driving around in a friends car- you can get insurance still etc, BUT, if something were to happen to your car while he's driving- parking tickets not paid for, impounded/towed, etc etc, then YOU will have to deal with it.

Ive been in situations where I have actually lost a car, because it was purchased through a friend, who slacked on getting me the title, the car got towed from a bar, and I couldn't get it back...

I'd wait until you can get the title