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Canadian goon here to ask a question regarding vehicle ownership by gift. About two month ago, I was offered a vehicle (not new, 1999) as a wedding gift (free) but I currently have a vehicle. I've been trying to sell my vehicle (not new, 2002) in the meantime (have 3 buyers looking at it and talking with their banks). I'm not concerned about the condition of the truck as I know the owner is a mechanic and keeps all of his vehicles in very good condition, so this is a non-issue for me. The only concern I have is that I know the family is having financial problems (high 5 figures), is it possible that if the family ever default down the road, the banks could seize the vehicle while I'm in ownership? I'll be having paperwork to show that the transfer was done as a gift but I want to know if that will hold up since I don't want to be left high and dry if the situation should occur. e: alternatively, how can I find out if there is a lien on the vehicle? quaint bucket fucked around with this message at 18:08 on Mar 6, 2010 |
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Mar 6, 2010 18:04
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quaint bucket posted:Canadian goon here to ask a question regarding vehicle ownership by gift. Not a lawyer but I mean if you have the title of the car I'm not sure how a bank would take it. Not to mention I don't see why they'd even bother going after it.
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Mar 6, 2010 21:33
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Tewdrig posted:That's a very low interest rate for a used car. While some vehicles, generally if not entirely restricted to certified used, are eligible for manufacturer-subsidized interest rates, interest rates on used car loans are generally higher than on new cars. I would think that the dealer is expecting to make up for the lower interest rate with a higher price. Then the dealer could sell that $10,000 @ 3.5% note for the same price he could a $5,000 @ 7%. If you already have the price set in stone, before talking about financing, maybe the dealer really does have a lender desperate for prime loans, or maybe the dealer is willing to take a loss to get this car off the lot. In his case I'd still pay a little bit more for PenFed. You're going to have a major credit union on your side, who knows who the lender is going to be through the dealer and how their customer service is, etc. My credit union wrote a note at a good rate, even for private party odd ball used cars, and had a number of perks, 24h call assistance, really good customer service, and a 2 week grace period on the monthly payments. If things hit the shitter, it may be easier to deal with your credit union than some out of state lender your dealership works with. I guess it really depends on the individual lender.
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Mar 7, 2010 03:04
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Harry posted:Not a lawyer but I mean if you have the title of the car I'm not sure how a bank would take it. Not to mention I don't see why they'd even bother going after it. It's my understanding that if there is a lien on the vehicle, the owner (who is not the bank/creditor) cannot transfer the title to the new owner. Is this accurate?
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Mar 7, 2010 18:59
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quaint bucket posted:It's my understanding that if there is a lien on the vehicle, the owner (who is not the bank/creditor) cannot transfer the title to the new owner. Is this accurate? That's not exactly accurate. If there's a lien on the vehicle, and you can't transfer the title, then there's not a new owner at all. If you don't have the title, then you don't own the car.
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Mar 8, 2010 07:11
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then that's basically what i'm talking about. is there a way to find out if there's a lien on the vehicle or no? e: again, this is a gift so
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Mar 8, 2010 09:07
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Someone correct me if I'm wrong, but if they transfer the title to you, and there's for some reason a lien on the vehicle (why they would owe money on the car and have the title is beyond me, but I've seen it done before) then they're still responsible for the lien. You would own the car, but they would 'own' the lien. Unless transferring the lien to you is a condition of transferring the title, but you'd think they'd be up front about that.
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Mar 8, 2010 14:01
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CornHolio posted:Someone correct me if I'm wrong, but if they transfer the title to you, and there's for some reason a lien on the vehicle (why they would owe money on the car and have the title is beyond me, but I've seen it done before) then they're still responsible for the lien. If they are not listed on the title, they don't have a lien. If they are not on the title, there is absolutly nothing stoping you from selling/transfering the car to someone else. Even if you have the title (I know most banks hold on to it), the bank should be listed on it and will require their authorization to transfer it from them. If not, then they are hosed, even if they have a lien.
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Mar 8, 2010 14:08
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Funny (well, to me) anecdote: My mother-in-law and her then-husband had bought a big Silverado many years ago. They owed quite a bit of money on it. After maybe a year of paying on it (and still owing $20k+ to the bank) the bank accidentally sent them the title. Being the genius people they are, they decided to completely stop making payments. The dealership took them to court, and ended up losing since it was their error. The dealership then appealed the ruling, and in the end, won and my mother-in-law had to give the truck back and file bankruptcy. I don't know the specifics, but the whole situation sounded pretty retarded.
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Mar 8, 2010 15:35
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When I got my title back, it had both my name and the banks name on it. I had to go to the registry and get a new title turning in the title they sent me which was signed over to me on the back by a signing officer of the bank.
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Mar 8, 2010 15:41
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CornHolio posted:Funny (well, to me) anecdote: Why would the dealership come after them and not the bank?
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Mar 8, 2010 16:09
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Don Lapre posted:Why would the dealership come after them and not the bank? It was probably both of them. The bank wanting their money and the dealership wanting their car back. I could be wrong. I'll ask my wife about it tomorrow. Are they dealerships that do financing in house?
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Mar 8, 2010 23:51
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CornHolio posted:It was probably both of them. The bank wanting their money and the dealership wanting their car back. I could be wrong. I'll ask my wife about it tomorrow. There are, if you go to one of those ghetto buy here pay here. But most real dealerships give you a loan through a bank and get their money, at that point its between the bank and the person with the car. Dealership is long out of the picture.
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Mar 9, 2010 00:10
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Not if this is the best place to ask, but I'm trying to figure out what's the best option with my little money. Background: Student teach starting in August, so I need a reliable car. Ideally I need a car sooner than later so between now and then I can work this second job that takes place in various locations around the DFW metroplex. I graduate in December so ideally I'll have a real job in January and can soon after get a real car if needed. Current car situation: I had been driving a 2003 Kia Rio that I bought used for $3200. It came with 76k miles and a clean history. A month ago it died while driving. The timing belt broke and tore my engine to poo poo. Repairing isn't an option, need a new engine. What I have to work with: I have about $3300 in savings that I was hoping to just save as long as possible but hey I guess this is why you save. Options: A) If the mechanic gets me an engine and puts it in he's quoting $4800. Not a valid options. B) Find an engine on my own, will cost about $1k to have put in unless I had a friend or did it myself or something. Probably $2k-3k total. C) Take the money I have saved up and get a beater that will hopefully last me a year. Would need to be able to take daily trips from August-December, as well as frequent driving this summer. I'm thinking C is the best option, but what are the odds that I'll just end up with a similar situation? I bought my Kia from a private dealer on Craigslist. Can I find a semi-reliable car for $2500 or less?
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Mar 16, 2010 19:00
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tuckfard posted:Not if this is the best place to ask, but I'm trying to figure out what's the best option with my little money. You ended up in the current situation because you never changed the timing belt. Im guessing recommend interval was 60k miles or so and it was never done. I would buy a beater and maintain it properly, you should be able to find a descent honda civic for $3300
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Mar 16, 2010 19:08
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tuckfard posted:I'm thinking C is the best option, but what are the odds that I'll just end up with a similar situation? I bought my Kia from a private dealer on Craigslist. Can I find a semi-reliable car for $2500 or less? 90s Geo Prizm. Do the maintenance this time. E: Aren't there some reliability issues with the early 00-model Civics? Engineer Lenk fucked around with this message at 20:29 on Mar 16, 2010 |
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Mar 16, 2010 19:44
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Yes I've definitely learned my lesson.
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Mar 16, 2010 19:55
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You definitely can find a reliable car for that amount. 2003-2007 Hyundai Elantras are very reliable (Edmunds best buy), and the ones around 2003 can be found for around that on craigslist. I just bought a 2003 Ford Focus in very good condition (except for highish milage, 110k) for $3300, with new tires/brakes/rotors/belts. I've heard good things about late 90s Volvos (see: cornholio, and a friend of mine) and the Geo Prizms like Lenk says. I'd look around in junkyards for a new engine just to be sure they're as expensive as you think they are (I think you're right, but no harm in looking), and look for a craigslist car. EDIT: Obligatory "do regular maintenance" edit.
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Mar 16, 2010 20:51
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This may or may not be retarded, but here goes: I've got two cars - 2003 Mazda Protege and a 1988 BMW 735i. The BMW is garaged and uninsured, we bought it because we needed a second car and then my wife and I started working a few blocks from one another and don't anymore. The Mazda has 130k miles on it and is requiring large amounts of maintenance. Engine blew up at 80k, replaced with used engine with 50k, then the random replacement of parts began. In the 2009 and 1Q10 I've spend about $2000 in random repairs and I'm hearing the signs of another wheel bearing needing to be replaced $300. I also know that at this mileage other maintenance items are coming up that could run up the bills (belts, etc). Backstory done, here's what I want and my reasoning: I want a Jeep Wrangler. My wife and I want to get rid of both cars and get some type of open top vehicle. She wants a Mini or a Miata, I want a Jeep. She's okay with me getting my way, surprisingly. I see two options - go the standard route and get a jeep in our price range (finance less than $10k) from a dealer or private seller with a regular loan from a bank. These jeeps tend to be about the 2000-2003 era with 80k miles. I also have a relative that is a fantastic mechanic. He keeps the fleet of family vehicles in great shape, and has regularly bought salvage vehicles from the junkyard and rebuilt them. He has located a 2005 Willys Special Edition Jeep with 18k miles for $8000. He estimates $2000 for repair. The second choice seems to yield a much better value, but I'm worried that I'll have trouble getting a loan for a salvage title vehicle, as well as insurance. If I go to the dealer, will they work with me on trading in both of my cars? I've sucked at selling cars in the past, to the extent that I've donated 1 vehicle just because selling was a PITA.
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Mar 30, 2010 13:28
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I'd be careful with a Jeep. Mine crapped out on me last year and was pretty much a constant headache throughout it's whole life (was a 98). And $2000 worth of repairs on a Jeep with only 18k miles? What are they?
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Mar 30, 2010 15:45
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Harry posted:I'd be careful with a Jeep. Mine crapped out on me last year and was pretty much a constant headache throughout it's whole life (was a 98). And $2000 worth of repairs on a Jeep with only 18k miles? What are they? It looks like a tree fell on it, has damage to the drivers side and the hard-top. Supposedly no frame damage. I trust the mechanic quite a lot, so if he can vouch for it being sound, I'm good.
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Mar 30, 2010 15:50
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Scipio posted:It looks like a tree fell on it, has damage to the drivers side and the hard-top. Supposedly no frame damage. Its not the same mechanic that took care of your 80k mile blown engine is it?
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Mar 30, 2010 15:59
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Scipio posted:It looks like a tree fell on it, has damage to the drivers side and the hard-top. Supposedly no frame damage. Well I'd still suggest looking into it more. Mine had electrical and A/C problems throughout it's whole life that the mechanics couldn't fix and from what I've heard Jeeps didn't really get much better quality wise.
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Mar 30, 2010 16:11
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Don Lapre posted:Its not the same mechanic that took care of your 80k mile blown engine is it? No, that was lack of oil changes.
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Mar 30, 2010 16:19
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Scipio posted:The Mazda has 130k miles on it and is requiring large amounts of maintenance. Engine blew up at 80k, replaced with used engine with 50k, then the random replacement of parts began. In the 2009 and 1Q10 I've spend about $2000 in random repairs and I'm hearing the signs of another wheel bearing needing to be replaced $300. I also know that at this mileage other maintenance items are coming up that could run up the bills (belts, etc). That Mazda with an engine with 100K on it should last much longer. $2000 in repairs over 15 months is $125/mo which is lower than your car payment will be. Wheel bearings cost next to nothing and aren't too much harder to change than a tire. If you have a family mechanic he should do it for a 6 pack. I assume you have a 2.0L engine which if it hasn't already, needs the timing belt (100K interval) which is what I hope you were talking about as far as belts. If you were talking about serpentine belts that should be included in the 6 pack for the wheel bearing. Cost on parts for the belts is negligible as well. I don't think you are gaining much by spending $8-10K on a vehicle with 80K. You will be locked in to paying a few hundred a month for 3-4 years when it won't cost you that much to keep the Mazda running. At the end of paying all that you will have a car with 130K miles on it and you will be in the same place you are now except it will be a Jeep instead of a Mazda. The salvage seems like a good deal if you were doing it yourself, but I don't think I would recommend it to someone looking for a reliable daily driver.
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Mar 30, 2010 16:21
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Arzakon posted:That Mazda with an engine with 100K on it should last much longer. $2000 in repairs over 15 months is $125/mo which is lower than your car payment will be. Good advice. This may not be important, but the bearings on the ES are $280. I had to go to autopartswarehouse.com and use a coupon to get them at that price. The ones for all the other models are $80. But otherwise, thanks for breaking it down. I wasn't breaking the cost down monthly, which makes it much easier to see what's going on. I'm still tempted by the salvage deal, since I've got someone who will happily wrench it for cheap. Any ideas on the availability of loans for that?
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Mar 30, 2010 16:34
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https://www.rockauto.com has front wheel bearings for $23-40 and rear hubs (depending on what type of rear brakes/ABS you have) you $50-97. Even on the site you listed I see them for $20-40. I am not sure what you are looking at for $280 I can't see anything wheel/rotor/hub related for that much.
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Mar 30, 2010 16:52
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I really don't know why anyone would buy a Jeep Wrangler. I just drove one for the 2nd time during my weeks stay in Maui and it was a total piece of poo poo. Even brand new, they're rattle boxes with no power and the interior was falling apart. They also lose resale value like nobody's business. Just a bad idea all around, IMO.
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Mar 30, 2010 16:59
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GOOCHY posted:I really don't know why anyone would buy a Jeep Wrangler. I just drove one for the 2nd time during my weeks stay in Maui and it was a total piece of poo poo. Even brand new, they're rattle boxes with no power and the interior was falling apart. They also lose resale value like nobody's business. Just a bad idea all around, IMO. If one is found with the old AMC inline-6 I could understand it. Those engines are nigh indestructible. And there should be enough of an online following for Wranglers that most replacement parts are cheap and plentiful and there should be a bazillion of how-two guides for it. But you're right, it's a bit of a niche vehicle. They're slow, poorly built and I'm pretty sure any engine other than the 4.0 is to be avoided. Heck I think I head somewhere (maybe it was for the Cherokee) that even the manual transmissions were trouble-prone, which is kind of odd. But I'm not a Wrangler expert. I can see why somebody would want one, but they'd have to know what they were getting into. Kind of like other niche-cars, like Miatas, full-size vans, etc...
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Mar 30, 2010 17:07
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Arzakon posted:https://www.rockauto.com has front wheel bearings for $23-40 and rear hubs (depending on what type of rear brakes/ABS you have) you $50-97. Even on the site you listed I see them for $20-40. I am not sure what you are looking at for $280 I can't see anything wheel/rotor/hub related for that much. I just looked at my invoice, they were actually $180 after coupon. I do know that compared to the part ordered initially, they were physically larger. The ES was a weird model, like a hybrid between the Protege and the Protege5. As a result, I've had several minor parts that were oddly expensive. I'll keep that site in mind, because who knows, maybe that part just had a temporary price blip or something.
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Mar 30, 2010 17:16
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I know that motorcycles are similar in overall cost to operate as a car because they eat things like tires, sprockets, and chains regularly, but they couldn't possibly cost more? Right now my only vehicle is a 1999 Miata with 150k on it. No problems forseen, may need a wheel bearing soon but Miatas are dirt cheap to maintain. I want to supplement this with a 2000-2004 Kawasaki Ninja 250. I'm going to do the MSF in April before I ever actually buy anything, but I'm hoping that the MSF will go well and I proceed with the plan. I'm hoping that other than the initial capital cost (~$1500 for the bike, ~$500 in reconditioning, ~$1000 in gear) my overall recurring costs spent on transportation will even out. The Miata does 26mpg in my mixed driving with a heavy foot, could do 30mpg if I really keep my foot out of it. Doing research and talking to friends, this bike does about 60mpg in real world driving. So the price of gas is 1/2 as much, meaning that to drive 1000 miles will cost approx $100 for gas alone in the Miata and $50 for gas alone in the Ninja 250. However, will the bike need more than $50/1000 miles in maintenance? I'll be doing as much of it as I can on my own, including adjusting valve clearances. I know that there will be insurance to think of too, but bike insurance is cheap and I only intend to carry liability. The other benefit of having two vehicles would be that if the Miata is having some trouble, I could take care of it at my leisure rather than needing a fix urgently. This is a significant benefit to me.
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Mar 30, 2010 17:48
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Weinertron posted:I know that motorcycles are similar in overall cost to operate as a car because they eat things like tires, sprockets, and chains regularly, but they couldn't possibly cost more? If you want a bike, buy a bike. But i wouldn't buy it because its more fuel efficient. If you ride the bike 6000 miles a year its going to take like 10 years to make up the $3000 entry fee in gas savings, not including replacing gear, maintenance, insurance, etc...
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Mar 30, 2010 17:52
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I'm looking at buying a new car, namely the Honda Civic Sedan LX-S. According to Overstock.com, it runs $17,206. Taking a look around the area, most of the used Civics in the current gen are at asking prices ~$18K and in the EX trim. Currently, my day job makes me an average of $220/week. Not much, but I live in an area where my rent is $120/month for a decent place and my expenses are really low. My other work, which includes referral fees and freelance writing, make above and beyond that--but that's entirely variable on a month to month basis. After tax and title, I'm looking at probably around $19K, of which I have $10K set aside to put down on it. Also notable, my credit score (due to lack of credit card until Jan '10) is in the range of 660-680. I'm looking to take out an auto loan for 48 months, paying more than the minimum on months I have a significant surplus of cash. Any opinions? Am I completely off-base in what I should be pursuing? Matlock fucked around with this message at 18:39 on Apr 17, 2010 |
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Apr 17, 2010 18:35
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Matlock posted:Any opinions? Am I completely off-base in what I should be pursuing? $10K financed at 3.9% is $225/mo. Then you also get to pay for comprehensive insurance on a brand new vehicle. You make $880/mo. Don't buy a new car. You have $10,000. Take some time, look at 3-5 year old used cars outside of Civics, get a proper inspection done, and pay cash. Spend the remaining $3-5K on hookers and blow. Then enjoy not having a $225/mo albatross over your head for four years to own a Japanese economy car.
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Apr 17, 2010 18:44
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Not to say that's bad advice, but you've ignored about 75% of my post. I cleared $30K last year, but the month-to-month income is by no means consistent. Also, in the area, used anything that isn't a Cavalier/Cobalt/Focus and that isn't in rotten condition easily surpasses $10K. Rust is also an issue in Northeast Ohio, hence my avoidance of used cars. Matlock fucked around with this message at 19:09 on Apr 17, 2010 |
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Apr 17, 2010 19:02
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Sorry, I didn't expect the additional freelance income to nearly triple your take home for the year. Having $10,000 in hand gives you the one major benefit most people don't have. Negotiating with people on Craigslist with cash in hand. You shouldn't see any rust issues on cars that new, and I see plenty of 2007-2008 domestics with <60K in Cleveland for less than $10K. If you think that $30K/yr is sustainable and you pay $120/mo in rent then you no doubt can afford it, but you can get away with a lot less. The new car smell wears off in about a month and a year into that 4 year loan its just another used car.
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Apr 17, 2010 21:11
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Matlock posted:Not to say that's bad advice, but you've ignored about 75% of my post. I cleared $30K last year, but the month-to-month income is by no means consistent. Looking at columbus ohio for $8000-$10000 2007 ford 500 72k miles http://columbus.craigslist.org/ctd/1696591841.html 2005 Escape 87k miles http://columbus.craigslist.org/ctd/1695369035.html 2006 corolla 68k miles http://columbus.craigslist.org/ctd/1696526068.html 2004 accord 87k miles http://columbus.craigslist.org/ctd/1695695591.html Thats all just in the last 2 days.
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Apr 17, 2010 21:49
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Here are some more on Autotrader, around zip code 44004. 2006 Ford Focus 2003 Subaru Legacy 2004 Chrysler Pacifica 2005 Dodge Stratus R/T 2002 Toyots Camry V6 2004 Pontiac Vibe see for yourself!
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Apr 17, 2010 22:03
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I forgot to mention, there is absolutely nothing wrong with a 2005+ Focus. They are identical to the Mazda 3 in everything but name, don't have timing belts (a $800 maintenance job you don't have to do every 60-100K miles), and are pretty solid little cars. I don't have any personal experience but I remember hearing good things about Cobalt's the past few years as well. Research whatever model you see out there to see if there have been major issues reported. It is not as simple as "Import Reliable, Domestic lovely" anymore. http://cleveland.craigslist.org/cto/1696980704.html 2005 Pontiac Vibe with 22K miles for $10800. Plenty of others are out there that are newer but with higher miles for ~10K. That is literally a Toyota Matrix with a Pontiac sticker on it.
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Apr 17, 2010 22:07
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Arzakon posted:I forgot to mention, there is absolutely nothing wrong with a 2005+ Focus. They are identical to the Mazda 3 in everything but name The focus and mazda 3 are completely different cars in America. The focus up until the 2011 model coming up uses the original platform from 1999. The mazda 3 uses a much more advanced ford C1 platform that is shared with the european focus and the volvo s40 (and a few other mazda/volvo models). The 2011 focus will finally use the new platform. About the only thing they share is the 2.0L and 2.3L duratec engines.
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Apr 17, 2010 22:12
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