work to own...Good investment or not??

[ShaqThom]

Yh people I considering buying a car to give someone a work to own option. I wanna hear from people that was involved in this type of agreement before or who have may have knowledge about it. Either the the person working the car or the owner (Wanna hear two sides of the story).
I am considering doing this as I may be getting a nice deal on a car soon and the extra income every month or fortnightly or however we may decide to pay would be very handy. If I do, however I wont be responsible for any repairs WHATSOEVER. The car would basically belong to the driver except for the fact that it would be in my name until the contract is up.
What you all think? Good Business or Bad Business??

[DTAC]

Depends hugely on the individual involved. You are basically trusting this person with your money until the full balance is paid off and that he doesn't decide to change his mind or a better offer comes along.

What kind of money you are talking about. Anything over $50-60,000 I would seriously question the arrangement.

Bear in mind if you are paying the man the "owners share" of your earnings but you are 'buying to own', you should think of yourself as the owner in the same way people "own" their cars but they belong to the bank until the load is repaid, therefore really all the money you earn with the car should be going towards paying off the car, not to the person selling you the car.

Be wary you're not paying the owner of the car his "owners" share and then paying for the car itself with your "drivers" share. You'll be paying him for his car and making him a tidy sum for as long as he can work it.

[ShaqThom]

Depends hugely on the individual involved. You are basically trusting this person with your money until the full balance is paid off and that he doesn't decide to change his mind or a better offer comes along.

What kind of money you are talking about. Anything over $50-60,000 I would seriously question the arrangement.

Bear in mind if you are paying the man the "owners share" of your earnings but you are 'buying to own', you should think of yourself as the owner in the same way people "own" their cars but they belong to the bank until the load is repaid, therefore really all the money you earn with the car should be going towards paying off the car, not to the person selling you the car.

Be wary you're not paying the owner of the car his "owners" share and then paying for the car itself with your "drivers" share. You'll be paying him for his car and making him a tidy sum for as long as he can work it.

Good advice here but I'm acutally on the other side of the board meaning that, the car belongs to me and I will be giving out the contract to someone

[Country_Bookie]

Are u planning on getting full comprehensive insurance with him named as a driver? If so who pays the premiums?

U need to be covered in the event he gets in an accident or writes off the car.

[crazybalhead]

is it a B14?

[ShaqThom]

Are u planning on getting full comprehensive insurance with him named as a driver? If so who pays the premiums?

U need to be covered in the event he gets in an accident or writes off the car.

In this case I am considering leaving the Insurance in my name (3rd party, the kind that covers the owner and anyone who is authorized by the owner) and the driver would also be responsible for insurance payments after the 1st year of the contract. With respect to the writing off problem a downpayment will be required, although it will not come close to the full compensation, but I guess that's where I would have a risk

[ShaqThom]

is it a B14?

Nah boi issa b13 actually

[crazybalhead]

1) yuh eh getting fully comp on no car over 10 years old.
2) owning a B13 is not an investment, it's a liability.
3) the only car that will INCREASE in value is a B14
4) A B14 IS BEST.

[pioneer]

Bess you join ah sou sou

[ShaqThom]

1) yuh eh getting fully comp on no car over 10 years old.
2) owning a B13 is not an investment, it's a liability.
3) the only car that will INCREASE in value is a B14
4) A B14 IS BEST.

Why issa b13 a liability tho? It in very good condition, straight and no major accidents everything original except well the engine. It running with a b14 engine and tranny. A/C, PS, PW Everthing up to mark!! Cyar go wrong. And as for the price partner...........
Lets just say issa real bess price!! I know the owner personally and I getting it for under $20K

[Keyser Soze]

I've got one of my vehicles on a work to own arrangement now.
To ensure the condition of the vehicle doesn't deteriorate prematurely i've included in the contract that i will maintain the vehicle for the first six months (this will be added to the complete payment term), I will pay insurance for the first year and the vehicle maintenance will only be done by my mechanics.
For a b13 or any other car for that matter install a GPS tracking unit with remote shutdown, proximity alert etc. IMO. Also tailor the contract to be as fair as possible but ensuring that whatever foreseeable possible scenarios present itself that your vehicle can be retrieved if things go sour down the road.

[ShaqThom]

To ensure the condition of the vehicle doesn't deteriorate prematurely i've included in the contract that i will maintain the vehicle for the first six months (this will be added to the complete payment term), the vehicle maintenance will only be done by my mechanics.
For a b13 or any other car for that matter install a GPS tracking unit with remote shutdown, proximity alert etc. IMO. Also tailor the contract to be as fair as possible but ensuring that whatever foreseeable possible scenarios present itself that your vehicle can be retrieved if things go sour down the road.

This is some really good ideas they partner! I definitely will include these in my contract. Is a relative I giving to drive the car tho so I wouldn't have to worry too much about nobody scamming me or trying to run away with the car!! But ill put the GPS for them bandits out dey!!

[Hook]

To ensure the condition of the vehicle doesn't deteriorate prematurely i've included in the contract that i will maintain the vehicle for the first six months (this will be added to the complete payment term), the vehicle maintenance will only be done by my mechanics.
For a b13 or any other car for that matter install a GPS tracking unit with remote shutdown, proximity alert etc. IMO. Also tailor the contract to be as fair as possible but ensuring that whatever foreseeable possible scenarios present itself that your vehicle can be retrieved if things go sour down the road.

This is some really good ideas they partner! I definitely will include these in my contract. Is a relative I giving to drive the car tho so I wouldn't have to worry too much about nobody scamming me or trying to run away with the car!! But ill put the GPS for them bandits out dey!!

Ya sure?

Business is business, pallie. Doh put yuh head on a block for anybody, including family.

[shotta 20]

1) yuh eh getting fully comp on no car over 10 years old.
2) owning a B13 is not an investment, it's a liability.
3) the only car that will INCREASE in value is a B14
4) A B14 IS BEST.

Why issa b13 a liability tho? It in very good condition, straight and no major accidents everything original except well the engine. It running with a b14 engine and tranny. A/C, PS, PW Everthing up to mark!! Cyar go wrong. And as for the price partner...........
Lets just say issa real bess price!! I know the owner personally and I getting it for under $20K

Link me with the deal and i'll pay you $1000, if i buy.
Pm me.

[Garrett Inside]

1) yuh eh getting fully comp on no car over 10 years old.
2) owning a B13 is not an investment, it's a liability.
3) the only car that will INCREASE in value is a B14
4) A B14 IS BEST.

Lol, I thought is was only me who thought this about b14 owners and their cars

[Rooki3]

go brave OP, be prepared for excuses as to why u en gettin yur $$ on time

[V2NR 3.0]

I presented a contract to someone and they withdrew

[ShaqThom]

go brave OP, be prepared for excuses as to why u en gettin yur $$ on time

Daz wah I aint want!! That coming up short and thing is real pressure!! Ill weigh the pros ans cons on this matter

[brams112]

Op that deal is trouble espically with family,suppose he come tell you he was sick and cudden wuk for a few days when he running racket with school girls?Most men will work the life out of the car and put you in expense,but hope your plans are water tight,good luck bro.

[DTAC]

go brave OP, be prepared for excuses as to why u en gettin yur $$ on time

Daz wah I aint want!! That coming up short and thing is real pressure!! Ill weigh the pros ans cons on this matter

I guarantee you'll be hearing a set of sob stories after a time. Every excuse and "surprise" expense they somehow forgot to tell you before they got the keys. If they can't get a loan for $20,000 even from Island "We go lend you but we going and dig out yuh eye in interest" Finance? If they ain't taking that headache, why should you?

And that family thing don't mean anything especially when it comes to money. Family is even worse!!! "We is famlee, why you harassing me so. I go handle you next week (yeah right)".

Do your self a big favour if you decide to go this route. Do not spend a cent of the money they pay you for the car. So if it all starts to goes pear shaped with them not being able to pay, you can cut your losses and just give them back the money they paid and wash your hands of the whole story.

[smr_fingers]

i myself have been thinking of doin this...i wanna buy another car soon but ill discouraged by parents etc

its a risk at the end of the day....just like any business.
everyone will discourage u and say wat if he bounce uh car n this that but its really a risk....u can try a contract such that he is wrong he fix ur car and the insurance handle the other party.

i think that if u think negative about anything u wont reach anywhere. as the guys said dont be fooled with the "family business" , have a strict contract u dont bring my money on time bring back my car until u have the money...dont start to give them bad habits

its a risk but i kno someone who make alot of extra money from this..

[V2NR 3.0]

i myself have been thinking of doin this...i wanna buy another car soon but ill discouraged by parents etc

its a risk at the end of the day....just like any business.
everyone will discourage u and say wat if he bounce uh car n this that but its really a risk....u can try a contract such that he is wrong he fix ur car and the insurance handle the other party.

i think that if u think negative about anything u wont reach anywhere. as the guys said dont be fooled with the "family business" , have a strict contract u dont bring my money on time bring back my car until u have the money...dont start to give them bad habits

its a risk but i kno someone who make alot of extra money from this..

I agree with this guy, any business venture is a risk and the hardest step is always the first one. Have everthing in black and white and take itt from there. I was very close to entering into a similar deal but called it quits. Before the contract was even signed, the man start to bawl about the finance.....I pull handbrakes one time yes....but it is a very nice sideline income

[Keyser Soze]

And that family thing don't mean anything especially when it comes to money. Family is even worse!!! "We is famlee, why you harassing me so. I go handle you next week (yeah right)".

Do your self a big favour if you decide to go this route. Do not spend a cent of the money they pay you for the car. So if it all starts to goes pear shaped with them not being able to pay, [b]you can cut your losses and just give them back the money they paid and wash your hands of the whole story.[/b]

I dont understand that part in bold.
i've included in my contract that if the driver fails to fulfill his side of the agreement (payments on time etc) then i have all rights to take back my vehicle without paying back a cent. vise versa, if i revoke the vehicle for no valid reason then i am liable to pay back the driver his deposit thus far.
Thing to remember though is that the driver is working your vehicle.... whatever earnings brought in daily/weekly etc is yours. once the contract details are followed there is no reason to pay back the driver anything except his initial downpayment. (if any)

[pete]

Is the car registered as a taxi or will it be when you purchase? Does the person purchasing have a taxi badge?

[ShaqThom]

Is the car registered as a taxi or will it be when you purchase? Does the person purchasing have a taxi badge?

Its not a taxi but I will have to turn it H and the buyer therefore must have a taxi badge

[Veritrini]

How i do it:

take a downpayment. Refundable only after six mths. That is once payments come as agreed and no accidents etc.

Christmas 2 weeks is for the driver
Birthdays is for the driver
Fully comp insurance if possible
GPS tracking
weekly checks of vehcile
Driver maintains !
Service of the vehcile is done by u for the first yr....that is oils and filters etc. NO Suspension parts
Daily delivery of money
All this binded in contract

[TEMPO]

my brother did this once with a 280c , and all that was mentioned above about all the sad stories why he couldnt make payments was tru, from not answering phone calls to hiding in he house when yuh go to chek him etc. All of ah sudden one day my brother came home an saw his car parked infront by him with the keys in the front seat. He was about to deal with the guy in not a humane way..lol...an i talked him out of it because the guy was elderly.....dont know if its good bizness to go into......

[TrEnD$eTt@]

grandmother always use to say "a sign of intelligence is that you learn from other people mistakes...had the same issue with a family member had a van on contract all he had to do was go and make the deliveries sure money everyday, van in excellent condition all the maintenance cost i absorbed ...an he mess up that why because people generally dont care once the business/investment does not belong to them they easily slip into a comfort zone an ultimately is you to catch.but to each his own .

[jeepers]

make sure u have the maintenance side of it bold... Drivers love to use that as an xcuse why they cant work or use some money to buy this part and that (brings receipt of some fren bizness as proof at times). Make sure you specify what you are taking care off and not.

[ShaqThom]

make sure u have the maintenance side of it bold... Drivers love to use that as an xcuse why they cant work or use some money to buy this part and that (brings receipt of some fren bizness as proof at times). Make sure you specify what you are taking care off and not.

So in other words I should absorb all the cost of repairs then to ensure the man will always pay on time?