My neighbor wants to buy my car but can't pay the entire amount at this time. We are both teachers at the same school and she said she would pay me $500 each pay check until May when we get "balloon" paypaychecks when she can pay the balance.
We wrote a sales agreement including the dates of our paychecks and the due date for the $500. We both have insurance incase the car is wrecked and she gave me $1000 to cover any deductable if something should happen to the car.
I allow her to drive it. I called friends who are better business people than I and they thought it was an okay deal.
This friend has helped me when I was sick and is always supportive of me. But she didn't pay me last Friday and left town without telling me. Furthermore, she took the following week off! When the car didn't return by Monday morning, I was worried. She didn't tell me she was taking off. She LOVES casinos but doesn't drink. How should I confront her? Its still MY car!
2007-03-06 00:09:57 · 5 answers · asked by Anonymous in Family & Relationships ➔ Friends
Yes it is in the contract that she can "borrow" the car but she must let me know when she is bringing it back. It is also in the contract that she will pay for the mileage she is chalking up.
2007-03-06 00:31:35 · update #1
What I did is just wrote her an e-mail telling her my financial situation and how much I worried. I titled the e-mail..."Do you still want to buy the car?" (Implying that maybe she ISN'T going to buy it.)
My ideas range from picking the car up and not letting her use it until its paid for or giving all her money back minus expenses and selling it outright through the news paper classifieds. I just don't want to damage our wonderful friendship. We have coffee together most mornings and she "rents" her husband to me when I need the carpets cleaned or my other car looked at. She is really very kind but financially irresponsible. If she was financially responsible, she would take out a loan from a bank but she can't be approved. I'd like to help her but sometimes you just can't help people when it comes to money.
2007-03-06 00:36:00 · update #2
Take the car back until it's paid for...
2007-03-06 00:23:28 · answer #1 · answered by Lucy 5 · 1⤊ 0⤋
I understand that you are friends and colleagues, but you have an arrangement. Cross the street with agreement in hand and show her where she signed.
If she can't produce the money then and there, she has forfeited on her part of the agreement and you should take the car back...until she can come up with the missed payments. What would the bank do? Take the car back altogether.
Loving casinos is neither here nor there; approach her immediately and be direct; don't make it a friendly visit. Just ask her when the money will be in your hand and if she CAN'T give it to you there, or double up the payment next pay check, ask for the keys back.
In the meantime, speak with a solicitor about your legal options; ask if the agreement is legally binding and if it is, make sure she knows it and you have every intention of getting ALL your money; remind her that you could have just as easily sold it to someone for the entire amount and you were doing her a favour.
Oh, and for future reference; never loan money or items of value to family or friends. Lesson learned.
2007-03-06 00:21:37 · answer #2 · answered by Slimslimmer 3 · 1⤊ 0⤋
Did you specifically state in the contract that she has to tell you if she takes the car out of town? If not then it's really none of your business. When she comes back you have every right to expect your money but the fact that she left town without telling you was not wrong on her part unless it was part of the contract.
As far as collecting your money, you are on a classic slippery slope. Sometimes it works out and sometimes it blows up in your face.
Good luck
2007-03-06 00:21:42 · answer #3 · answered by dorie0371 3 · 1⤊ 0⤋
Wait until she returns and see what she says, If the answer is unsatisfactory she is in breach of contract. Since you probably don't want to sue her for compliance return her money less expenses for use of the car and cancel the deal.
2007-03-06 00:19:19 · answer #4 · answered by Anonymous · 1⤊ 0⤋
Whatever you do have it in writing and signed by both parties and notarized if you can.
She sounds like she will be faithful to her word but you can never be to careful. The future is not guaranteed.
2007-03-06 00:19:16 · answer #5 · answered by Anonymous · 1⤊ 0⤋