"bimmer" is fundamentally unacceptable.

So is being an ass to your friend. That you would consider this basically means the guy is not your friend at all. One of the tests of friendship is that you don't take advantage of them in these kinds of spots.

as stated somewhere above,

why not loan him what he needs and then sell the car for him and split the profit once you take back what you loaned him?

You get compensated for your time, effort, and the timely manner in which you helped him, and he gets more of what he is fairly entitled to.

This took way too long.

It is mind-blowing that someone would ever need to ask themselves the question "Should I exploit a friend who is down?"

WTF is wrong with you?

Only reason I opened this thread was to make sure there was a Schrute pic in it.

All is well, carry on.

Buy the car off him, fix whatever needs to be fixed and resell.

Then use the profit you've made to take the two of you on a nice vacation. Problem solved.

if your a close friend, buy the car off him, sell it.

give him back whatever you made.

You guys are overlooking some very basic principles.

1: He doesn't use the car. It's been sitting around for around two years except when his parents drive it. He doesn't have a license.

2: I don't loan people money. I have am owed ****ing 20k by other 'friends'. **** that ****. I don't care who you are or how much I like you, if you aren't family I'm not loaning you more than $20.

3: He doesn't have a job. He could never repay a loan, etc.

4: It's going to take a significant amount of time to get this vehicle repaired, advertise, and resold. It's not 'easy money' and it's not me 'exploiting' him either. I consider my time as valuable and I'm not going to spend a ****load of time to make $100.

5: His brother doesn't mean **** to me. He could rot in jail for all I care. His brother is responsible for teaching this kid bad habits and ****ing over his life. I'm not going to do him a 'favor' by bailing his piece of **** brother out of jail. If he was in dire need for something I'd probably help him out, but right now I'm not going to go out of my way to help him with something that I could care less about. It's not like he's homeless or out of food here.

Yeah so just do as I suggested and use the profit you make to do something you'll both enjoy. That way everyone benefits.

Lets say you're fully justified for the car deal (which I don't think you are) go ahead and explain why or how you "got" him to sell you his new XBOX 360 for $50. I'm all about good deals but I think you would have been like so much better off by not saying he is a good friend.

How does the saying go, Something like "with friends like that he doesn't need any enemies".

I haven't read a post yet but it's called BEAMER. BEAMER. Hey sim simma, who got da keys to my beamer?

So: you've decided to do it, you are aware of how much effort/time it will cost, and you generally disagree with what is essentially unanimous opinion in the thread. Why did you make the original post again?

I'm no accountant but I've bought some used cars in my time. The DMV will charge you tax on what you paid for the car, the sales tax, when you go to transfer the title. The buyer pays this. Also, you can just show them a bill of sale saying you bought it for 200 that your friend writes up. I've bought cars for 3k, 5k and 5k again and each time the seller has made a bill of sale that is like 200-1000$ to save me taxes. Its illegal but who doesn't like dodging taxes?

Yeah, if he was selling a motorcycle.

having bought and sold several used cars.

it is easy to sell a used car that is in good shape.

you don't have to have the title transferred to your name, have him sign it and then fill in the buyer's name later so they get to pay the tax.

make sure he has the actual title in hand. if he lost it it is a pain in the ass because it will take weeks for him to get a new one.

clean up the car, fix it up and put a well-written ad on cars.com for 10% less than what other similar cars are going for.

you will get 20+ calls in the first 2 days and sell the car.

I have done this before, it works well.

later,
illmatic

op,


one way of getting out of paying tax on the sale of the car from your friend to you is to treat it as a gift. Go to a title company, pay a small fee to transfer the title of the car from him to you as a gift. This is allowable between friends and families. This way, you do not pay the sales tax.