Is that the way he stated it?
He should have said: "...take it to carmax and sell it. Then pay me back/buy one with cash..."
The way it was stated you are at the end of the food chain.

Make sure the vehicle in question is worth more than $2,700 (to carmax).
Way more, otherwise why would he even bother?

 

Got Vaseline ?
Grab the table and Brace yourself Bessie, Your about to get Screwed !!!
What if the carmax deal / story doesn't pan out ? If this person couldn't keep up with the loan payments in the first place. How the Hell are they going to make the loan payments AND pay you back ?
Family or not. Don't do it. Your looking to open a door to disappointment and setting a bad precedent for other family and relatives to follow.

 

Seems to me Carmax won't even buy a car that's worth less than 8 grand.......

 

The numbers fluctuate but right now CarMax has 26,500 autos for sale.
Only twenty are priced between $6,450 - $7,000
The cheapest is a '03 Ford Escort with 107k miles, $6,450.

Curious as to what the repo in question is.

 

The flaw in your logic is to make him a loan for the partial amount of the balance owing on the vehicle.

Make up a legally binding agreement, and loan him the full amount needed to pay-out the vehicle today, rather then him owing more the one person on one vehicle. If he couldn't handle payments to one bank, how do you expect him to keep up what he owes to them, and still pay you back?

By making a private agreement between yourselves, you also free up the title on the car, which will make selling it hassle free for you and the buyer. This will also buy you the time to sell it privately, as I'm sure you can expect more from a private sale then a wholesale, retail outlet.

It costs $300-$600 to get a contract written up by a lawyer, If things go sour, atleast you'll have legal recourse.

 

no they won't sell a car for less then 8 grand

carmax is a rip off they will low ball you when they buy it from you and then sell it for twice what it's worth.

 

Places like Carmax rely on low-esteem people with shot credit.

Overpricing vehicles and pressure sales, coupled with high interest and bank-kickbacks makes them money.

 

That has not been my experience.
True they did not offer the higest trade-in value
and true they don't ****er with the sticker but, I have felt no pressure there.

In fact, the only thing you got right in your whole post is I do have low-esteem.

 

Common among people who look like you. (I'm just sayin' - I've seen the pic of yourself that you have posted) Have you considered a make-over?

 

I've seen your pic too, maybe we could get a group rate.

 

Bummer. I just got back from the plastic surgeon. I now look like this.



No group rate for us.

 

No, they are just a business that likes to maximize their profits. Don't you do whatever you have to do to maximize your paycheck?