Question about selling van.

Im not sure you can take his business but if you do this right you can probably get his business if he defaults....you need to find out details as to why he asked you to take payments. Is a credit situation or something else.

So, this deal is about the money and not the friendship....you are hoping to get his business in the end.

That's fine, then you can create a deal to achieve a financial gain without much worry. It becomes just another calculated risk for you business.

I would spell out a variable payment plan that states a minimum monthly payment plus a percentage of his net profit until the vehicle is paid off. Basically, you are going for a garnishment on his income....he makes more, he pays off faster.

I don't know if you can get the business if he defaults as he may not have any business left to take at that point. What you can get is his inventory and equipment to meet the value of the cleaning rig.

Rob?...that sounded rude. DP obviously puts more importance on friendship than anything. This is in the event friendship is ruined by the other guy and then becomes more about money focus to regain value on a loan....the friendship will only be ruined if the other guy takes it there.....then, yes, try and salvage into a gain at any cost. I don't know DP well enough to say much about him but, I do when it comes to being a great guy and friendship is valuable to him.

I'm not dogging you Rob....I reworded my comment from "Rob! That was rude!" to "It sounded rude" I hope its just me reading/taking it wrong! lol

By the way Rob....everyday that passes you start to seem more and more related to me.....especially if you win the lottery.

Lol, let's put it this way, I can be a good friend but I can also be your biggest nightmare

I wish I have enough money not to worry about 25 thousand dollars, but I don't, and I worked very hard for things I owned, that being said, I'm trying to help him out as much as I can but I don't want to get stiffed and I also don't want to lose the friendship.

Btw I sold his dad my old TM a few years back and at one point before the deal is made, I told him that if this deal is making us enemies, I would rather not sell you this machine, he bought it and after a few months he had issues with it and no one could fix it, I referred him to my TM mechanic and he fixed it in less than an hour, my TM mechanic is very picky on who he work for and I had to begged him to help his dad out since no one can fix the damn thing, lol.

And that goes in order :

1. I don't want to get stiffed.
2. Friendship is important but it's at number 2 if we do any deal due to the amount

You're right, that was rude, but it was for a point. I respect Dp a great deal and consider him a friend, but I wanted to make the point as to how the other guy is probably going to see this deal.

If a friend offered to sell me a van and then handed me terms where I had to endanger my entire business for it, I might not consider the friendship very valid. Sort of like getting a marriage proposal with a pre-nup.

I still think the decision needs to be made as to what the goal is for this transaction....helping the guy out or looking for profit. I'm good with either decision, I just don't see both existing together.

You just said it like it is and I respect that.
I'm just exploring the options for this deal but I will feel the same way if the situation is flipped and I'm the one that need the loan.
Thanks for all the input guys.

This might be a weird idea, but how about this plan?

He buys the rig out-right with a bank loan that you co-sign? It may not be even possible, but it would shift all the money collection duties to the bank and you get full price up front. If he defaults, you end up with the van again and the remainder of the balance, but if the down payment was enough, you could sell it again and come out on top.

If you are carrying paper, you get a down payment and monthly payments. That van could serve as a back up if you kept it and probably make more per month on limited usage than you will be getting on a monthly installment. So, selling it out-right would give you the larger sum which would be far more useful in my opinion.

Just throwing that one out there....I'll shut up now before I insert my foot into my mouth again.

We can always arm wrestle for it in Vegas

Thats an interesting idea.

I raise a white flag on the arm wrestle
I don't like cosigning for anyone but it could work if I end up paying the loan off and getting the van back, assuming it's still in similar condition as when I let it go.
I like these ideas, as someone says 5 heads are better than one

I saw my doctor yesterday. He told me that my stomach issues, knee pains, back pains, and trouble sleeping were all in my head.

I asked what he prescribes.....he said amputation.

Had nothing to do with the topic, but I thought we could use a break.

I'm prescribing you a buffet in 5 star resort like Aria or Bellagio, all of those issues will be gone !!

Scott, you should check last minute flight deals if you don't have any jobs scheduled already this coming Wednesday through Friday, you never know there might be a great deal on flight to Vegas.

Put that sucker on Ebay and be done with it

Have two good jobs I cant change Plus, I have tickets to a show and my wife's birthday....to many reasons to not go. I really want to! funny because im there the week after for 6 days now.