Bestfriend has paid off 41k mile 2013 Dodge Charger SE

>bestfriend has paid off 41k mile 2013 Dodge Charger SE
>wants to buy a challenger


I'm letting him keep the car in his name, so he has positive equity, while I pay insurance and a small part of his new car payment. I'm just being added to insurance.

What do you guys think?! The car gets signed over to me whenever we want, and it's not a concern that it won't be.

How would using that car as positive equity work? Will it work? Can he sell it to me immediately after he purchases the other car? How will that affect his interest, you think? He is a trust fund kid (dad) and has a guaranteed 55k a year and only spends $900 a month.

What's changed is that his mother, like mine recently, was taking money specifically not meant for her and blowing through 4K a month of money left to him. He has roughly 4 years left of this.

Also all warranty shit is taken care of, and I'm currently spending $500 a month to maintain two aging volvos

>if he defaults on the loan you will lose your car.
>you have no proof that youre paying him

>youre gonna get anally fucked and be out a ton of cash

Guaranteed 55k a year surviving on $900 a month.

I would rather be out cash, as my current way of making money is through college scholarships.

I've already confirmed the car is equity.

I've already run through those scenarios.

Holy shit,

they are my friend, they'd never do that to me"

do not do it OP. For Christ's sake.

Also, I literally saved this friends life. If that matters to you guys.

This is not the situation. It's my choice whether he signs it over immediately for $0 or he holds it for equity until he buys the car.

Lol.

I hate seeing trust fund kiddies bitch about what they should do

Just spend the damn money you're getting for free you don't know the value of a dolllar anywy

buy a new car
crash it
who cars ur rich

I am more so asking what the best way to get him to best possible deal on the car purchase is. I am paying him nothing up front, lol.

I. Saved. His. Life.

Hahahahhahahahhahahaahahahahahahahahahahahahahahahahahahahahahahahahahahahahaha