Real life MMD: Should I share the profit with my mum?

smartermind

If your mum had wanted to "profit" she would have recalled her loan to you and sold her car herself and pocketed the cash.

What you call profit is simply the surplus cash after selling your car. It is profit to you as you have not had to work for it (other than your interest free payments on the loan).

Your parents have been generous to you. So be kind to them and just go and visit them now and then and write/telephone/email/Skype them often. They will appreciate that much more than any "profit" spliiting that you may devise! They may even eventually appreciate some grandchildren, but you may find that rather taxing!:A

Treakil

I'm a mum and I would say that if was happy to give my car to my son rather than sell it, then I wouldn't expect to get any cash from the sale of his vehicle. But I agree it would be a nice gesture to keep some cash back for insurance or petrol when I need to use it during my visit/s home!

ampearce_2

If it were me, id like to think id offer my mum the profit, however, i suspect they would tell me to politely go away! In which case, id by them something nice to show my appreciation.

addyann

Yes. you're benefiting because your mum helped you out. Of course you should share

laurahughes

I agree with other posters, it sounds like you are confusing "profit" with money "leftover" from the sale because you have been paying your parents back monthly.

How often are your parents coming back? Is it going to be inconvenient when they come back and expect their car back and leave you without a vehicle? How will you get to work? Can you get to work on public transport? How expensive is it?

Personally I would also consider the running costs and insurance of both cars. Is your Mum's car more expensive to run and insure?

In the long run, you may be better placed to thank your Mum very much for the offer, but say you are happy with your current car and continue to pay off your loan from them. Your Mum might then offer to write off your debt after she sells her car, and she keeps anything leftover for herself. In which case offer them help with moving and they can "borrow" your car occasionally when they visit.

Pee

Whilst you certainly have no obligation to offer it to them, and as other posters have suggested, it probably isn't profit, but if there was an element of profit or if you know they are struggling it would be nice to offer them the money. That said, I'd be very surprised if they actually took it. I think it's just manners to mention it to them, and maybe save it towards a visit to them when you can.

Marco12452

Ask your parents what their view is, they are being honest and generous with you.

Also with one car, how will you be able to give it to them when they are back in town, as this seems to be part of the agreement. looks like you may be on the bus for a while then.

bob4866

Why not mention it to your mom that you may have some money left over from the sale of your current car, after paying her back and what does she suggest you do with it? Good chance she will tell you to invest, or keep it.

That way, you stand a good chance of keeping the cash but have the peace of mind that goes with it!

JoannaS_3

Hi there

If it was me I would keep my car and carry on paying your parents back but ask her to sell hers or do whatever else she wants to do with it!

Saves any complications and also means you don't have to give up your primary mode of transport whenever she comes back and needs a car! As to me that means she will always see it as HER car and not YOURS!

It's easy enough to hire a car or get a cab so I would carry on as normal and let your mum sort the car out another way!

If you do take her car and sell yours I don't think she should get half of the 'profit' as others have said it isn't really 'profit'!

Good luck!

Ebenezer_Screwj

You could ask her but I'm guessing she will say no, she wants you to look after her present car instead - for her to use when she is next in the UK. It depends upon whether you are happy to lose the exclusive use of the car during those times not whether or not you have made a "profit" elsewhere.