buying car for BIL any safeguards?

Mercdriver

Ergates wrote: »

What finance house? The OP will be the lender in this case - the're buying the car for the BIL, not taking out a loan for the BIL.

What he is suggesting is taking out car finance in his name and have his BIL pay him. That is what I read from his OP.

wrightk

Mercdriver wrote: »

What he is suggesting is taking out car finance in his name and have his BIL pay him. That is what I read from his OP.

not at all. its a loan plain and simple

Mercdriver

wrightk wrote: »

not at all. its a loan plain and simple

Ok apologies -wasn't entirely clear to me -my fault for assuming.

It's all down to trust. I am the most well off in my family and I have helped everyone else on my wife's side of the family. I am owed thousands and it's a subject that is extremely difficult to bring up.

Money can be the rot that sets in inside a family. I don't know your family or you.

Family loans are awkward because if you protect yourself by getting it all down in writing, even if you aren't getting anything from it, you are seen as mercenary.

Within families ideally, neither a lender nor a borrower be, as far as i am concerned.