[MUSIC PLAYING] Brought to you by the EveryDollar app, start budgeting for free today. So I was wondering what your thoughts were on. Signing over a vehicle, title to an ex-business partner. Tell us more. But there's some history here. Is there a good relationship with this ex-business partner? I mean, they didn't leave on really great terms, but they're still working through issues. And this is one of them. It's a somewhat new-ish mountaineer, and you know those can get kind of-- I know, wagaineer. Wagaine, those are expensive. Pricey, yeah. So the partner, the ex-partner, used $60,000 to put a down payment on it. And then the rest of $35,000, I think, is last. But the original loan was for $40,000. And it's in the business' name. And the partner has since left. And he's asking for the title to be signed over for $35,000, which I think is the remainder of the loan. And I just don't see it. Yeah. What do you think? Well, let me just make sure I understand. So you guys own the business. This was a person that was a partner with you. He said, I need a new vehicle for work, so I'm going to do this through the business money. Spent $40,000 on a wagaineer. Now, he's no longer part of the company. And he's like, I want to keep the wagaineer, basically. So can you guys just-- It's like a buy-in. Turn the title over to me, and I'll just keep the car and pay the payments. Yeah, that's what he's saying. Yeah, he used $60,000 of the company money, just out of the company money. Oh, company money, not their income. Oh, I see. Yeah, it was just company money that was in the company bank account that he used to put a down payment on the vehicle. And then he financed $40,000. So it was about $100,000 all in. $16 down payment, $40,000 on the loan remaining. So it's $100,000 is what it costs. What is it worth today? Yeah, I don't know what it's worth. I haven't ran that, but I don't know, but I could find out. So if you said-- essentially, if you said, yeah, we'll sign the title over to you, but you owe me $60,000. Would they take that deal? I mean, that would be ideal. Yeah. I don't think they're going to do that because they're going to say, well, the value of the car is only $60,000. So I can go out and buy a better car for $60,000 if I was going to use my own money, right? Because technically, the business owns it and you are the business right now. Right, I mean, we hold the title. But they have the loan in their personal name? No, they don't. It's in the business. And that's why I was like, this doesn't sound right. Well, this guy has no money. He has none of his own money into this. I mean, right now, technically, he's on the hook for the $40,000, but-- Right, yeah. But not really because if he doesn't pay it, it's on you. If he doesn't pay it, it's on us. And I think in the transfer of this loan, he wants the title signed over. I'm not doing any of that. I wouldn't do it. I would make this super clean. How long ago did he buy the car? Let's figure out how much of his own money he's put into this. How long ago did he buy it? It was two years ago. And it was out of the company bank account. Oh, OK. So has he made any payments with his own money towards this? No, they stop paying-- they're pausing it till this transfer thing goes through. Well, who's paying the payment? He hasn't paid his own money. The company's still paying it. Which is you? Is it just you two or are there more people involved here? It's my husband, it's my husband, and then this other partner. And then I'm just finding out about stuff. Well, that's the same thing the company is paying for it. Your husband is paying the payments on this. Yeah. Yeah. You guys own the car. This guy is no longer working with you. He doesn't get to keep the car. So riddle me this. Why don't you guys just sell this vehicle and get out from under this car? You don't want it, you don't need it. Yeah, so we just need to get it in our possession, then. Is that what-- he's in Minnesota. Oh, yeah. He's still driving a car? He is. Yeah, he is. This is a liability waiting to happen. Wow. You need to get back that car. They have no right to this vehicle. Yeah. OK. It's under the business name, and they are not part of the business. So legally, it's your car. This guy said, don't mind if I do. And he took that wagon here. I'm like, I'm having heart palpitations right now. Wow. He's like, I got a $100,000 car, no one is stopping me. Can they legally even be driving this car right now? I don't know. I would do some due diligence and homework, and maybe even talk to an attorney to figure out what the right way to go about this is. Because I feel like you guys are in a precarious situation, and I'm not in on all the details, and I am not a legal expert. But yes, this sounds like a nightmare if you don't get out of this ASAP. Is he the kind of guy that'll figure out that you want the car back, so he'll crash it on purpose, or do something to it to try to get back at you? Oh. I mean, you never know when people are desperate, I suppose. Oh, I hope not. Yeah, let's handle this. It doesn't sound like they have the money to even buy you out of this thing. No, I think he's struggling. I think you need to say, listen, we are selling it for the market value. And if you want to be that person to buy it at market value, then you're welcome to it. And if they become a general person, like anyone else that would buy the car from you. So I would go check the Kate Kelly Blue Book value, private party, and you list that car. And my guess is you're probably under water on it. Yeah, I'm guessing too, because it was just a couple of years ago. And what's left on the loan right now? 35. 35. So if the car is worth more than 35, you guys will make some money on the steel. OK. So I hope it's worth 50 or 60. And it's a nice car. It's two years old. I hope it hasn't depreciated from 100 down to 35 in two years. That would be true. I know. It should be on the mileage and the condition. But you know, those luxury cars, they can depreciate real fast. And when people want a wagonier, they want a brand new wagonier because a used wagonier, no one wants to sign up for that money pitch. Yeah. Yes. Yeah. Yes. So I would not keep this car. I wouldn't let them keep driving it. I would sell it ASAP and get out from under it. Yeah. When she was talking about transferring the title, I thought that he put 60,000 down of his own money. It's the business money from the company account. And then when she said he's paying payments, he was paying payments from the company account. And I guarantee you, he saw some stupid Instagram that was like, "Bro, if you get the wagonier technically because of the weight, you can depreciate it 100% and you can actually make money. And it's a tax hack. I want to slap every guru on the internet that has said stupid crap like that." I just think that he thought he was-- You should finance a $100,000 car for your business because it's a tax hack. Yeah. You're the hack, bro. Don't fall for this. Oh, my goodness. And I guarantee you some accountant told them to do it. It's like, oh, bro, this is the move. You can depreciate you'll save money on. You're brissy making money right now. Well, who told him he could just drive off with a car he didn't own? Who told him that? Well, part of it is on them because if I'm the partner, I'm going, no, we are not financing $100,000 car through the business. Yeah, that's unnecessary. We never found out what kind of business they are, but I can't see why this wasn't necessary. Ooh. And it's one more reason we say partnerships rarely make sense. They're very risky and they're the only types of ships that are liable to sink. That's right. It's the Titanic in the business world. Yeah. Hopefully they can make some money, you know, new cars. When they drive off the lot, you know, they're losing money instantly. But in the first 45 years, they're losing so much-- Especially those types of vehicles, those, you know, Range Rovers, Land Rovers, the ones that are a money pit when something goes wrong. Nobody wants to sign up for that money pit. I know, that's right. We're seeing this happen with a lot of the electric vehicles. Buyer, be where is all we're telling you guys? Create your free every dollar budget today, the simplest way to budget for your life.
