cars, drugs, drug dealers checking out the Viper, cops, larceny, loans

[viperct2001]

I have an interesting tale to tell that encompasses drug dealers checking out my Viper, armed robbery, drugs, and more.

I really need some help from my fellow Viper bretheren.

I unfortunately "inheirited" a 1997 Chrysler Sebring due to my brother's incompetence. I have been making payments on my brother's car for over 10 months since I am a co-signer and can't afford to screw up my credit.

I'm getting married in 9 days and I have a lot of wedding expenses to pay. Not to mention my impending wife and I want to buy a house soon, so I am forced to pay $382.72/month to protect my credit. ARGHHH!!!

Let me explain what happened - maybe one of you has a suggestion.

I co-signed for a 1997 Chrysler Sebring for my brother a few years ago after he got out of a rehab center for drugs.

He was one-year clean and sober, and he found a good-paying job at United Rentals. In order for him to commute to work, he needed the car. I thought I would help him out - blood is thicker than money and all...

I also let him stay in my condo for only $600/month for a year in Fairfield County (pretty cheap). He was doing so well until about 10 months ago when he "slipped" again and started taking crack. He lost his job and once he started bringing that cr-p into my house, I had to do some tough loving and kick him out and send him to the local YMCA. Not to mention the 2am visits to my condo by drug dealers. He even let some drug dealers in my house to show them my Viper!! Perhaps, that is the worst people in the world you want checking out your Viper? Perhaps, they'll show up some time with a "posse" and take it out for a joy ride? Unbelievable!

My brother told me later that one of the drug dealers said while looking at the Viper - "Damn! So does your brother do drugs? I'd give him a sh-load of crack to take that sucka out for the night"

That was the last straw. Out the door you go!

The story gets better. My brother went to Bridgeport and lent out his car to drug dealers in exchange for crack. They used the car in a burglarly and abandoned the car somewhere. The police confiscated the car as evidence and have been holding it for over 8 months. It wasn't until this past week that I found out where the car was and what happened to it.

I spoke with the detective, explained how my brother screwed me over for $13,000 and he is going to try and have the car released to me by talking to the prosecutor. My brother signed a contract signing over the title to me, so the car is mine. (the bank has the actual title since the loan hasn't been fully paid)

I still have about $6500 left on my brother's loan. The car looks like it's worth $1,000 due to some body work damage. If I get it fixed up, I could probably sell it for $4,000. Maybe wishful thinking?

The blue book value is like $5500, so maybe I am better off just getting the car to "run" and then donating the car to charity.

Assuming the courts give me the car, does anyone have any suggestions for what the best thing is to do? Should I spend money fixing up the body and then sell it privately, or am I better off donating it and taking the tax write-off?

I just want to recoup some of my losses. Anyone want to donate some of their time and fix up the car for me? Heck, I'll even take Paypal donations if you really feel bad for me!

It is a Chrysler, so maybe The Wizard might be able to fix it up at cost and resell it?

What do you say Chuck?

 

[Magicboy2]

I don't mean to sound mean, but being stuck with these payments was a direct result of your decision to co-sign. Granted, it seemed like the right thing to do at the time, but it was still your decision, and you have to deal with it now.

If someone, say, has large medical bills due to an accident, I'm all for helping... but this whole deal is direct cause and effect on your part, bro.

Sorry, and hope your brother gets the help he needs.

 

[Snake Bitten]

Fix the car and drive it for another 100,000 miles...the only way to get your money out of it...

 

[MHQC]

Too bad your brother fell of the wagon. That is the true tragedy in this story. Chalk it up to experience and take the tax write-off; that's what I would do.

 

[Janni]

Rule #1 about money and relatives - never loan what you can't afford to lose.

It's admirable to want to help you brother and to give him the tools he needs to stay clean. I am sorry he wasn't strong enough to resist the temptation and fall back into that dangerous lifestyle. You should feel good knowing you did what you could to help, but now know it's up to him.

As for the car - at least get an estiamte from a decent body shop on fixing it. Is it insured? Could the damage be covered? If you can do it for under $1500, then I would say to do it - and consider driving it until it's paid for - at least you can get some USE out of it. if it can't be fixed reasonably inexpensively, then sell it and cut your losses - it's going to drive you nuts having to look at it and pay for it.

Good luck to you.

 

[Andrew/USPWR]

I've got a brother like that. No more mister nice guy. I'm glad they didn't give your brother a sh-load of crack and take it for a ride.

I always say "cut your losses" and get on with your life. Some time the head ache of it all can be the worse.

 

[Chuck 97 GTS]

Proving once again that you have to be on crack to drive a Chrysler...

Except the Viper, of course.

 

[REMIX]

I have an eerily similar experince. Not gonna talk about it here, though, out of respect. But you wouldn't believe the level of depravity addicts will stoop to in order to get their drugs. Not to mention the total disregard to family. This wasn't a member of my family, but someone close to me.

Crack, coke and ****** are bad. We all know that. The next thing you have to worry about is **** - it's getting more prevalent and that stuff is an even bigger danger than the above three drugs. Wtach out - that stuff is going to come on hard very soon.

REMIX

 

[Moundir]

Did the car have full coverage when when it was used for the crime spree?? I highly doubt the insurance co will pick up the tab I say sell the pos and get on with your life.

 

[joe117]

I wouldn't fix it up. Just sell it as is.

If you have the car, he will come back and talk you into letting him use it. Anyway, you don't want some drug dog sniffing it at a traffic stop while you are driving it.

See if you can refinance the money you are on the hook for. Perhaps you can re fi your home loan.

One way or another, get rid of the car and pay the money.

 

[picflight]

viperct2001, sell it as is, give it a good through wash, you will be amazed at what a good wash can do to it and sell it. You helped your brother out and now it is up to him to fix his life. I have a similar situation too and can understand helping out family. Good luck.

 

[PirateViper]

Thats too bad man.I lost 20k to my wifes niece in bad business dealing.She took rest of her family for another 150k.Much lying went on.My wifes broken heart was worse than losing the 20gs.My accountant says I can take it off my taxes if I have some capital gains so may get 10 back.One of the worse things is you feel dumb but dont let anybody else make you feel that way,good luck.

 

[V10 MOJO]

snakebitten and Jani both said it best.

i could tell you all night long about family stories gone bad, LOL guess ill never learn either though. even when you know it might not be right, its like, [******], hes my brother though...i feel for ya dude. good luck

 

[viperct2001]

>>One of the worse things is you feel dumb but dont let anybody else make you feel that way,good luck.

Thanks, that advice is well appreciated. I know the cardinal rule is never co-sign for a sibling - parents cosigning for their kid's first car is a different story.

>>I don't mean to sound mean, but being stuck with these payments was a direct result of your decision to co-sign. Granted, it seemed like the right thing to do at the time, but it was still your decision, and you have to deal with it now.

I knew the risks, and I knew if he did stop making payments, I'd still be able to afford making his payments, even though I'd rather not be out several thousands. It was the Christian thing to do and I have no regrets - I'd do the same thing all over again.

>>If someone, say, has large medical bills due to an accident, I'm all for helping... but this whole deal is direct cause and effect on your part, bro.

Was only looking for some advice. The paypal comment was tongue-in-cheek.

Thanks for all the advice everyone. I'll keep everyone posted once I get the car.

 

[TSR6]

I'm glad they didn't give your brother a sh-load of crack and take it for a ride.

I sure hope he didn't even have access to the keys to have the oppertunity to let them take it for a ride!

 

[garolittle]

Fix the car and drive it for another 100,000 miles...the only way to get your money out of it...

Agreed

 

[Lee00blacksilverGTS]

No one has mentioned this, but your basic question was sell it or take a write off by donating it. Only someone who knows your financial circumstances could begin to tell you IF you would even profit from a writeoff. If you don't have enough capital gains or a high enough income, or a business with high profits or something going on that makes you a bunch of money, then you will get NOTHING back in terms of a writeoff. Better ask an accountant, if you're not familiar with writeoffs then just fix it up and sell it.....Uhhhh, is the fed gonna know how much you sold it for, hint, hint, it's not income. It's cash in your pocket.

 

[King RT10]

Wait until you see your inpound bill.
That will be your first big descision.
Good luck

 

[Vip-RT10]

Remix is right, those are the worst drugs of all. Crack just makes people make U-turns in life. I have seen some cracked up monkeys and there is just no reasoning from them. Fix the car and sell it. If you can, turn those crack heads in, it will help everybody in the long run. Sorry for the problem, but you did what i would have done....maybe he will realize it later in life.

 

[FrankBarba]

i'd do a little sting with the police department. Find the Dealers offer them a deal on the car or a ride a Viper. What a great service you would be doing for the local community.

 

[NDW]

We have all made mistakes that cost us money. The best advice is to get rid of the car for the most you can get, then make the payments to the bank on the balance (after you negotiate with them - they will listen, I used to work in the managed assets division of a bank), and learn from your mistake. You are young, and if $3,000 - $4,000 is the worst mistake you make, you are way ahead of the game.

Get on with your life and don't look back. Just learn from this.

 

[viper spray]

Get a gun , sell the car , make the brother pay you back before you let him come to your house, keep your gun handy untill you move into your new house , the crack heads know where you live. Roll your loan on the car into the new house. Relax!