Immediately buying from a friend

[RavenYZF-R6]

Unfortunately asking your dealer was probably a bad call. This clued them in and now they know if they don’t work with you they get $$. Paying extra tax woulda been the best bet. Eat up half the credit maybe but he’d still have walked away with a few grand for clicking a reserve button.

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[FlasherZ]

As much as I don’t want to admit it, I don’t think neither me nor my friend have the appetite to work around Ford’s rules here.

There are a lot of good suggestions in here that I’m sure would work if we committed to them, but we both aren’t super familiar with the laws and processes that would be at play.

I want to be clear: the no-resale rule is NOT Ford's rule or policy here. Because the dealers complained so much that people would flip the trucks (and the dealers couldn't screw customers out of that money), Ford gave them permission to include a no-resale clause for buyers that would not negatively affect their relationship with Ford. It is the dealer that is forcing it upon you.

There is a reason that 87% of adults dread the car-buying experience at a dealer, and 24% of adults would rather get a root canal than buy a car at a car dealer.

There are a few good and honest dealers; they tend to be in smaller communities where they can't get away with shenanigans. In a county of 40,000 people, you can't afford to piss off too many people before you have no prospective customers anymore. But the bigger city dealers? They figure they have an unlimited supply of suckers, err, customers they can pick from if the last guy they screwed won't come back.

Finally, this is the reason you need to make your voice known about protective dealership laws. They were once needed to protect dealers from manufacturers that would put them out of business, but now they've been weaponized by dealers against the manufacturers and against their own customers.

 

[Amps]

24% of adults would rather get a root canal than buy a car at a car dealer.

24% is way low. I'd take two.

 

[gschom]

In a surprising turn of events, the dealer has agreed to sell the car to me directly, but with a 20k ADM. My friend had no ADM on his agreed to price.

I plan to negotiate with them on this, but if they aren’t willing to lower the markup to ~5k, I’m fully prepared to walk away.

I love the truck and of course really want it, but I’m not desperate and that’s a level of markup that doesn’t sit right with me. Of course, I’m sure they’ll be able to get that and more on the open market.

My biggest arguments are that I will be paying in cash in full at the time of delivery, and that I see other platinum lightnings for sale that are much closer to MSRP here: https://www.truecar.com/new-cars-for-sale/listings/ford/f-150-lightning/?trim=platinum

 

[GDN]

I know rule number one is don't mix money with family and friends, but truly if it means this much I'm not sure why your friend isn't buying the truck with you planning to buy it from him in a year, in the mean time you hand him the money each month to make the payment and you drive it.

OR maybe just have him put it on Turo for a year with the monthly rental same as payment and insurance - you rent it from him through a legit site for legal purposes.

The taxes you'll pay later are a heck of a lot less than the $20K and he should likely be able to claim the $7500 and offset more than the taxes are on the second sale.

 

[VTbuckeye]

I know rule number one is don't mix money with family and friends, but truly if it means this much I'm not sure why your friend isn't buying the truck with you planning to buy it from him in a year, in the mean time you hand him the money each month to make the payment and you drive it.

OR maybe just have him put it on Turo for a year with the monthly rental same as payment and insurance - you rent it from him through a legit site for legal purposes.

The taxes you'll pay later are a heck of a lot less than the $20K and he should likely be able to claim the $7500 and offset more than the taxes are on the second sale.

I like that choice. He buys it, then rents it to you and you buy it at the one year mark.

 

[gschom]

I like that choice. He buys it, then rents it to you and you buy it at the one year mark.

The biggest issue we see with that plan is insurance. I should mention my friend recently moved out of state. So we think it would be difficult for him to add me to his insurance, or for me to add my insurance to a vehicle I don’t own. But I would love to be proven wrong!

 

[GDN]

The biggest issue we see with that plan is insurance. I should mention my friend recently moved out of state. So we think it would be difficult for him to add me to his insurance, or for me to add my insurance to a vehicle I don’t own. But I would love to be proven wrong!

He tells his insurance company it is on Turo and they will adjust his rates (I don't know how, but all insurance seem to ask that question today) and Turo offers insurance of sorts in their rates to protect either the renter or driver, but it is also included. EIther way a couple of hundred a month for Turo fees and insurance and the taxes in a year will be offset by the $7500 fed refund and all will be happy in the end.

 

[TaxmanHog]

Turo seems the cleanest with legality & liability issues covered.

 

[Amps]

I plan to negotiate with them on this, but if they aren’t willing to lower the markup to ~5k, I’m fully prepared to walk away.

Would you qualify for the $7500 federal tax credit? The dealer certainly knows that ADM is a wash up to that point.

 

[PiMatrix]

I say just buy it or co-buy it, work out finance thing with your friend. have both names on title probably easiest later as one person can be removed. Pre-sign and date that form. That's what good friends are for. Don't get screwed over by the dealer, very opportunistic of them. Keep it simple. Easy to get answers call DMV, insurance if need be. Make a one page personal document of understanding agreement you are both happy with and sign it. It's your car to make decisions on how you will use it or dispose of it, keep it that way. Bad behavior by anyone should not be rewarded. Take a portion of the tax credit and split it on a Frunkgate party with a great view and fill the Frunk with unlimited food and drink and toast a virtual frunk you to dealer for trying to take advantage of your honesty.

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