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My father in law has a 2011 Sportsman 500 that he bought new in May or June of 2011. It was bought(financed) for his grandson, under the assumption that his grandson would make the payments. They took there annual trip to HMT that July and on the last day, the kid rolled it down one of the hills and did about $1500 worth of damage, although a majority of it was cosmetic as they were able to drive it back to their lodge after the accident.
Long story short, the kid lost his job shortly after and the in-laws are tired of paying on the quad. While we are at their place for Thanksgiving this year, I want to talk to him about buying it. I plan to offer to finish paying on it and a cash lump sum next summer after it's paid for.
What is a fair overall price to offer? I am thinking $3500 total and taking the total of the payments off that. I figure there is roughly $1250 worth of financing left and will offer $2250 lump sum once the financing is over and the lein is released from it.
Does this seem reasonable? Too low or too high?
Long story short, the kid lost his job shortly after and the in-laws are tired of paying on the quad. While we are at their place for Thanksgiving this year, I want to talk to him about buying it. I plan to offer to finish paying on it and a cash lump sum next summer after it's paid for.
What is a fair overall price to offer? I am thinking $3500 total and taking the total of the payments off that. I figure there is roughly $1250 worth of financing left and will offer $2250 lump sum once the financing is over and the lein is released from it.
Does this seem reasonable? Too low or too high?