When you lend your car/truck to a family or friend ....

You nailed it. See my post above.

 

I think the best way to stay friends/family is to help them out while you drive your truck, instead of lending it to them....

 

I'm old school. What I passed down to my kids was "If you can't afford to buy it, then you can't afford to borrow it. You'll just have to go rent it. Because when it's borrowed you are 100% responsible for anything your or someone else does to it and its on your dime.
It was just another lesson in life for being responsible. Choice was theirs after that.

 

Wife yes, cause she lets me drive the V8 Tundra and dosen't ask for gas money!

 

No chance I will "lend" my truck to anyone, friend or family. I will help out with my truck if the case is warranted. It's a stupid request anyway. Would I ask my cousin to "borrow" his corvette just because I wanted to race around? Same thing really.

 

Those who are in my house and whose names are listed on the truck's insurance card may borrow the truck.



And I still don't like it.

 

You can't invest the 40k, but you can invest the amount you won't be paying in car payments. Even starting at $0 initial investment the final value of that investment account after 5 years will be greater than if you took out a 40k loan and invested the 40k for 5 years while paying off the loan.

If you don't believe me, there are all sorts of investment calculators on the web that you can play with.

 

Yeah honestly hard pass on letting someone else use my rig. I'd probably have a panic attack wondering what was happening the whole time it was gone. Once I let my friend drive my 72 K5 Blazer because I just had new dual exhaust and Flowmasters installed with headers and I wanted to hear what it sounded like from the outside. Had him drive past me a couple of times fast and rev it up but trust me I was nervous as hell! Sounded bad ass though. Miss that truck to this day

 

I'll offer to help. Don't like lending my truck to anyone.

 

I let my buddies use my truck whenever they need it. During duck season they drove 1,000 miles and used the Tacoma to put 800 decoys into the rice field. It's a Tacoma not my 67 Firebird 400 so not a big deal if it gets damaged.

 

I had trailers before I bought the truck to do the truck stuff. I had loaned my out many times to friends who lived in HOA neighbors, most of them can't park trailers at home unless it's in the garage.

Nobody had asked to borrow my truck yet, most of them can't drive stick anyway.

 

Sure my truck if they can drive a manual or my daily driver...weekend toy is reserved for me or the wife

 

Compound interest guarantees that the loan route is always worse than paying cash if the interest rate is similar. Because of compounding interest you are charged interest on the previous loan interest, and conversely you earn interest on the investment interest. On a 50k loan you will come out about 1-2k ahead paying cash vs taking out a 5% loan.

Now the 1-2% loans are smart all day long and those make sense to take out. Too bad those seem to be a thing if the past.

 

One of my brothers asked one time when we were camping if he could borrow my truck to go four-wheeling. Even though he was being honest about his intentions with it, it didn’t matter.

My other brother later asked if he could borrow my RV trailer for a trip. He only drove a Miata coupe back then so he was really asking was if he could borrow my truck also, and to top it off he never towed a trailer before and asked how hard it would be. I could only laugh thinking how bad of an idea that would be and gave him a reference instead to one of those rental places that delivers a glamping RV to your campsite and later picks it up and does the dumping and cleaning for you so he could take the Miata instead.

 

Exactly why I financed my Tacoma, my liquid capital was in an HYSA at 4.5%, the interest rate I got from Toyota Finance was 2.49%.

 

I don't let anyone borrow shit.

 

I just say "no" or I'll offer to drive and lend a hand

 

Just say no...remind them of lift or uber or take the friggin bus...

 

The answer is "NO but I will help if I can."

My uncle taught me a valuable lesson when I was a kid. He was going to rent a tractor to do a lot of work in the field and his neighbor said he could borrow his if he filled it back up before bringing it back. Great deal!! ...is what he thought at the time...

Of course he ran over something and got a flat tire and had to hassle with getting the giant wheel down to a local tire store who then charged him about $1200. The rental with it's insurance coverage would have cost about half of that.

Lesson learned: "Neither a borrower or a lender be."--Hamlet, Act 1, Scene 3

"I'm so sorry!!" doesn't fix your truck, and good luck getting them to pay for repairs & labor since...family (or ...friend)........which is also why doctors don't work on their family or friends due to the expectation of free or reduced charges and if something goes wrong.