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05-20-2012, 05:51 PM | #2 |
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good so see such another young guy doing big things. I'm actually looking for another rental property to purchase soon, will be looking at the bank as well for some help. So i'll see how well that goes.
Lose the car, and finish what you started. You will feel much better. As they say "it's just a car" or so I keep telling myself since I sold the e46M to free up some cash.... lol |
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05-20-2012, 06:10 PM | #3 | |
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05-20-2012, 06:25 PM | #4 |
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First congradulations on your business endeavour, looks like you have a good head on your shoulder. I further think your are on the right track on selling your car. You will of course take a hit on the sale. Once you settled your business issues there will be plenty of time for you to get back into an M3 or similar car of your dreams.
Since your car is one of the last sedans produced, you should have no issue to get a good price for it. I assume from your post you do own that M3 outright. Here is what I would do if I was in your shoes. 1) I would contact the dealership were you purchased the car and have a heart to heart with the manager about your situation. Let him know that once you have your business situation sorted out you would be back in the market for a new M3. See if they take the car back and pay your price. 2) I would adverse it privately at the same time. 3) I would put a good add up here in the ///M3 sales forum section. Best of luck to you and I hope all works out for you. Rolf PS. When I had to make difficult business decisions (I had my own business for 22 years) I always made a list of the pros and cons on what I was about to do. It never let me down. The outcome was always the right one. Good Luck again!
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Life will take us to some interesting places, fortunately The ///M3 will too with a many of us know this very well, now my C6.3 AMG with 487 HP does it too ---> Click here for some good stuff I found |
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05-20-2012, 06:41 PM | #5 |
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Man, I'm really sorry you have to go through this. That's such a shame...
Good luck with your sale, and I agree with Rolf. See if the dealership can help you out in some way. I'd tell them you'll buy a new M3, as well as buy your wife a BMW from their lot when everything works out.
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05-20-2012, 07:07 PM | #6 |
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I don't know the whole detail about your contract with the place where you wish to lease/rent for the business, but how is that legal for this guy to ask for something additional assuming you guys had signed an agreement already(didn't you, if not, how did you start all the preparation/renovation?). You might want to consult your lawyer or someone that knows better.
at certain points in our life, we need to sacrifice one thing for another. You might regret it or you might not, but always believe in yourself that your hard decision will lead you to a better position/situation/place. Good luck and I wish you success.
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05-20-2012, 07:29 PM | #7 |
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I think you need to find a new lender, period.
In most states the rate he is charging in usurious and illegal. In fact, even my credit card rate is less than 20%. Please tell me you have an attorney representing you in these transactions. Too many people are Pennywise and pound foolish. Good luck.
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05-20-2012, 09:21 PM | #8 | |
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05-20-2012, 09:23 PM | #9 | |
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05-20-2012, 09:25 PM | #10 | |
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05-20-2012, 09:29 PM | #11 | |
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05-20-2012, 09:35 PM | #12 |
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I was in the same boat and it was humbling to own a successful engineering start up and drive a stock 96 integra with 170k in my 30's (my wife always said 'this car would be cool... If you were in high school') but I waited until it stabilized and built capital for growth and then rewarded myself with the M. Sell the car, when you buy the GT3 RS outright 2 years from now you'll look back and laugh at struggling with this decision. You're young dude, keep working hard and being successful, dont jeopardize your future financial independence and marriage over a car. I know, easier said than done. Sincerely wish you the best with your situation!
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05-20-2012, 09:43 PM | #13 |
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Something is not right here. What sepcifically was stated, agreed and signed on the contract? Your post implies that u were unaware of percentage of profit sharing. Did you agreed to a partnership? It doesn't seem like it. Lender's action may be outright illegal. I would get a business contract lawyer asap.
Hopefully you dont have to sell your m3. Good luck. |
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05-20-2012, 10:41 PM | #15 | |
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Go to lending club to see if they will accept your loan. The acceptance rate is low but if you pass the screen, your loan will be put out for financing by investors, Given that you are willing to pay upto 30% APR and you state that you have excellent credit, you should be able to get financed.
As part of the screening if you can demonstrate that your IT business is meaningfully cash flow positive, with predictable income (i.e you have signed contracts with customers to provide IT management services for say 1 or 2 years) and that free cash flow is available to repay your debt, that should provide prospective investors with the comfort to finance you. However, selling a depreciating asset (your m3) to build a business that, hopefully, will grow, generate cash flow and income for years to come is not a bad trade. The m3 is a good car but there are a lot of great cars out there and they will be available for purchase in the future as well when you are in a position to start buying again. my 2 cents Quote:
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05-20-2012, 11:09 PM | #16 |
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Hey buddy. I got a friend in Florida that could help with the property loan. I believe the cost would be approx 2% point upfront and rate would be from 12%-20% max. LTV on the property could not be more than 50%.
Send me a PM if your interested. I'll give him a call tomorrow and see if he can give you a lower interest rate. He a real estate broker in Miami. Carlos PS. If you have no other option than go ahead and sell the car.
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05-21-2012, 02:53 PM | #17 | |
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05-21-2012, 02:54 PM | #18 |
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05-21-2012, 02:57 PM | #19 | |
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05-21-2012, 02:58 PM | #20 | |
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05-21-2012, 03:39 PM | #21 |
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It would be a smart decision for you to sell your M3 in order to save your business. Years down the road you might be kicking yourself for being foolish enough to let your business die just so you could drive a nice BMW instead of a beater for a few years. If your business is successful enough, you could buy yourself a $200k car and still own an M3! The guy that wants a cut from your profits is a douce, you should hire an attorney.
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05-21-2012, 03:43 PM | #22 | |
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I suggest go for ED (European Delivery) and enjoy a nice ride on AutoBahn and take your wife to Italy via Austria. Good luck with everything. remember business will get you 10 more M5 so take your decision with sound mind. |
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