Need some bean counter/accounting help.

[JB]

I am lending my housekeeper the bux to buy a car. I need to prepare a loan document, including a month by month amortization schedule so at any time I can tell her a principal balance and annually tell her (and the IRS) how much interest she has paid, etc, etc.

I have been through the risk assessment bit, so no lectures about that, please. Her credit was destroyed by her RATZAKRATZA PECALUMER mad:) son and the bank won't touch her. She has cleaned my home for 10 years and I trust her.

Now. How do I calculate all this stuff? Is there a program for calculating it all in a spread sheet or something?

 

[KurtG]

Re: Need some bean counter/accounting help.

The easiest way is probably online: http://www.bankrate.com/brm/auto-loan-calculator.asp


Or you can load the interest formula in a spreadsheet. I did a bunch of calcs when shopping around for our new car based on different #s people were throwing out. I justed wanted to know monthly and not have to hear junk for 2 hours

 

[Tyme2fish]

Re: Need some bean counter/accounting help.

This site may be of assistance to you.


http://calculators.aol.com/tools/aol/card04/tool.fcs

 

[Tacklewasher]

Re: Need some bean counter/accounting help.

Send me a PM with the info and I can quickly build a spreadsheet for you.

I am an accountant and have lots of experience and templates etc.

 

[mphy98]

Re: Need some bean counter/accounting help.

If you want a finance contract filled out call me and I will do one for you, I work in finance and can do it for you and fax it down. I will Pm you my number bob

 

[tashasdaddy]

Re: Need some bean counter/accounting help.

JB, i know you trust her, but be sure the lien is put on the title and insurance. that way you are covered incase of an accident and the car is totaled. the bank rate,com site will give you the total amortization schedule. she and you should get a copy.

i did the same thing for a friend, years ago, and did not do the lien, as it was not a large amount, he is now and very bad exfriend.

 

[JB]

Re: Need some bean counter/accounting help.

I think I am covered, TD. I bought the car. The title is in my name and her insurance company has me as a leinholder. She will get the title when it's paid or I croak, whichever comes first.

I have a sample contract (Thanks, mphy) and will go to bankrate for an amortization schedule.

 

[fishrdan]

Re: Need some bean counter/accounting help.

She will get the title when it's paid or I croak, whichever comes first.

WHEW!

Thank heaven she's not your cook,,, might have to get a food taster...

 

[Tacklewasher]

Re: Need some bean counter/accounting help.

I have a sample contract (Thanks, mphy) and will go to bankrate for an amortization schedule.

Fine.

After I sent 10 minutes adjusting an old spreadsheet to email you (even named it "forJB.xls")

Phhhttttbbbbbbttttts

 

[patrickray]

Re: Need some bean counter/accounting help.

You you can look into Excell. There a lot of templates there for stuff like this.

 

[tashasdaddy]

Re: Need some bean counter/accounting help.

JB, that was really great of you to help her out. but, i know she takes really good care of you.

 

[Bob_VT]

Re: Need some bean counter/accounting help.

I remember your housekeeper (her son is our USAF hero)..... very kind of you JB.

 

[JB]

Re: Need some bean counter/accounting help.

Fine.

After I sent 10 minutes adjusting an old spreadsheet to email you (even named it "forJB.xls")

Phhhttttbbbbbbttttts

Thanks for the thoughts, TW. Turns out I got more help than I needed.

 

[Tail_Gunner]

Re: Need some bean counter/accounting help.

I think I am covered, TD. I bought the car. The title is in my name and her insurance company has me as a leinholder. She will get the title when it's paid or I croak, whichever comes first.

I have a sample contract (Thanks, mphy) and will go to bankrate for an amortization schedule.

JB check with your ins agent and the state on this type of transaction, Most states hold all liabilities to the titled owner of the car and make no mistake a ins company other than your own...even your own would hold you liable for any and all damages.

This does vary some....owner ship regs that is. No matter what anyone says check the law's on ownership liability...Your not a liscened lender...

 

[aspeck]

Re: Need some bean counter/accounting help.

Fine.

After I sent 10 minutes adjusting an old spreadsheet to email you (even named it "forJB.xls")

Phhhttttbbbbbbttttts

That's okay, Tacklewasher, I will accept your help! And thank-you very much in advance.

 

[jay_merrill]

Re: Need some bean counter/accounting help.

I agree with Tail_Gunner. While there may be ways to get around the liability issue, I don't think I would want to hold the title on the car.

 

[Bob_VT]

Re: Need some bean counter/accounting help.

JB since the car title is in your name I have been thinking that she should be leasing the car for a speciified amount of time with the final lease payment being $1. I think that would afford both you and the lady the protections you need for liability.

 

[tashasdaddy]

Re: Need some bean counter/accounting help.

guys, most states title the car in her name, and JB as lien holder, the lien holder gets to hold the title, until the lien is satisfied, the he signs off the lien, and the title is given to her. if this is the case, JB has no liability.

i think this is what JB, ment in this statement.
"I think I am covered, TD. I bought the car. The title is in my name and her insurance company has me as a leinholder. She will get the title when it's paid or I croak, whichever comes first."

 

[chiefalen]

Re: Need some bean counter/accounting help.

Don't worry he ain't croakin so fast. Not till he gets his money back thats for sure. Hah.

 

[Tail_Gunner]

Re: Need some bean counter/accounting help.

JB since the car title is in your name I have been thinking that she should be leasing the car for a speciified amount of time with the final lease payment being $1. I think that would afford both you and the lady the protections you need for liability.

Good solution Bob..but id still check closely...Remeber your advice on crazy accidents JB ...it take's only one to really mess one'self up