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Thread: Call me crazy, but I loaned my PCA $4,000 to buy a new (preowned) car.

  1. #1

    Call me crazy, but I loaned my PCA $4,000 to buy a new (preowned) car.

    He has worked for me for 4.5 years and is almost like family. I believe I can trust him. The only thing he has ever taken from me is a couple of Triscuit crackers and a cookie or two. He picks nickels and dimes off the floor and returns them to me.

    I guess he's not getting a Christmas bonus this year.

  2. #2
    Good for you.

  3. #3
    Wow, what a generous gift. I think you would need to consider it such, as the chances of being paid back unless you did a formal contract with him for the "loan" or are going to take payments from his pay prior to paying him, it is unlikely you will see this money again.

    (KLD)

  4. #4
    I hope he repays.

    My rule of thumb, if someone asks and I am able to give the money, it is a gift.

  5. #5
    I might have been foolish enough to do it as long as it was a replacement car and not one that will incur new expenses that have not been in the budget such as insurance, gas, parking, repairs etc.
    I have had periodic paralysis all my life. I lost my ability to walk in 2011 beginning with a spinal block, which was used for a hip fracture caused by periodic paralysis.

  6. #6
    Senior Member Timaru's Avatar
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    Quote Originally Posted by Uncle Peter View Post
    He has worked for me for 4.5 years and is almost like family. I believe I can trust him.
    You can only go with your gut feeling Peter, it sounds as if this guy is trust worthy.

  7. #7
    You know him better than any of us. I've done similar with some of my PCs but not quite that amount.
    "It is every man's obligation to put back into the world at least the equivalent of what he takes out of it. Try not to become a man of success but rather try to become a man of value." - Albert Einstein

  8. #8
    It's a replacement car. The one he has now is almost inoperable.

  9. #9
    Just don't count on getting back and if you don't try not to let it wreck your relationship with him, money can really screw things up, that's one reason I generally just say no, when I was in business I use to have people hitting me up for loans (workers) all the time. If I'd given them all loans I'd be broke.
    "Life is about how you
    respond to not only the
    challenges you're dealt but
    the challenges you seek...If
    you have no goals, no
    mountains to climb, your
    soul dies".~Liz Fordred

  10. #10
    Senior Member
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    I have done it several times..hold the title, don't put their name on it, draw up a contract get it notarized...add a little interest, with in reason..help off set ur PCA expense...
    Louie Gonzalez
    C6 C7

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