Looking for Investor

[jedalton]

79 year old male, looking for $20,000 to buy out my lease on 2017 Hyundai Santa Fe with 16,000 miles. Will make you irrevocable beneficial on my life insurance policy for $40,000 plus you will end up with the car. Car is in excellent condition, has heated seats, dual A/C and heat, tinted windows and much more.
if interested please let me know as I need to make decision by end of July.
jedalton@gmail.com or
PM me on Eddie Dalton | Facebook (https://www.facebook.com/jedalton)

[dewilson58]

$20k buy-out......looks like the lease is up-side down already.


Are you going to make monthly payments to the investor, or is payout at death??

[jedalton]

$20k buy-out......looks like the lease is up-side down already.


Are you going to make monthly payments to the investor, or is payout at death??
payout at death

[karostay]

Your latest medical report ? :shrug:

Your estate could conceivably end up paying any future fiances
death benefits to cover medical cost.
Beneficiary gets the left overs if any

[jedalton]

Your latest medical report ? :shrug:

Your estate could conceivably end up paying any future fiances
death benefits to cover medical cost.
Beneficiary gets the left overs if any.
not if you are the irrevocable beneficial. I have no surviving children. Money automatically goes to you. you re not responsible for my final expenses.

[Stu from NYC]

Whoever would do this better run this by an attorney familiar with elder law

[jedalton]

Whoever would do this better run this by an attorney familiar with elder law
have no problem with that

[thevillages2013]

Why do you need to buy out the lease? Just give the car back at lease end.

[jedalton]

Why do you need to buy out the lease? Just give the car back at lease end. could do that but car is low mileage and in great condition and cheaper that leasing a new car.

[Chatbrat]

Why not cash in your life insurance , if it has a value over $100K, some company will give you $50K right now- then you can pay off your car and have $30K in your pocket

[greenflash245]

OMG!!! just sell it and avoid all of this kraal

[greenflash245]

for sure. might be worth $12,000

[greenflash245]

run!

[woderfulwendy1]

Why is this , "advertisement" in this section?

[jedalton]

for sure. might be worth $12,000
Used 2017 Hyundai Santa Fe Sport Sport Utility 4D Pricing | Kelley Blue Book (https://www.kbb.com/hyundai/santa-fe-sport/2017/sport-utility-4d/?vehicleid=415734&intent=buy-used&options=7093976%7cfalse%7c7093985%7cfalse%7c709399 0%7cfalse%7c7093996%7cfalse%7c7094003%7cfalse%7c70 94009%7cfalse%7c7094015%7ctrue%7c7324014%7ctrue%7c 7324016%7ctrue%7c7324018%7ctrue%7c7324024%7ctrue%7 c9427202%7cfalse&mileage=49207&pricetype=private-party&condition=excellent)

[Chatbrat]

It should be close to the end of the lease, for a 2017

[Raymar99]

Better run this by the Villages trolls

[Pommom91]

Why would you buy out a lease for $20,000 on a car that’s only worth $16,000?

[Dana1963]

https://www.hyundaicfl.com/used-inventory/index.htm?make=Hyundai&model=Santa%20Fe&year=2017-2017&gclid=EAIaIQobChMIwPOppu-S6gIVC2-GCh3QCAgtEAAYAyAAEgJMMvD_BwE&gclsrc=aw.ds
No bitting on it many for sale

[Don5154]

79 year old male, looking for $20,000 to buy out my lease on 2017 Hyundai Santa Fe with 16,000 miles. Will make you irrevocable beneficial on my life insurance policy for $40,000 plus you will end up with the car. Car is in excellent condition, has heated seats, dual A/C and heat, tinted windows and much more.
if interested please let me know as I need to make decision by end of July.
jedalton@gmail.com or
PM me on Eddie Dalton | Facebook (https://www.facebook.com/jedalton)

I hope you live for a long time.....so car value could be ? The person who suggested to try to cash in the insurance has the best idea. Good luck

[FredJacobs]

.
not if you are the irrevocable beneficial. I have no surviving children. Money automatically goes to you. you re not responsible for my final expenses.
I used to teach life insurance law to insurance agents. Life insurance policies are payable ONLY to the beneficiary. An "irrevocable beneficiary" cannot be changed by the owner of the policy without the approval and knowledge of the beneficiary.

Life insurance proceeds are free of income tax and cannot be attached by any of the decedent's creditors. However, they can be claimed by the beneficiary's creditors.

Things to look for and consider -

A. What kind if policy is this - Whole Life, Universal or Term?
B. If it is Whole Life or Universal, is there any cash value and is the cash value sufficient to pay the premiums?
C. If it is Term, the owner of the policy could stop making premium payments because it is forever increasing and the policy could be cancelled. Also, depending on when the policy was issued and in which state, the policy may expire at age 80, 85 or 99.

2. The life expectancy of a healthy 79 year old male is about 13 years. Should the owner live that long, the car will be 16 years old - if he still owns it. Will you get what ever car he owns at the time?

3. This is like buying a 13 year non-cancellable, no early withdrawal CD. Investing $20,000 and waiting 13 years for payout of $40,000 is an annual rate of return of 5.2%. Not too bad a rate of return. If he lives longer, the rate goes down.

4. Mr. Dalton may be better served if he sells his policy for a cash settlement.

[BostonRich]

You obviously don't need the car. Just give it back. Why are you making this so complicated?

[JulieER]

Life insurance proceeds are not part of an estate. They go directly to the beneficiary.

[jedalton]

It should be close to the end of the lease, for a 2017 August is end of lease

[retiredguy123]

I'm confused. I think some people may have misunderstood the offer. You want someone to pay the lease company $20,000, but you keep the car? Is that the deal? When I first read the OP, I thought the person who pays off the lease gets the car.

[jedalton]

I'm confused. I think some people may have misunderstood the offer. You want someone to pay the lease company $20,000, but you keep the car? Is that the deal? When I first read the OP, I thought the person who pays off the lease gets the car.
I will pay off the lease with the money. I will keep car until I pass away, then car goes to investor with $40,000 from insurance company

[Don5154]

79 year old male, looking for $20,000 to buy out my lease on 2017 Hyundai Santa Fe with 16,000 miles. Will make you irrevocable beneficial on my life insurance policy for $40,000 plus you will end up with the car. Car is in excellent condition, has heated seats, dual A/C and heat, tinted windows and much more.
if interested please let me know as I need to make decision by end of July.
jedalton@gmail.com or
PM me on Eddie Dalton | Facebook (https://www.facebook.com/jedalton)

Why not just go to the bank and take a loan out for the car if you want to keep it. This would not be an investment for others but a headache. Just amazing what I read on this site.

[jedalton]

Why not just go to the bank and take a loan out for the car if you want to keep it. This would not be an investment for others but a headache. Just amazing what I read on this site.
don't want the payments. Already have 10 people that are interested

[bpascani]

I don't think you can sell a leased car????

[village dreamer]

and what did p. t. barnum say...…..

[yankygrl]

SOUNDS LIKE A SCAM TO ME- pretty sure you can’t sell a leased car and if you only have 2 payments left then give it back to dealer.

[jedalton]

I don't think you can sell a leased car????
you can buy it at end of lease, which is what I am doing

[fdpaq0580]

Why not just go to the bank and take a loan out for the car if you want to keep it. This would not be an investment for others but a headache. Just amazing what I read on this site.

When I read the original post, I thought "never heard of this scam before". But, after reading the explanation of how this is supposed to work I can't believe anyone would go for it. Still, some people will buy anything. Heard someone sold an "air guitar" on eBay that had been, supposedly played at a rock concert, for many thousands of dollars. My wife didn't know what an "air guitar" was, so I explained. "Air guitar" does not exist in the physical realm. It is when one pretends to hold the neck of the imaginary guitar in one had and prends to strum with the other. She looked unhappy. I'm afraid I may be getting a very expensive "air guitar" for my birthday.
Lesso here, even normally intelligent people will fall for somethings.

[jedalton]

When I read the original post, I thought "never heard of this scam before". But, after reading the explanation of how this is supposed to work I can't believe anyone would go for it. Still, thdo your homework and you will see it's no scam

[Jayhawk]

Sell Your Life Insurance Policy | Coventry Direct (https://www.coventrydirect.com/?utm_term=%20viatical%20%20settlement&utm_campaign=GS%20-%20Coventry%20Direct%20-%20NonBrand%20-%20Life%20Settlement&utm_content=search&utm_source=google&utm_medium=ppc&matchtype=b&gclid=Cj0KCQjwirz3BRD_ARIsAImf7LPusQ0X0QoG6C0DctE0 VKDCKWre6PZ7cKXNVmp6QjWgZHMpDmdRrzMaAnwhEALw_wcB)

[jedalton]

When I read the original post, I thought "never heard of this scam before". But, after reading the explanation of how this is supposed to work I can't believe anyone would go for it. Still, th
I'm 79 years old, don't know how much time I have left but investor will get double the money back at some point in time and the car. Not a bad deal. where can you get a guarantee double your money back?

[jedalton]

Sell Your Life Insurance Policy | Coventry Direct (https://www.coventrydirect.com/?utm_term=%20viatical%20%20settlement&utm_campaign=GS%20-%20Coventry%20Direct%20-%20NonBrand%20-%20Life%20Settlement&utm_content=search&utm_source=google&utm_medium=ppc&matchtype=b&gclid=Cj0KCQjwirz3BRD_ARIsAImf7LPusQ0X0QoG6C0DctE0 VKDCKWre6PZ7cKXNVmp6QjWgZHMpDmdRrzMaAnwhEALw_wcB) policy has to be min of $100,000. mine is only $50,000

[Don5154]

do your homework and you will see it's no scam

It’s sure not an investment.......

[Don5154]

policy has to be min of $100,000. mine is only $50,000

So now it’s 50K.....before it was 40K....what’s up with the other 10K, who gets that?

[dewilson58]

August is end of lease


Two more payments, then walk away.

[Don5154]

Two more payments, then walk away.

My understanding is he wants to keep the car, but wants someone else to pay for the buyout of the lease and in return will get his life insurance hopefully somewhere down the road and whatever shape the car is in at the end. Shaky deal to say the least.....would need a good attorney to look it over ($$). Just saying....would hate to see someone who can not think things through get sucked into this.

[jedalton]

So now it’s 50K.....before it was 40K....what’s up with the other 10K, who gets that?
My friend will get the 10k.

[fdpaq0580]

Two more payments, then walk away.

I agree. Could it be the balloon payment at the end of lease? Already have agreed to purchase at lease end but is short on cash?
Certainly a novel concept, imho. Good luck to both parties if this curious "investment" goes through.
Side note: I have a father-in-law that was fit and we'll and still driving we'll into his nineties. Would you even want to deal the car if it was that old, and can you find an investment that provides the 5+ percent interest now rather than have to wait for the lump sum some unknown time in the future?

[Fredman]

If u buy into this “deal” I have a couple of bridges I would like to discuss with u

[jedalton]

Show me where you can get a guarantee 5 percent

[jedalton]

My friend will get the 10k.

My friend is just a beneficiary not an irrevokable beneficiary and in case you don't know how insurance works the money is paid directly to the beneficiaries there is no probate or anything else

[Don5154]

Show me where you can get a guarantee 5 percent


One word “ANNUITIES”

[fdpaq0580]

My friend is just a beneficiary not an irrevokable beneficiary and in case you don't know how insurance works the money is paid directly to the beneficiaries there is no probate or anything else

Agree with post 46 that your friend deserves this opportunity.
And most of us have been around long enough to know how insurance works.

[Don5154]

My friend is just a beneficiary not an irrevokable beneficiary and in case you don't know how insurance works the money is paid directly to the beneficiaries there is no probate or anything else

As I said earlier....if it’s such a great investment why isn’t your friend all over this deal......or perhaps some of your Palmer friends.......just saying ?

This type of solicitation should not be aloud on this site.

[charlieo1126@gmail.com]

Base price for lowest model for 2020 with plenty of options is $25, 666 that’s before you start arguing with them . Why spend $20, in a car you may not get for another 10 years or more and why won’t he sell his insurance

[fdpaq0580]

One word “ANNUITIES”

I thought of that as one source, but I get nothing for being his financial advisor, so didn't reply to his post.

[Don5154]

you can buy it at end of lease, which is what I am doing

No what you are doing is asking for 20k from someone so you can buy it from the dealer.

[retiredguy123]

I used to teach life insurance law to insurance agents. Life insurance policies are payable ONLY to the beneficiary. An "irrevocable beneficiary" cannot be changed by the owner of the policy without the approval and knowledge of the beneficiary.

Life insurance proceeds are free of income tax and cannot be attached by any of the decedent's creditors. However, they can be claimed by the beneficiary's creditors.

Things to look for and consider -

A. What kind if policy is this - Whole Life, Universal or Term?
B. If it is Whole Life or Universal, is there any cash value and is the cash value sufficient to pay the premiums?
C. If it is Term, the owner of the policy could stop making premium payments because it is forever increasing and the policy could be cancelled. Also, depending on when the policy was issued and in which state, the policy may expire at age 80, 85 or 99.

2. The life expectancy of a healthy 79 year old male is about 13 years. Should the owner live that long, the car will be 16 years old - if he still owns it. Will you get what ever car he owns at the time?

3. This is like buying a 13 year non-cancellable, no early withdrawal CD. Investing $20,000 and waiting 13 years for payout of $40,000 is an annual rate of return of 5.2%. Not too bad a rate of return. If he lives longer, the rate goes down.

4. Mr. Dalton may be better served if he sells his policy for a cash settlement.
I don't think the second paragraph of your post is correct, in this case, regarding income tax. Here is what the IRS says about income tax on life insurance proceeds.

"If the policy was transferred to you for cash or other valuable consideration, the exclusion for the proceeds is limited to the sum of the consideration you paid, additional premiums you paid, and certain other amounts."

[retiredguy123]

I am not sure why the OP is getting so much backlash about this thread. It is a viable offer, but I think it would be more appropriate for a young person, not for a retired person living in The Villages. And, like any offer, it could be subject to negotiation.

[Stu from NYC]

I am not sure why the OP is getting so much backlash about this thread. It is a viable offer, but I think it would be more appropriate for a young person, not for a retired person living in The Villages. And, like any offer, it could be subject to negotiation.

Agreed all they have to do is say not interested.

Read the offer decided not for me but following as it is an interesting thread.

[Don5154]

and what did p. t. barnum say...…..

Unfortunately he was right :-(

[charlieo1126@gmail.com]

I would rather put $20, into my vanguard index funds, like I do every month , except now because of market down I’m also putting money in every week

[jedalton]

Base price for lowest model for 2020 with plenty of options is $25, 666 that’s before you start arguing with them . Why spend $20, in a car you may not get for another 10 years or more and why won’t he sell his insurance have to have min of 100K to sell policy, mine is $50K

[jedalton]

I don't think the second paragraph of your post is correct, in this case, regarding income tax. Here is what the IRS says about income tax on life insurance proceeds.

"If the policy was transferred to you for cash or other valuable consideration, the exclusion for the proceeds is limited to the sum of the consideration you paid, additional premiums you paid, and certain other amounts."
that's if you transfer, if your beneficiary is tax free

[jedalton]

I would rather put $20, into my vanguard index funds, like I do every month , except now because of market down I’m also putting money in every week

good choice but no guarantee. at 6% interest it would take 12 years for money to double at with guarantee.

[jedalton]

My friend is just a beneficiary not an irrevokable beneficiary and in case you don't know how insurance works the money is paid directly to the beneficiaries there is no probate or anything else
Consent Must Be Given By An Irrevocable Beneficiary Before Being Removed From A Life Insurance Policy | HMC Lawyers (https://hmclawyers.com/insurance/consent-must-be-given-by-an-irrevocable-beneficiary-before-being-removed-from-a-life-insurance-policy/)

[jedalton]

One word “ANNUITIES”
expenses and penalties will eat you up. best rate I could find with guarantee is 3.5%.

[retiredguy123]

that's if you transfer, if your beneficiary is tax free
I disagree. I don't think the IRS would see it that way. If you are investing money to become the beneficiary in order to make money, I think the IRS would consider the income to be taxable. Paying money to become an irrevocable beneficiary has the same financial effect as transferring the policy.

[jedalton]

it's not an investment, it's a loan. the policy is the collateral. you can make anyone your beneficiary weather they loan you any money or not.

[jedalton]

already had 20 interested parties and meeting with 2 of them today. Some people can see the benefit of this deal.

[retiredguy123]

it's not an investment, it's a loan. the policy is the collateral. you can make anyone your beneficiary weather they loan you any money or not.
Well, if it is a loan, then the IRS would definitely tax you on any income you made from the loan, including interest. So, the excess in collateral you made would be taxable income. But, if it is a loan, then the beneficiary would only be able to keep part of the life insurance proceeds needed to pay off the loan. The rest would revert back to your estate.

[jedalton]

Well, if it is a loan, then the IRS would definitely tax you on any income you made from the loan, including interest. So, the excess in collateral you made would be taxable income. But, if it is a loan, then the beneficiary would only be able to keep part of the life insurance proceeds needed to pay off the loan. The rest would revert back to your estate.
can always make it a gift

[ColdNoMore]

I used to teach life insurance law to insurance agents. Life insurance policies are payable ONLY to the beneficiary. An "irrevocable beneficiary" cannot be changed by the owner of the policy without the approval and knowledge of the beneficiary.

Life insurance proceeds are free of income tax and cannot be attached by any of the decedent's creditors. However, they can be claimed by the beneficiary's creditors.

Things to look for and consider -

A. What kind if policy is this - Whole Life, Universal or Term?
B. If it is Whole Life or Universal, is there any cash value and is the cash value sufficient to pay the premiums?
C. If it is Term, the owner of the policy could stop making premium payments because it is forever increasing and the policy could be cancelled. Also, depending on when the policy was issued and in which state, the policy may expire at age 80, 85 or 99.

2. The life expectancy of a healthy 79 year old male is about 13 years. Should the owner live that long, the car will be 16 years old - if he still owns it. Will you get what ever car he owns at the time?

3. This is like buying a 13 year non-cancellable, no early withdrawal CD. Investing $20,000 and waiting 13 years for payout of $40,000 is an annual rate of return of 5.2%. Not too bad a rate of return. If he lives longer, the rate goes down.

4. Mr. Dalton may be better served if he sells his policy for a cash settlement.

Excellent post and a great attempt on education...regarding life insurance. :thumbup:


P.S. I think I'll take a pass on this "opportunity." :D