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Weird (and complicated) question: I'd been shopping for a Volt for a vacation home with a solar electric system for about a year. While I came close to buying, I did not. In the meantime, I have a diesel VW that will be repurchased soon, so need at least a replacement for the primary vehicle, if not also still the vacation residence, and was once again considering the Volt.

As it turns out, I just now discovered an honest error overlooked during a business transaction from last year. The person I dealt with owes me ~$12K. While I have no reason to believe that this individual will not make good on this debt, it will be an awkward situation, at best. Now, coincidentally, this individual owns an ELR (unsure of the year or trim) and it is lightly driven, given that this person collects vehicles and has actually offered to include one of them once before in a different transaction.

So, I am thinking of proposing that we settle the cash debt by signing over the ELR. I realize that the asking prices for these vehicles is much greater than the debt ($12K). However, I'm not sure I'm sold on the merits of an ELR in comparison to a new generation 2 Volt.
 

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Hard to see the downside in accepting a $36K asset for a $12K debt. But the party on the other side wouldn't be keen. The could sell the ELR, keep $24K, and pay you $12K. Also note that you would have to declare income on the amount in excess of the debt.

As for comparing a Volt to an ELR, depends on what you want. The ELR is in a different class than a Volt, but it's really a two person vehicle. The Volt will work for four and the hatch gives it more cargo area.
 

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I've owned volt and ELR.


The ELR will ruin you for the volt. The experience between the 2 are night and day.

Take the ELR, go drive it, and if it doesn't meet expectations (It will) sell it for $20,000 and you're still ahead.
 

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So many things "off" about this situation.

How do you "oops" on $12K, discover it a year later and figure the other guy will gladly give you a $40K asset to make it good?

But a simple answer to your question is "yes". Then I would either have a great car or sell it for more than the $12K if I really needed the cash.
 

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Weird (and complicated) question: I'd been shopping for a Volt for a vacation home with a solar electric system for about a year. While I came close to buying, I did not. In the meantime, I have a diesel VW that will be repurchased soon, so need at least a replacement for the primary vehicle, if not also still the vacation residence, and was once again considering the Volt.

As it turns out, I just now discovered an honest error overlooked during a business transaction from last year. The person I dealt with owes me ~$12K. While I have no reason to believe that this individual will not make good on this debt, it will be an awkward situation, at best. Now, coincidentally, this individual owns an ELR (unsure of the year or trim) and it is lightly driven, given that this person collects vehicles and has actually offered to include one of them once before in a different transaction.

So, I am thinking of proposing that we settle the cash debt by signing over the ELR. I realize that the asking prices for these vehicles is much greater than the debt ($12K). However, I'm not sure I'm sold on the merits of an ELR in comparison to a new generation 2 Volt.
Terrible idea, can I have his number? I'll offer him $12,001 for it then you get your $12K in cold hard cash... :D

On a serious note, it makes zero sense, he COLLECTs cars and will "let it go" for a 1/3 of the price he could get by going to CarMax...
 

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You might do better in the negotiation asking him for a Volt. He could pick one up that is several years old and worth the $12K. Since he has connections in the car world, he might be able to get it for less, making both of you happy.
 

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Discussion Starter #8
So many things "off" about this situation.

How do you "oops" on $12K, discover it a year later and figure the other guy will gladly give you a $40K asset to make it good?

But a simple answer to your question is "yes". Then I would either have a great car or sell it for more than the $12K if I really needed the cash.
Thanks. Appreciate the responses. Not making this up. It was a real estate transaction. Escrow agent screwed up and nobody caught the error until discovered incidentally while preparing my taxes. So now the issue becomes who is responsible and could get complicated, involve lawyers, courts, take time. A different vehicle was actually offered for sale with the house, but I know the seller wanted to dispose of the ELR, as well. Both of us had/have a lot going on and this was not at the top of priorities. So, it's a thought, make an offer on the ELR. He can always counter. My experience selling cars is not pleasant. Thought this might be a way to kill 3 birds (I need a car, he needs to get rid of one, we need to fix the error) with one stone. I'm still not sold an ELR and think a Volt is already stretching it for me when it comes to space.
 

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Drive a Volt, then, drive the ELR, and get back to us with your impressions. Both cars suit different needs. After owning both, I can say that the ELR is lots more fun to drive than my Volt was, especially at high sustained speeds. And, after getting rid of the crappy OEM Bridgstone Potenza tires at 20,000 miles, it's truly a joy to really drive it. (Replaced with BFG g-Force COMP-2 A/S 245/40ZR20) If I were to buy another ELR, the first thing I'd do is get rid of the tires. Volt and ELR are wonderful platforms hobbled by crappy tires. Keep up posted on your progress. Good luck!

You have to admit that it is one damn sexy car. Perfect strangers come up to me and tell me my car is gorgeous. Peace out

20170220_095511.jpg

https://drive.google.com/open?id=0BwmH6e2GMW7qV25zNTc4amZPNldfY0N4cEJMNDFIYmVQd3dB

https://drive.google.com/open?id=0BwmH6e2GMW7qUnZTOGQ5bFFyZnRLZHlwd1VNcm1VX0dOdkow
 

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Definitely a unique situation here! If I were you, I'd take the ELR, no question.

But if I were him, I'd laugh at the idea of settling a $12k debt with the title to the ELR. But, assuming he's even interested in settling the debt with you (which may be the case if he wants to continue doing business with you) I would offer to SELL you the ELR for maybe $12-15k, AND call the debt settled.
 

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If it sounds too good to be true, it is. No way is the ELR worth only $12k, unless there is a salvage title on the car. Also double check there is a clean title and he actually really owns it. But if it's your idea about trading the debt for the ELR, you'd be getting an awesome deal if you can pull it off. I'm guessing it's just your wishful thinking. Used volts are going for $12k, not used ELRs.

As for pluses and minuses. The ELR is one sexy car, enough to cause you to cheat on both your wife and your girlfriend to get your hands on one. 2 doors and limited trunk space might be an issue, and finding a cadillac dealership equipped and trained to fix one will be challenging. But I'm willing to overlook all that to get a chance to own one. Damn you GM for overpricing the ELR when I first wanted one....
 

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If they actually accede to the deal and like others quoted doubtful, unless ELR has major issues.

1. have a notary with you when papers are signed on a weekday. 2. file transfer papers ASAP. 3. Drive car to undisclosed location turn off cell phone, hideout for 3 business days till agreement is legally binding. Can we say such fun.
 

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Ouch, a little curb rash on that rear wheel in the photo!
The ELR looks gorgeous in Red. ( I have White...a bit less flashy!)

Did you give up much all-electric range with the new tires?
 
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