Oy - explaining "The Code".

Robbie (Forum Supporter) said:

In reply to SVreX (Forum Supporter) :

HA!

Did I technically buy the car from you AFTER I sold it? I think that would be called a 'short sale' on wall street. 

We had a deal.  I know you are a man of your word and was never concerned.

But yes.  Technically it WAS a short sale.  Haha!!

In reply to 03Panther :

That was me and it is not anger at all just what I think about it.  It is more of a WTF than anything else on my part.  

I got one.  I picked up my CLS550 last year.  I got it for a price that was about 10K less than it should have been.  The dealer did not know what they had and sold it to me as if it was a "base model". Would you go back to the dealer and offer them up another 5K?  I think not.  I know they made there $$$ on the sale.  

A month or so later I got a call from the dealership wanting to purchase it back for 5K more than I paid for it.  They said that they had a client that was willing to pay top $$$ for it and wanted that car as they had seen the add that was still up on there web site.  They even offered a "good deal" on a Toyota Avalon that I actually came to there dealership to look at originally (AWD Hybrid completely loaded with about 40K miles on it) .  I declined.  I am sure that they know they screwed up and could have made more on the car but as it is they made there standard margin so it is not as if they actually lost money.  

Through all of this I actually made "friends" with the owner of the dealership and fully intend to at least shop them in the future when I replace my truck. 

So this is why Patrick keeps loading up my pickup bed with free E36 M3 every time I visit him.  Berk him I'm gonna charge him storage fees now.

Curtis73 (Forum Supporter) said:

Example B: I was given a wood-strip canoe. (I don't mean spam... I mean an actual floating boat). It was after an auction I went to and some stuff that didn't sell the son was just giving away.  I put it on ebay and got $850 for it after a ton of trouble.   Neither of us knew it was valuable at the time, I didn't convince him to give it to me, he just made a poor decision. 

That's a tough one. 

With friends, I might say "hey, if you sell this and make money on it, I'd like some of the proceeds." I'd never do that with a stranger, though. Admittedly, however, my friends and I all know that if given something under the auspices of "its yours I don't care what you do with it" that the receiving friend will immediately determine the value of the gift. 

I will however be up front with all gift-givers, "if you give this to me, there is a good chance I might resell it." 

I acquired an old early full-suspension Cannondale with some interesting, somewhat historical bits on it. When I saw my neighbor was putting it on the a "trash trailer", I asked him about it. He said "I'm sure its worth something to somene but I don't really have the time to find that person." So I asked him if I could have it, telling him that'd find a buyer. He said "sure, and you can keep the profits. I'll be happy if its stays out there in the world." 
 

I made $300 on that bike and is now in Cannondale collection in France.

Then:

I had a co-worker with an old California made MTB (Mountain Cycle). He asked "I'm curious what you think of it? What it might be worth?" I told him "Oh I dunno, could be worthless, could be valuable. I do research on anything that comes into my possession." - He then asked "do you think you could look into it, I might want to sell it." 
 

I replied, "Eh, value is really dependent on how far and wide you broadcast the ad, on which groups/forums, quality of pictures, history of the bike, etc. So I can't really determine the price without having it in my hands - but I'd totally sell it on consignment for you! Let me know if you want to give it away or sell it cheap." 

It was a strange mix of "tell me how much this is worth, then buy it from me for market value." 

I only do appraisals when I really don't want something. 

The OP's code is a new one to me.

If I give you something, enjoy! I don't want it back, it's yours! 
 

D2W said:

Dear 914Driver,

I will ship you all my worthless E36 M3, to be fixed and/or restored. When you sell I would like half the profit deposited into a paypal account. Thank you

P.S. How does this work if I go to all my friends, and collect all their worthless E36 M3 they are willing to give away, and then ship that to you? Is it then a 33% split among the 3 of us, or do I still only get 50% to be split 50/50 amongst my friend and I?

This code stuff is complicated.

I think the key here (when dealing with friends) is to be upfront about it.  If they're offering you a free PIcasso, you would say "hey, you realize that is worth about $1.2M, right?"

I think if a friend gave me a painting and I thought it would look good in my bathroom, then discover it's a rare original worth millions, I would clue my friend in and come to some agreement.  If I bought it at a thrift store for $15, then shame on the thrift store.

pheller said:

Curtis73 (Forum Supporter) said:

Example B: I was given a wood-strip canoe. (I don't mean spam... I mean an actual floating boat). It was after an auction I went to and some stuff that didn't sell the son was just giving away.  I put it on ebay and got $850 for it after a ton of trouble.   Neither of us knew it was valuable at the time, I didn't convince him to give it to me, he just made a poor decision. 

That's a tough one. 

With friends, I might say "hey, if you sell this and make money on it, I'd like some of the proceeds." I'd never do that with a stranger, though. Admittedly, however, my friends and I all know that if given something under the auspices of "its yours I don't care what you do with it" that the receiving friend will immediately determine the value of the gift. 

The sad part is, I have a pretty giving heart.  In that canoe example, I genuinely considered giving some money back to the guy.  He was just doing what he thought was best for the estate of his dead grandfather.

.... until he went ape-E36 M3 on me and took the low road. 

I thought the op was talking about with friends... where did all the talk of the heck with strangers come from?

914Driver said:

Car guy code, you know, an unwritten rule.  If you buy it outright, it's yours.  If someone gives you something (transmission, dead project etc.) you're obligated to give them first refusal if you sell it AND should give them half of the profit.  Without the free stuff, your profit would be zero.

My situation:  My friend Jerry gave me a 12 ft. fiberglass boat because his grandkids hate it.  Threw in the 4hp outboard too.  (1974 boat, 1975 motor).   I was going to jet ski it like Toyman did, but there;s another shiny thing on the horizon that turned my head.  I painted the hull, ordered parts for the engine and then it goes down the road.  Trish asked me what I'm going to do with the boat.  I explained The Code. 

My investment in this boat will be about $200.  I go back to Jerry and offer it back to him for the $200 I have in it.  If, say, I sell it for $1200, I get $200 + half of the $1000 profit, Jerry gets $500.

Then she goes all Capt. Barbosa on me:   "Is it a strict code or just guidelines?"

 

 

Guidelines. The Code is just being a decent human. You know what's right. Don't overthink it too much.