never do business with family

[SgtMarshal]

A couple years ago, I bought a 1967 Chevrolet Caprice. it was a 2 door hardtop and had the 327 paired to a turbo 400. I did a few things to get it running and drove it around town a little. I ended up losing interest in it and got an offer that I couldn't refuse, so I sold it. before that time, I made a deal with my father in law that I would buy a 383 from him to put in it. when I sold the car, I had paid him 2500 of the 4000 that we agreed on for the engine. the car was sold sometime last fall, and he still hasn't returned my money. he says he will, but has no timeframe in mind. perfect example of why to never do business with family.

[bobc455]

Agreed! I generally give things to friends and family. I don't loan money because that's a recipe for disaster- but I will freely give whatever I can when friends & family are in need (with no expectation or hope of getting it back). If it's something I need back, I won't loan it / give it.

[pulling the nail] Can he give you the 383, even though you don't have the car any more? Then at least you could sell it and recoup some of your dough. BTW, $4,000 seems like it must be a very healthy motor!!!! You gonna do wheelstands with that Caprice or what?

[SgtMarshal]

he used the engine in his dirt track racing car for a season, and then they changed the rules and he couldn't use it anymore. it made something like 525 hp. I wasn't really in love with that engine because it was 12:1 compression, and 110 octane is too expensive. he is working on selling it, so he can pay me back.

http://i1115.photobucket.com/albums/...pss5dnrzze.jpg

[idrivejunk]

With family, I've had best luck thinking of this type thing as just a gift yep. With big part buys like that I don't like anything partially paid because as you found, things change. The situation has to be that your relative needed a loan and the engine was the guarantee. If he cannot pay given time, your only option is to take the engine. In that situation, he should have dropped the price to $2,500 if thats what he had to have at the time. A guy has to know that when you spend more then something is worth, to suit your purpose, that your efforts can be burned. You did him a monetary favor, family tends to wash those off so establish your position and be firm. Best of luck on it. That was a cool ride, had a 67 4D HT w/283 in college.