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I am in need of Proper info concerning 2 typed-up contracts…

Customer Question
I am in need...

I am in need of Proper info concerning 2 typed-up contracts about a New used Car Lot Dealership that $70,000 I myself have put out that money for Floor Plans and All. I do have written Contracts by just the 2 of us & signed by Both of us! Is that Fair enough?

Lawyer's Assistant: What state is this in? And how old is the car?

K.U. University in Lawrence, KS. It's a small car lot with more then 1 car. We may have 8 to 12 cars on lot. We but used and if needed, repair & then go to Sell. We also attend Car Auctions around us!

Lawyer's Assistant: Has anything been filed or reported?

NO. I'm not sure what u maybe asking?

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

Well I do have written / typed up contracts within my hands. I just like to know and Think that if Contracts written by the Owner, Me, Art and My best Salesman on the Lot

Submitted: 8 months ago.Category: Legal
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Answered in 4 minutes by:
10/5/2017
Lawyer: Lucy, Esq., Attorney replied 8 months ago
Lucy, Esq.
Lucy, Esq., Attorney
Category: Legal
Satisfied Customers: 32,264
Experience: Lawyer
Verified

Hi,

I'm Lucy, and I'd be happy to answer your questions today.

How long are the contracts? What information are you looking for about them?

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Customer reply replied 8 months ago
Just 1 minute please?
Lawyer: Lucy, Esq., Attorney replied 8 months ago

Ok

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Customer reply replied 8 months ago
May 5, 2017:This is a legal and binding contract entered on May 5, 2017. Art Kestermont will loan ***** ***** $10,000.00 and ***** ***** agrees to pay Art Kestermont 15,000.00 within 3 to 6 months.
Then names are ***** ***** Sighned and Dated under printed names.2nd contract Dated 09/05/2017
Art Kestermont has loaned 'Deals on Wheels Automotive, LLC $ 39,000,00 05/05/2017 loan date and Art Kestermont has loaned ***** ***** $ 30,000.00 05/05/2017 loan date and Art Kestermont will Receive $ 5,000.00 a month by the 15th until paid in Full Starting 9/15/2017. Signed and dated by both of us 09/05/2017
Lawyer: Lucy, Esq., Attorney replied 8 months ago

That first agreement violates Kentucky's usury laws. There's a limit on how much insurance a person can charge someone when loaning money. That's 50% interest (actually higher, because the repayment term is less than one year). The maximum parties can agree to by law is 19%. Ken. Rev. Stat., Section 360.010. In some states, charging that high of an interest rate would be a total forfeiture of the money loaned. In Kentucky, interest not paid is forfeited. If DW paid the full $15,000, he could sue AK for twice the amount of interest paid. Section 360.020.

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Lawyer: Lucy, Esq., Attorney replied 8 months ago

The second agreement is largely fine. It doesn't mention an interest rate, so it doesn't have the same problem as the first. However, it's not clear if DW is repaying both the money loaned to him and the money loaned to the LLC. If he is, then it should be stated whether he is a member/owner of the LLC and whether he is agreeing to be personally liable on the debt.

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Customer reply replied 8 months ago
My Bank always will Check on information as this so Nothing Fraudilent (can't spell) will happen and or All is OK! I did reply a few min. ago to (YES) for Phone Call info.
Customer reply replied 8 months ago
It is ok now to use Phone Please. Just Run Card info again as necessary!
Lawyer: Lucy, Esq., Attorney replied 8 months ago

I believe you have to submit the request again. Do you see the Call me button?

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Lawyer: Lucy, Esq., Attorney replied 8 months ago

I understand that another expert accepted your phone call request. If you have any other questions for me, I'm happy to answer them on this page. If not, please be sure to choose a positive rating, as this is the only way I get paid for the time spent speaking with you this afternoon. As a subscription customer, rating costs you nothing extra, but it helps ensure that I am able to continue working with the site to give people information at a lower cost than hiring an attorney.

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