onegoal

Then why not just make the car payment for your kid then?

It's not our faults that banks wont lend us $$.

Adam

Can't blame him. He's not being "****", he's trying to teach you responsibility.

Mudflap

Wow, you have a really warped perspective on finances and life in general when it comes to things like this from what I've seen. The only things a parent is required to give a child are food, clothing, and shelter. In this life you either help yourself and rise above, have everything given to you like a spoiled brat and live life clueless, or you get steamrolled by the system. You have a sense of entitlement thats off the charts scary man...

Why not make the payment FOR the kid? Heres your answer: that teaches her NOTHING about responsibility, and sets her up to have expensive things given to her for free and to have no appreciation for them. She will not value money and the work it takes to earn it, just like you clearly don't. In short, handing a kid everything sets them up for failure in life.

More than likely what we'll do is buy the car, and have her pay us. If she defaults on the payments, we take the car back and sell it to recover our money. When shes paid it off, we will sign the title over to her. This isn't going to be a $35,000 car either, its going to be something used/decent, but no more than 10k. This will teach her responsibility in making payments each month as agreed, otherwise she'll lose the car. It will also teach her that she has to work to earn money to have things that she wants. This is parenting 101 frankly, and these are also the rules of how society works. Why should my kid get a free ride or get to live above the rules...

You need to do what the rest of us did that didn't get "help" financing expensive things. First, stop trying to get a $35,000 vehicle. I bought my first car for a few grand cash, and it was a piece of s#%t. This is what broke-*** people drive: pieces of s%&t. Did I want a cool car? Hell yes I did. I wanted a brand new Trans Am. You're one step ahead, because you already have a nice car. Then I got a Mobil credit card, and eventually a student Visa card with a $500 limit, and charged essentials onto them (gas, food, clothes, etc)... and made payments on time each month. This is how you build up your credit rating. Prove to the lenders that you are "good" for what you borrow, and they will loan you money. Within 2 years I was able to get my own car loan on a brand new car, and I didn't have to have my parents involved. And by the way, that first new car wasn't the Trans Am I wanted, it was 1994 Chevy Cavalier base model that cost $9k -- but it was mine, and I paid for it myself. It wasn't until 5 years later I finally bought a car I REALLY wanted, which was a 2000 Camaro Z28. I worked hard and busted my *** until I could afford it.

Good luck man, I know all of this is falling on deaf ears anyway.

JDWalton

Um, if you have 10k to put down, and show enough income to support the payments, they will finance you. unless you have terrible credit from not paying other things, at which point I tell you to spend that 10k on paying off your debts instead of going farther in debt.

So your either a idiot, or you don't need your parents to sign.

pdonket

To be honest, sometimes you can have a problem even if your credit isn't terrible. At a young age, you also have the potential that you basically just have NO credit score, in which case they consider you too risky as well.

potman

Yet these days that's about the only way to help the kid build credit. But I have to agree..whining about not co-signing on a 35K car...well...thats silly.

I reluctantly co-signed on my daughers 10K car purchase (I wanted to see her in something safe and reliable and I pushed her into it) but I also put the fear of God into her regarding even a day late payment. But hers was a special case I guess. Her ex husband screwed her buy buying a car and then leaving her with the note. We got the car repoed but she still ended up having to pay it off. 4 years later her pay record is perfect and my credit score remains at 840.

Sometimes ya just got to give em' a break...but not a 35K break.

soonerwarren

im 18.... So i have no credit but thanks for calling me an idiot. And just because im 18 does not mean i cannot afford the payments either im sure someone is going to come and say that.

soonerwarren

and i do understand this its just he has told me he would co-sign and now that the time has come his trying to back out. That is why i was acting how i was in my response.

JDWalton

I say again, if you can show a 10k down payment, and enough income to support the payments, they will finance you, unless your credit is wrecked. No credit is not a big hit, especialy with that amount of money to put down. I'm 26 and have bought 6 new cars with no co sign.

soonerwarren

ok, ill try and see if i could get a loan by myself.