It sounds good in theory, but knowing him it won't work ... I tried sitting down with him a few months ago when I was looking at used GT's with you dude, didn't work ... which is why I didn't get it. If I could just go out and sign my name and make the payments I would gladly do it ... But I'm not 18, and even though I can make it with room to spare ... I won't get the chance at this rate. Can he really bring the car back? It is only 3 days old ...

Tomorrow when I get off I will collect all of the cars paperwork, I will pull out the financing statement and terms, and I will show him my last paycheck ... Since I don't have the V6, if he ends up taking the GT/CS I am screwed.

 

NOPE, not easily. Once the paper is signed, it's technically a done deal, now Ford can take the car back on a trade in, but the WILL NOT just take it back. BTW, how much is your car note, because I figure it to be around $500 a month, which for me would not be easy, I could do it, but it would not be easy, which is one reason why I never bought a new GT. That's where I think your dads concern is comming in. He doesn't want to see you get yourself in over your head. Eventually, you're gonna have to get a new job, paying more, but at the same time you're gonna be busy with school. DUDE, don't do like I'm stuck doing working 40 hours a week while going full time to school. It's not fun, granted, I've got a huge advantage on the people I'm gonna graduate with in that I have hands on experiance in my major, but that's besides the point. I'm sure it's just that your dad doesn't want to see you not get a good job, loose a job, fail a class, or miss a payment due to a car. Remember, at some point you're gonna have to pay the insurance, and I'm sure it's gonna be around $2500 every six months, although since it's in your moms name you may get the break at around $1200 or so, which is still not cheap.

 

Give him some time bro. My dad got pissed at my mom also for financing my sixer even though I pay insurance and payment. Plus he started bitchin when I started modifyin the car ,Hes like ( those ****in things were made to be that way why change stuff on it" ) it kinda pissed me off but he cooled off and is cool now with me modifyin the car. He'll get over it


Another option is!!. Heres what one of my friends did. He went down to the dealrship when he purchased his stage 1 roush and told them sorry that he couldnt pay for the car because somethin poped up. So they took the car back and he was all set. I dont know how it works there where u will but thats how he did it. He told them he was gona be back in couple of months to buy a car once everythin was fine so they kinda cooled off and took the car back.

 

It will be under my moms name for insurance, so I will still pay the $110 a month. My mom helped me out with the financing, it would have been $461 / month for 72 months, but she put down $10,000 and got the payments down to $261 for 72 months. That is very manageable. Total = $371 / month with no bills at all? Yes, it's manageable to me. In college I will have the meal plan paid, the dorm room paid, and the tuition paid for my first year and beyond because of scholarships. Believe me JT, I mapped it out brotha man. I only bank about $380 / check, but thats $720 / month man. Not much, but leaves me alot to work with considering how many bills I have, lol.

 

Well you forgot to mention a few of those things. Sounds like you have a plan. Well it's 8 in the morning, so let me know how it goes.

 

sounds like your dad is a real *****. i remember the fight me and my dad had when i was almost 17 and i bought my Supra cash. we literally destroyed the house. broke the couch, refrigerator, table, big screen, ps2, and all sorts of stuff. it was a kick *** brawl, by the end he said i should have at least told him about it. i think what i am trying to say is, you should have at least left some subtle hints for him, like a flyer with the options you wanted circled, or an insurance quote on a new stang.

 

lol my dad is the same way wit my car....i cant do anything to it becuz everything i do will cause harm thats what he says. I just put on my new muffler and and just dumped it right there no tailpipe. and he is freakin out sayin i need a tailpipe or all these gases will go inside and all this crap...i told him that a bunch of ppl have this setup but he thinks they all dont know what they are doing and hes right. He worked on cars in his day but that was liek 25 yrs ago and engines and all changed and im sure new discoveries have been found too...o yea i kinda have to do it considering he said he will pay to get it fixed which totally defeats that way i wanted to handle things (im a huge DIYer) o well ill see after class

 

It will be under my moms name for insurance, so I will still pay the $110 a month. My mom helped me out with the financing, it would have been $461 / month for 72 months, but she put down $10,000 and got the payments down to $261 for 72 months. That is very manageable. Total = $371 / month with no bills at all? Yes, it's manageable to me. In college I will have the meal plan paid, the dorm room paid, and the tuition paid for my first year and beyond because of scholarships. Believe me JT, I mapped it out brotha man. I only bank about $380 / check, but thats $720 / month man. Not much, but leaves me alot to work with considering how many bills I have, lol.

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wow man, how old are you now? talk about some rich boy......


you are paying the note huh? whats up with the mommy putting down 10g's? i'd go nuts on you if i was your dad too. buying a brand new 07 gt and not even making a thousand dollars a month?!?! thats f**king dumb man. Oh sure you can afford the car note, but you only got 390 bucks to last you for a month, and that is'nt crap. that MAY pay for a movie or two, and hopefully the gas to make it there as well. you dont "bank" anything man. I make over two thousand a month, and still i know that it wouldnt be wise to buy a new car. You have a long way to go to learn some respect for your parents, and a longer one to go on managing finances

grow up some...

 

Shinlee put it a little bluntly, but i do agree. When i was in high school i bought my uncles 1989 isuzu amigo for $800. Fun car for a first vehicle. There is no reason for a 17yr old to have a 07 mustang gt. I bought my 2000 v6 when i was in the marines and i am now wishing i got a cheaper car due to the fact i am still making payments after i have gotten out. When you go to college, your money is going out the window (unless you go into the military). Listen to your dad, he may be going about it wrong, but he has your best interests in mind. I know what it is like to rebel, i moved outta my house at 17 and into my girlfriends place. As you get older you will come to respect your dad/parents a lot more. Especially when you have kids of your own. I have a 4 yr old boy and a baby girl on the way. I still have a lot to learn but trust me, get along with your parents. You may regret it later!

BTW, i am only 23 so this is advice from someone that isnt much older than you, but has been through a lot!

 

Not trying to dissuade you at all with this, just stating what I have from experience. I probably wouldnt've listened when I was that age either.. in fact, I know I didn't. Please don't hang up on me! =P j/k!

When I left high school, I went straight into the working world. I wanted to move out of mommy's house, out from under her wing, and do the 'on my own' plan. College was just too soon after HS and too annoying. So, I went into auto parts, warehouse, vending, etc. You name it, I prolly have a little bit of knowledge about it. Not much, but abit. I've done alot of things like he has with my parents after getting out. My mom is a worry wart, and she always got my dad involved on her side when something like that was up, though he never cared that much, but he'd still come down hard at first. The scenario that always worked for me was purchasing the item(s) that I wanted, modding the jeep, or building the computer up, and waiting until all was said and done with and just wait until they noticed to deal with it. "Why does your Wrangler look.. taller, Jeremy?" "Huh? It's always been like that." Usually that would work until she did notice something very obvious, then it came out, and the first thing it always comes down to is money. Can't afford, can't finance, no credit, don't wreck your credit, do you want to go to jail like your father did for bouncing checks, etc, etc. From what you've said so far, I think that's where your dad is going with this. He's worried about you and your financial future, as well he should be. If I could go back, right where you are is where I would've been saving. You need to realize that $700 or so a month is not much.. not much at all. Even entering the Army as a private-nothing, I was making $1000 or so a month, and their pay is terrible! Car deductions (car note, insurance, gas) is supposed to be somewhere around 25% a month, and you're sitting at 50% without gas. And I'm sure you're going to want to mod it somehow, just as we all are here for, right? That leaves you with $300 roughly for the month for mods, food (who goes to the cafeteria for EVERY MEAL. Certainly you love the Taco Bell!), entertainment (DVDs, movies, girls, xbox games, etc). Then there's always an emergency that happens when you're tight for cash, or in debt. Even with warranties, there's usually a deductable somewhere.

I cream myself wanting that car as well, 02, but you do have to realize that sometimes other things need to come first in life, and I think your dad is just looking out for you on this one. When I first entered the army, I was making roughly $1000 a month. My jeep note, insurance, and gas came to about $560 a month. The rest I blew on lifts and entertainment. I live free in the barracks, eat free at the chowhall, the same as you do in college, and I still ended up having to payday loan sometimes and overdraft. Not a good thing. You may not realize it now, but credit is something that is VERY important!!! You also have to realize that alot of things could happen here.

A) The car is in your mom's name, right? If you don't make payments to her, it could hurt her credit, and end up getting the car repoed. (My mother wouldn't make the payments if I didn't pay her. Do realize that this is the right thing for a mom to do, because she loves you and wants to learn responsibility, she wouldn't pay it just because she had the money. Doesn't sound like it'd work though. I bet she'd pay it anyways).

B) You man up and sign the check to your mom anyways.. and start overdraftng or taking payday loans. Those suck, kiddo. There's about a $30 charge per overdraft item, and those add up, and hurt your relationship with your bank later on, and could get you a trip to jail if they refuse to let you overdraft anymore, and you start bouncing checks. Not good Not good! Payday loans.. don't even start. They suck. I'm still paying off two.

C) If you co-signed to have the title in your name at a later date, or if you do option B up there, it could end up wrecking your credit. Credit is VERY VERY VERY important in this world. It affects everything from the 2025 Ford Mustang GT/CS/XL/PSI/TGIF 9.6 V20 I know you're going to want to buy to your cell phone sign-on deposit, to whether you can get electricity in your first house and what not. Even no credit is better than bad credit, kiddo. It sucks to be judged by a little number on some unimportant file somewhere, but I know even previous companies I've been with that have checked credit scores before allowing you to work there, because it shows whether you are dependable (making payments, on time, etc) or not.

D) I'm sure your father did the same thing when he was a kid, which is why he was looking out for you. I know that probably 90% of us here have done the same thing at one time... and he's trying to teach you through strictness rather than otherwise, because it's the only way to deal with you.. if you are anything like him. *shrugs* My dad had to beat the sense into me, and it finally took. But here I am, about a year later, nearly finished paying off EVERYTHING that I was in debt from. I lost a little on my credit score, had to change banks because my first was pissed at me, lost my PSP, best custom computer, car audio system from my jeep, and all kinds of other goodies to a pawnshop that used to know me by my first name (Yup, I went in one time to pawn my copy of Jaws and Star Wars on VHS because I was so hurt up for money, and needed a few dollars for gas to get back on base... three days after paycheck). It sucks, and you don't want to get into the lifestyle.

Like I said, these are just some things to think about. I know that it's a MAJOR bummer, but keeping money now is probably the best thing you can do, so that later on you CAN buy that nice 2025 Ford Mustang GT/CS/XL/PSI/TGIF 9.6L inline-20. =P

EDIT: Rather than add on new posts, I'll just post more to this one!

I have YET to own a brand new car, and I've gone through.. 5-6 now. New car notes and insurance can just rape you over for some reason. Plus you know most of what you buy out there is broken in, and how it will drive. As well, alot of people I know have either taken out 72 month notes, or have wanted to, for that lovely new car. But you must realize that you'll usually pay a higher APR, and you'll want to sell/trade the car, or something will happen to it before those 72 months run out. It's not worth it either way you look at it. I also realize I forgot to add above...

E) You said your mother put down $10,000 ontop of your trade-in, right? ... Is that just free money, or was she helping you get better payments, and expecting it back later on? Because while you may be able to afford what was outlined above for 3 years.. this is 10gs we're talking about... at even $300 a month, that's still 33 months.. nearly 3 years. And you're already paying.. what, $275 a month for 3 years, was it? That's nearly 6 years you'll be paying back two different people on this car, even if you can manage to pay it all off with your budget!!! And ontop of that.. when you're showing your 2007 GT/CS to all your friends in 2011, and they ask if you're still paying it off, and you say 'Yeah', and they ask how much/how long still.. it's really NOT that cool to reply with "Oh.. I've only got like $3000 left to pay to MY MOM!!!"