Buying my car..HELP!!!

[SuperSpeeder]

Drive what you are driving save for a good used car and pay for it with CASH Loans are a bad thing you never know what will happen in the future interest piles up and you end up paying lots more in the long run

I cannot drive what I currently drive. I am being ALMOST forced to buy it and give it back. My step-mom currently pays for it. I highly doubt something bad will happen to my car? LIke engine failure or something? I have a warranty for another 4 years....

You don't know that it wont fail and who knows when some idiot driver may cause an accident.(knock on wood) anything can happen theoretically.

What I don't understand is how you would gain full control of the car if you are paying for it and your mom is paying the insurance. She could still just cancel the insurance if she wanted to inconvenience you. I think you need to take the car payment and insurance if you do decide to buy the car.

No. THe registered owner has full cotrol of the car? My mother would NEVER drop me on her ins. If she did cause she hated me, then I would just default on my payments and her credit would be screwed....lol. So she would be hurt too..lol Me and my mom are cool. She would NEVER do such a thing.... But yes, any car can fail. Thats why I have a warranty....

But no, I told my mom I wanted to buy the car from my step-mom and she said ok. Ill cosign and pay your insurance. I said i ok. So I will be buying the car in Aug.

[dtraill27]

But no, I told my mom I wanted to buy the car from my step-mom and she said ok. Ill cosign and pay your insurance. I said i ok. So I will be buying the car in Aug.

Oh okay I got a little lost and didn't realize you we're getting the car from your step mom and your mom was paying insurance. I thought it was the same person makes more sense now. Good luck with everything

[lugnuts]

What do you drive now?

my car...lol
its just not in my name

You are talking about going into debt and through lots of obstacles for a small amount of cash on a used car. Id recommend you save your cash, stay out of debt, and keep your current car even if it isn't yours. Then in a couple years, you will have much better options.

my current car is the car id be buying. lol
My step mom wants me to insure my car on my own policy. My car is not in my name so my rate is like $255 a month.....
If I buy the car from my step mom...around $6000. Then I can put it in my name, and put it on my moms insurance policy for around $150 a month....

The car i drive is a 2008. Bought new in 2008. I want to buy it and pay it off so it can be put into my name....

who has been making the payments on the car since new? who put the down payment on the car?

why on earth would you want to go into dept?

take this how you want but I would let your step mom have the car, walk away from it take the 1k you will make this summer and buy you a beater car. you will be much better off in the long run. but you young and won't listen to advice of those that have been there done that so do what you please.

I hate threads like this because the OP's never take the advice given and are just looking for responses that back up what they already want to do. gook luck.

[Rac1]

I think this whole situation is being looked at in a vacuum-IF you are comfortably liquid and/or you have a house over your head in a worst case scenario, AND you are expecting to net ~6k this summer,

How about putting 5ish or so towards the car and seeing if you can find a family member to lend the extra 2k and execute a properly binding promissory note with them? In a worst case scenario I'm sure they will work with you whereas a lender probably won't.

Don't touch financing if you can avoid it, particularly as a student with minimal seasonal income and no guaranteed future income.

Cars only make sense to pay for in cash IMO-given how they depreciate, it just doesn't make sense to be paying a higher % in interest vs. the % at which the car loses value.

Without knowing more than what you posted, just consider if you are overleveraging yourself at this point in your life-when within the next few years having less debt on your credit report will matter more than you can possibly imagine.

I know cars are an emotional purchase, but sometimes you have to think with your head. I'm in my late 20s and I drove a then 12 and 13 year old car up until last year even when I was making good money-when coworkers were showing up in liened up cars, I just shook my head and had the last laugh knowing if they had impulse control they could have gotten a car that cost xyz amount for xyz amount instead of xyz + x%.

Sometimes its not always possible, but when it is, the only rational way to purchase a car is via certified check and walking off the lot with free and clear title.