Buying my car..HELP!!!

Ok. Im in a situation where i believe it would be a REALLY good idea to purchase my car from my step-mom. We are having a lot of issues and i think it would be a mature decision. I would work this summer to save up 1 grand to put down. I would then HOPEFULLY get a job next semester to help pay monthly payments. Maybe like 120 a month??

The car is a 2008 with CURRENTLY $7,010 left till pay off. I currently make AROUND $6 grand a year working over the summer (i am a full time student). Is there any way I could get a 5 year loan with a cosigner? Any way to buy this car? My own car...lol

for something like that, in that kind of situation, you could probably get your name on a loan, but you would be the co-signer and your mom would be the main holder of the loan.

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Originally Posted by GreenRadar

for something like that, in that kind of situation, you could probably get your name on a loan, but you would be the co-signer and your mom would be the main holder of the loan.

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How could I be the cosigner? I thought the cosigner is the one who makes payments if the primary loan holder fails?

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Originally Posted by DrCoke

Doesn't matter who is primary and cosigner. Both parties must pay or both will get hit with bad credit. Payment can be from primary or cosigner.
You can either keep the finances as is and you pay off the loan without your name on the title or both parties talk to the bank who owns the car and add you name.
Do consider insurance cost, repairs, and CM before making the buy. If you want a pretty good insurence quote without using your SS#, try Esurance.c*m. Use your real age and zipcode for the best quote.

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I would be getting a loan with my mom to buy the car from my step-mom. Pay my step-moms bank and transfer the title into my name so my mom could insure the car on her ins policy. I would pay for the loan each month. I would be on my moms family ins plan so it would be cheaper than by myself....

Can someone get a loan for $5,500 and pay over 60 months??

What do you drive now?

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Originally Posted by Oyusan

What do you drive now?

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

well im a full time student and have 2 jobs, step it up bro

btw 7 Grand and 120 a month will take you 58 months to pay it off

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Originally Posted by SuperSpeeder

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Originally Posted by Oyusan

What do you drive now?

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

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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.

I bought my first car in college and financed 5000 for 4 years through my bank. My payment was 138 a month. I was making about 7 grand a year but was able to get the loan in my own name. If you like the car, go for it, but be ready for all extra expenses

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Originally Posted by Oyusan

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Originally Posted by SuperSpeeder

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Originally Posted by Oyusan

What do you drive now?

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

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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.

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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....

What is the car worth at this point? The problem you are likely to have at this point is negative equity in the existing loan. Been there, done that!

If you like the car that much, you can try to get the loan for it. You might be better off trading it in for something else (if you can find the right car). The dealer finance department can often work wonders. They know what to do and are motivated to do it.

That said, you have to live with the results of what you chose. If it is another car, do your research and find the right one for you. I would investigate both options if I were you.

Perhaps the best place to start would be to do more shopping for insurance. Even a modest reduction there could be enough that all the other BS isn't worththe effort.

What you need is more work. I'm a full time student,junior, graduating early, applying to medical schools, work two jobs, bought my current car two years ago for 13K on a 5 year loan, I currently have less than 4K to pay off. Just find a job that isn't too stressful, and trade the car on something rather than paying it off, because the negative equity is gonna be painful, like switch said.

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Originally Posted by ivirovets

What you need is more work. I'm a full time student,junior, graduating early, applying to medical schools, work two jobs, bought my current car two years ago for 13K on a 5 year loan, I currently have less than 4K to pay off. Just find a job that isn't too stressful, and trade the car on something rather than paying it off, because the negative equity is gonna be painful, like switch said.

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What is negaitve equity??? Its go 30K miles is in perfect condition...KBB is like 10 grand...

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Originally Posted by SuperSpeeder

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Originally Posted by ivirovets

What you need is more work. I'm a full time student,junior, graduating early, applying to medical schools, work two jobs, bought my current car two years ago for 13K on a 5 year loan, I currently have less than 4K to pay off. Just find a job that isn't too stressful, and trade the car on something rather than paying it off, because the negative equity is gonna be painful, like switch said.

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What is negaitve equity??? Its go 30K miles is in perfect condition...KBB is like 10 grand...

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Negative equity is owing more than the car is worth. Say for instance you bought a car for 12k from dealer and in reality KBB is like 9k you would owe more than its worth. That's bad say if it was totaled and you received a check for the value. Look up the value on nada its better than KBB. I think it would be easier to just keep the car in your mom's name. Depending on your credit you might not even be able to get a loan for it. When I just bought my car in Dec I couldn't get a loan for it, not due to bad credit but due to lack of credit (I never had a credit card before or any loans debt etc). Right now I am at 7.9% financing through Acura (dealership where I bought my car) which is ridiculous but in the future it will be better. Plus then there is insurance on top. Thankfully I moved out of NJ when I bought the car because my insurance is $800 cheaper per year in PA. Also there are repairs, maintenance, unexpected things to factor in too. Unfortunately owning a car isn't as simple as a car payment

Learn to work on it yourself. Makes maintenance palatable, save a LOT of money. My 1000$+ timing belt job at the dealer was better done by myself at only 250$ for all the parts.

Save your money..Stay in school..If things are this tight then why would you want to take on the extra burden? You are doing everything right by asking questions. You are young an have plenty of time to buy a car.

Just my 2 cents.

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Originally Posted by Jstglockem

Save your money..Stay in school..If things are this tight then why would you want to take on the extra burden? You are doing everything right by asking questions. You are young an have plenty of time to buy a car.

Just my 2 cents.

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I cant keep it in my step moms name casue she wants to to insure it on my own policy. Which is like $275 a month...more than the car payment. Plus she is crazy and could legally come take the car away and I could do nothing about it....I dont want that to happen. Im not buying my own car for fun. lol. I would love to have no car payment a get a sti-r plus. But i believe i need to buy my car to "save" it...

I can't even begin to imagine getting a car loan. Cash all the way.

Eh. Get another job, find someone who will co-sign with you, buy another car.

Either work more or get a raise or a higher paying job. It sounds like you are one paycheck away from the bus.

I am guessing you have not checked to see what the cost for insurance. If the car is worth that amount then I am going to take an educated guess and say insurance for you is $ 3- $4 bills a month.

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Originally Posted by Jstglockem

Either work more or get a raise or a higher paying job. It sounds like you are one paycheck away from the bus.

I am guessing you have not checked to see what the cost for insurance. If the car is worth that amount then I am going to take an educated guess and say insurance for you is $ 3- $4 bills a month.

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No. I will be on my monthers policy...its around $160 a month. She will pay that till I grad...

Am I being Punk'd ?

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Originally Posted by Jstglockem

Either work more or get a raise or a higher paying job. It sounds like you are one paycheck away from the bus.

I am guessing you have not checked to see what the cost for insurance. If the car is worth that amount then I am going to take an educated guess and say insurance for you is $ 3- $4 bills a month.

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Not necessarily, my car is worth more than that and my ins is $168 a month

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Originally Posted by Jstglockem

Am I being Punk'd ?

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um. WHAT???

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Originally Posted by ivirovets

Eh. Get another job, find someone who will co-sign with you, buy another car.

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x2. You could make this happen with a cosigner.

question: Who's making the payments now?

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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

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Originally Posted by speeddemon

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

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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....

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Originally Posted by SuperSpeeder

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Originally Posted by speeddemon

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

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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....

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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.

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Originally Posted by dtraill27

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Originally Posted by SuperSpeeder

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Originally Posted by speeddemon

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

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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....

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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.

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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.

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Originally Posted by SuperSpeeder

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.

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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

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Originally Posted by SuperSpeeder

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Originally Posted by Oyusan

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Originally Posted by SuperSpeeder

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Originally Posted by Oyusan

What do you drive now?

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

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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.

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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....

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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.

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.