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harryb January 8, 2011 at 10:07 pm

Hide the car til you find out whats going on.

burberribunni January 9, 2011 at 9:40 am

If you try and take out a loan, you will need a co-signer. If your parents are unwilling to do so try and explain to them that this is an excellent way to start building credit which is very important. Your best bet is to look for a vehicle through a private seller as opposed to a dealership, since you will get a better deal. I would apply for a loan at a credit union with your parent(s). Good luck!

Sage January 9, 2011 at 9:44 pm

You may encounter some resistance from banks due to your $800 income unless you are able to demonstrate to them that you can meet your needs with enough left to repay your auto loan. Even if you live rent-free and have few other obligations, the bank may determine that $800 may not be enough to afford a vehicle and basic living expenses, especially in this environment where credit is very “tight” and the billions of dollars banks lost making “bad” loans has caused them to scrutinize much closer every loan they make. Even with just gasoline and insurance to pay (in addition to your car payment), there just isn’t very much left.But don’t worry. You have several options for achieving your goals.The first would be to find a cosigner, someone with established credit and a more substantial income, who will apply for the loan with you and agree to be responsible for the loan if you can’t or won’t. Many parents become cosigners to help their children establish or obtain credit, and it’s very common. However, because a cosigner is every bit as responsible for repaying the loan as you, many people simply can’t or don’t want to be responsible for that kind of obligation, no matter how much they would otherwise like to help. If you have a family member, spouse, or close friend who can help, this can be the easiest and fastest way to obtain the loan you want.You can also do it on you own by saving-up and depositing the money you want to borrow in the bank and the bank uses your account as collateral to secure the loan. Because there’s no risk to the bank, most banks will gladly lend you money and charge you interest when there’s no risk whatsoever that you won’t repay. As you make your monthly payments, you’re allowed to withdraw the same amount from the account securing the loan. Many people choose this option as a way to establish credit for themselves as it’s a loan like any other on your credit history. Of course, you need to save-up the money first, but a month or two of patience and saving can help you take control of your own future independently.When figuring-out how much you need to borrow, you would approach your bank and tell them that you are interested in vehicle A and its estimated cost is B. If they approve your loan request, you will USUALLY be cleared for 110% of the amount (to account for any sales tax, fees, and other incidental expenses that are part of buying a car). If the price turns out to be more, you can either pay the difference to the dealer in cash or ask the bank to increase the size of the loan. They will take into consideration the kind of vehicle, its market value, and your credit history and make a decision whether to increase the maximum loan amount or not. (Of course, if you decide to make a “secured” loan, the maximum amount would be the amount you’ve deposited).You would then go to the dealer and negotiate the best price you can. The dealer will prepare the paperwork and, after reviewing all of the costs to ensure they’re fair and correct, you would contact your bank (or the dealer can do that for you) to tell them the amount you need to borrow and provide them with the information about the vehicle you will be buying. The bank will then either send the dealer a check or wire transfer the money to the dealer’s bank account. You take the car with you, but the bank will hold the title to the vehicle because you won’t actually own it until you’ve repaid the entire loan. The bank will hold what’s called a “lien” on the title (meaning they have an ownership interest that has to be satisfied before the vehicle can be resold) for the duration of the loan. When the loan is repaid, the bank withdraws its lien and you receive title to the vehicle “free and clear” of any liens to do as you wish.By contrast, a buyer with established credit (although many arrange for financing with their bank before going to the dealer) can, and often does, do everything all at once since being approved for a loan is not in question. Most people will obtain approval from their own banks in advance, and if the dealer can offer a better interest rate through the manufacturer’s own finance company or any of the other banks and finance companies the dealer works with, the buyer can then choose the lowest interest rate and the cheapest loan.Buying from a private party works the same way except there’s usually less paperwork. The seller would probably go to your bank with you to give them title to the vehicle in exchange for the check that will pay them for it.Whatever you do, I would NOT make payments to the seller of the vehicle. First, unless the seller is a dealer or loan company, he or she cannot report the loan to help build your credit history. Second, if that person “flakes out” on you, you’re left holding the bag. They can take back the car at any time (because they still have the title) and you are left having to prove you made payments and sue them to

Amy January 10, 2011 at 10:31 am

i wouldn’t spend the whole $7500. perhaps if you offer to chip in some of the money, they’d be willing to work with you on what kind of car. it’s very important you feel comfortable and safe in what you’re driving. remember to check insurance rates BEFORE you buy. i have a 2004 stratus with the sports package. my boyfriend who is 6′2″ loves this car (he’s pretty picky about cars). i got a heck of a deal. it was around the beginning of the year and they were doing inventory reduction sales so they wouldn’t have to pay taxes on them. it had 50,000 miles on it when i bought it and paid $5000 for it. look around and see what looks good…especially around the end of the year.

Paul January 10, 2011 at 10:16 pm

Yes you will have to get a used car, there isn’t anything new for under $12,000 and those are bad cars. I would recommend a 2000 Acura TL. It gets good gas mileage, is very reliable(the most reliable brands are Honda, Toyota, Lexus, and Acura) and is safe. Plus you can find one for about $9500.

Don January 11, 2011 at 10:11 am

where do u live?if it’s in the South you need an AC.but you won’t find a better deal on a used car than that.

J J January 11, 2011 at 10:12 pm

have you already gone in for a pre-approval?I doubt BoA will give you anything considering your age + no previous credit experience. Even $7500 with a Co-Signer is a bit of a stretch and would depend entirely on their strength.What can you do? Ask family for a loan … which can be problematic or easy, depending on your family. That, or save up the 6K you need.Edit: To the guy below – good call.

forktail_devil January 12, 2011 at 9:39 am

bankrupcy will mean zero credit and that means no financing for any vehicle. they didnt have to do any buy-backs. there’s this thing called depreciation…and cars lose value rather quick over the years. u could maybe trade it in on something else, but no dealer will give u a new car for it. typically, used cars are sold ‘as-is’ and no warrenty, or u might get a warrenty that doesnt last more than a couple months.some1 needs to get a job, and a better job. if u couldnt afford 300 a month to begin with, u shouldnt have gotten the car. that’s a no-brainer. ur banker was rather generous….they are not obligated to buy-back used cars. suck it up and start looking for cars u can actually afford the payments on from now on.

bdancer222 January 12, 2011 at 9:41 pm

Never loan money to family. If you can’t afford to just gift them the money, don’t give it to them at all.Your father should keep his word and pay you back. But is sounds like he has some financial hardships. It could be that the money owed to the bank is past due. You getting a car just isn’t high on their priority list.In the future, don’t lend your father any more money.

Jimmy January 13, 2011 at 9:47 am

You also should compare car insurance quotes for cars before buying one, for example here – carinsurance.yoll.net

Babe January 13, 2011 at 9:50 pm

First of all, calm down and settle this argument. You will get nowhere in a combative frame of mind. When it is calm, explain that you want it in your name, but before you do that, contact some insurance companies and get some quote and be ready to pay for the insurance. If you show that you are willing and able to handle the financial responsibility on your own, your parents may be more open to working with you on this.

auntb93 January 14, 2011 at 9:48 am

You do know better than that. Many people like their comforts and their toys, of course, but that’s not really what life is about.To me, it is about learning, loving, laughing; liberty and justice for all. It’s about your self-respect, your personal dignity, courage, compassion, those things that make you truly human.

*G* January 14, 2011 at 10:24 pm

1200 is not enough for a home loan…Not only would you have mortgage paymt, property tax, private insurance for the home, water, gas, light, garbage, then you want to add a truck pymt on their to with more insurance premiums, not to include any cc you may have, medical bills, prescriptons, groceries, etc you would never have enough

rick29148 January 15, 2011 at 9:41 am

Most car places make sure the wording on the deal has lottsa ways for them to change it after the fact, & one is that the deal is contingent on the loan going thru. So, sounds like the loan didn’t go thru, so the deal is sour… sorry. You’re playing their gane in their back yard by their rules…

Otto January 15, 2011 at 10:35 pm

I’ll sum it up as briefly as possible. No. You need to take responsibility for your actions. They didn’t force you to sign or buy anything. You allowed yourself to be roped in. Man up and make the payments you agreed to and use this as a learning experience.