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Author: jennlgreen Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 308519  
Subject: Re: Auto loan...first time buyer Date: 3/30/2002 3:59 PM
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I was in a similiar situation--I was 25 trying to buy my first car. Not enough of a credit history. In order to get a decent rate my dad co-signed the loan for me. Is that a possibility?

Well, . . . .

it's nice if you can do it, but watching my family co-sign things for each other and watching other people's experience here, my advice to your dad would have been "don't co-sign!!!!!!!!"

Co-signing is a very dangerous thing. Would avoid it, if possible.

Ishtar


Sorry to hear that. I am proud to say that my father has never regretted that decision. That is the first check I write every month to ensure that it gets paid promptly. And the car is almost mine now--I can't wait until I have that pink slip in hand and the extra money every month in my pocket.


And I miswrote--I was 23 at the time I needed another car and I bought my current car. I live in central NC where I initially began my search. My parents came out for vacation and helped me look at the dealerships in Durham and Raleigh. I had my downpayment and knew what I wanted. I was trying to buy a late model low mileage car--I was looking at cars that had been leased for one year. The first thing I was asked was how much I was willing to pay. The other thing was that no one in NC seemed to want to sell me a car. All they would really discuss is leasing. It really began to make me mad. Here I am with money in hand wanting to buy a car and all the idiot car salesman can do is to tell me I really don't know what I want. GRRRRR!!! And once my parents and I insisted I wanted to buy the car they lost interest. One guy actually laughed at me---and then told me he couldn't help me.

I ended up giving a list of cars and features I was interested in to my parents and told them to go back to Arkansas and see what they could dig up. The salesmen in Arkansas were more accomodating. All the cars I looked at in and around central NC cost about $5-8,000 less in my hometown in Arkansas. Long story short: My mom and dad found a car which I bought sight unseen. Now most people would not recommend that but I trusted my parents' judgment. (Not everyone could do that.) Not only did I get a car I loved but one I could afford because my parents are good at haggling. My mom was really worried that I wouldn't like the car but I loved it and still do. She still shakes her head in disbelief that everything worked out so well.

JLG
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