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He is asking if the loan is in your name ONLY or did your parents put it in their name for you.
okay well since you guys wont believe me regardless ill tell you the truth.
its under my PARENTS name ... obv I can't get a loan for a new car at 18. I pay $200 a month, they pay the other $155.22 a month. I don't pay for gas, insurance or really anything. Call me spoiled, whatever.
I respect your honesty. Almost everyone has had some help along the way. Its the kids that lie about it and try to take credit for what their parent are doing that bothers me.
I respect your honesty. Almost everyone has had some help along the way. Its the kids that lie about it and try to take credit for what their parent are doing that bothers me.
He lied, he did it so he could get closer to your GILF.
I respect your honesty. Almost everyone has had some help along the way. Its the kids that lie about it and try to take credit for what their parent are doing that bothers me.
well I have credit but just not enough, I guess its a win win situation for my parents and I. They get better credit because they're paying the payments on time and getting better credit and I got a car that I wanted.
well I have credit but just not enough, I guess its a win win situation for my parents and I. They get better credit because they're paying the payments on time and getting better credit and I got a car that I wanted.
It actually hurts your parents as well. If they ever need credit again then your car payment will be added to their debt. So depending on their debt and income, your payment could actually put their debt load at a level so high that they are not able to qualify for another loan.
Not busting your chops, just dropping a little credit knowledge on you.
So do you intend on spending every extra penny you get on mods or helping your parents pay down the loan? Think about what happens if you get tired of this car in 2 years and want to trade it in and can't because your parents still owe more than the trade in value.
It actually hurts your parents as well. If they ever need credit again then your car payment will be added to their debt. So depending on their debt and income, your payment could actually put their debt load at a level so high that they are not able to qualify for another loan.
Not busting your chops, just dropping a little credit knowledge on you.
oh well I did not know that. They have enough money too buy the car in cash if they wanted too (they bought all there other cars right out) they just think its good for me too be making payments. They are thinking of just paying the bank off and having me pay them monthly payments but the interest rates are still low enough (0.8 I think) that we don't have too pay THAT much more.
So do you intend on spending every extra penny you get on mods or helping your parents pay down the loan? Think about what happens if you get tired of this car in 2 years and want to trade it in and can't because your parents still owe more than the trade in value.
actually just for sh*ts and giggles I went too ford to test drive a new 08 mustang gt(I don't know how it worked but its apparently new with 08miles on it) and ford offered me MORE then I actually bought the car for as a trade in.
oh well I did not know that. They have enough money too buy the car in cash if they wanted too (they bought all there other cars right out) they just think its good for me too be making payments. They are thinking of just paying the bank off and having me pay them monthly payments but the interest rates are still low enough (0.8 I think) that we don't have too pay THAT much more.
not bragging just stating it out.
If they do that they have pretty much just handed you a Z because at that point you will know the bank can no longer take it back and you will spend all of your money on mods and skip out on paying your parents because they will probably let it go. Congrats.
oh well I did not know that. They have enough money too buy the car in cash if they wanted too (they bought all there other cars right out) they just think its good for me too be making payments. They are thinking of just paying the bank off and having me pay them monthly payments but the interest rates are still low enough (0.8 I think) that we don't have too pay THAT much more.
not bragging just stating it out.
That makes perfect sense to borrow if the interest rate on the loan is lower than the interest rate on the deposit account where the money is held. And I agree that your parents should keep the loan. Owing your parents is a completely different mentality than owing the bank.
actually just for sh*ts and giggles I went too ford to test drive a new 08 mustang gt(I don't know how it worked but its apparently new with 08miles on it) and ford offered me MORE then I actually bought the car for as a trade in.
If they do that they have pretty much just handed you a Z because at that point you will know the bank can no longer take it back and you will spend all of your money on mods and skip out on paying your parents because they will probably let it go. Congrats.
