This pertains to the "17 year olds getting Z's" debate...
12-16-2009, 04:02 PM
#5421
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I didnt mean co signer sorry. when you are under 18 a car can not be signed into your name, it can only be signed into your parents name. My parents will not allow that, they might co sign when im 18 because im pretty responsible when it comes to money and payments.
12-16-2009, 05:24 PM
#5426
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I didnt mean co signer sorry. when you are under 18 a car can not be signed into your name, it can only be signed into your parents name. My parents will not allow that, they might co sign when im 18 because im pretty responsible when it comes to money and payments.
When I was a lender people would come in with crappy credit because they cosigned a loan for a relative. They thought the bank would overlook that because someone else was supposed to be making the payments so it "wasn't their fault". The banks position is that you are responsible for any debt that your name is attached to.
12-16-2009, 05:32 PM
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Being a cosigner on your loan puts your parents in as much risk if they were to just get the loan in their name only now. In either situation, if you do not make the payments their credit will be damaged. It does not get damaged less because their kid was supposed to be making the payments
When I was a lender people would come in with crappy credit because they cosigned a loan for a relative. They thought the bank would overlook that because someone else was supposed to be making the payments so it "wasn't their fault". The banks position is that you are responsible for any debt that your name is attached to.
When I was a lender people would come in with crappy credit because they cosigned a loan for a relative. They thought the bank would overlook that because someone else was supposed to be making the payments so it "wasn't their fault". The banks position is that you are responsible for any debt that your name is attached to.
Last edited by 1GR8350Z; 12-16-2009 at 05:35 PM.
12-16-2009, 06:28 PM
#5428
Anyway signing it into your name is entirely pointless unless your going to move out at age 18. If you are then ok. If not....well your whoever pays the insurance is going to eat it even more than if you were just registered under your parents name. Also I need to agree with those who have spoken before me. Taking the chance of ruining their credit would not be a smart move by the parents. My insurance is still incredibly ridiculous (no I have not had any collision or tickets in the past two years except for the deer that I recently hit). Really though you could totally play it safe rather than take more risk.
12-16-2009, 06:41 PM
#5429
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U guys are hilarious. LOL...
12-16-2009, 11:35 PM
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12-17-2009, 12:08 AM
#5432
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Anyway signing it into your name is entirely pointless unless your going to move out at age 18. If you are then ok. If not....well your whoever pays the insurance is going to eat it even more than if you were just registered under your parents name. Also I need to agree with those who have spoken before me. Taking the chance of ruining their credit would not be a smart move by the parents. My insurance is still incredibly ridiculous (no I have not had any collision or tickets in the past two years except for the deer that I recently hit). Really though you could totally play it safe rather than take more risk.
Exact age means nothing. It's how you act and think that makes the difference.
12-17-2009, 12:12 AM
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^ I'd hit it.
12-17-2009, 12:16 AM
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