well first off...im helping buy my g/f a car. The problem is, she has no credit whatsoever. Her mother does not have a lisence. Now dealerships tell me that, an unlisenced driver cannot purchase a new vehicle. Since my g/f is a minor she is not allowed to sign on the paperwork. So im stepping in and helping out. Yes i do know the bad things that can happen when i put my name down on a contract. Ive gone through it, and ive decided to go ahead. So my name will be on the purchase, and her mother as a co-signer. Now the only question i have is, Will i have to have insurance for the car with my name? and Me as the primary user? Or could my g/f get insurance for the vehicle and be fine ? I'm thinking that since the car is "techically" mine i'll have to provide proof of insurance under MY name. So i'll hafta pay insurance as well as her?.

hrmm. please help if you can provide some info.. Im unclear on the rules.

Larry

ok ok..it might not be a maxima..but something new..she just needs a 100% hassle free car to be depended on.

 

My opinion (that's what this board and any other types of forums is all about) leave it alone. I realize you're trying to do a nice thing for your gf, but bad credit history last longer than most relationship and with her being a minor doesn't help. To answer your question I'm not too sure about the insurance thing.

 

Yeah, I don't think it's a good idea. If she's a minor, are you over 18? Just food for thought, nobody can predict the future, so nobody knows how long you will go with this babe, but what if the car is the cause of your breaking-up? You might have to go on Judge Judy!

Anyhow, you should do a dummy transaction to see the ins/outs. Make sure the credit will be approved. it does sound really bad though, because you are the purchaser, so after the creditors have gone after you they will go after the mother who is the cosigner. 2 good people could have ruined credit if the g/f doesn't pay, wrecks the car, etc.

I don't see where the mother's cosignment is of any benefit unless you can't get the credit yourself. What the mother should do is just give the daughter cash to purchase the vehicle (how ever much $ that would be). You are taking on alot of responsibility in a situation where you have little control, VERY risky. Anyhow, I think you will be the owner and the insured. If you decide to loan the car to the g/f that's up to you. You may want to mention that to the insurance agent and see what they say. Good luck.

 

No good answer to this one. States differ on insurance laws as well as other things, so I'm not sure about CA. Best way to find out is to go to your insurance agent and explain the situation. Ask if they would insure g/f, and what role you would play. Also, as someone mentioned earlier, if the Mother could borrow the money up front somehow, then g/f could pay cash for car. Lastly, it goes without saying but, be very careful with used car dealers...

Jim

 

Well said. And just to add in, if thing's don't work out with you and your g/f, you still have Mashimoro....

 

yes i realized all the bad aspects of taking part in this...ive watched judge judy tv shows all the time. Its not too big of a deal..i looked at it this way..its only gonna be about 200-250 a month...and the car were looking at which is the suzuki aerio isnt all that bad. Theres a turbo kit already in the works, actually it was on the demo aerio at the San Francsico auto show. Theyve already got a carbon fiber hood out for it, and its only been out for a year. Its gonna turn into the next rocket...and i actually wouldnt mind having one. I understand everyones concern..and ive already been called insane... but oh well i knew that already. Hopefully this works out.. Thanks for the help guys.




~Mashimaro~

 

I agree with the others... it's a bad idea, but I have a question about something else you wrote...
Is that true? It might differ by state, but I bought my first car, brand new, when I was 15. I was about 2 weeks from turning 16 and getting my license. So, in NH at least, you definitely can buy a car if you're not a licensed driver... just don't try to drive it off the lot

 

So not only are you going to buy her the car, but you are going to mod the crap out of it? what about your car? sounds like you want the car for yourself.

 

Hey, this is bad advice, but sometimes you make sacrifices in the interest of love!

I think the bottom-line is you are the owner, the registrant, and the insured. You are loaning the car to the g/f and her mom is your cosigner. Just make sure the insurance is cool for her to drive the car on a regular basis, that's the key. And what the heck, hopefully this chick becomes the love of your life and everybody lives happily ever after....hehe all it takes is a little luck

 

Considering the Nasty divorce i'm in the middle of.. DONT DO IT !!!!

 

Now on the flip side, your advice makes the most sense. A few of my friends are shall we say, very lively and animated when they describe their ex's and divorces. I guess I wouldn't know anything about it except what I hear. My idea of giving up my independence is getting a dog!

Which I'm actually doing in the spring. Guess I gotta get the wanderlust outta my system before then.

 

The point is that we all do stuff like China is about to do, and a few years later it comes back to bite you in the A$$ ! As far as how animated I can get about describing it... Let's just put it this way. She has made 3 attempts to take the Max... and has failed. She just handed me her copies to it, on Thursday. So the saga continues..... DONT DO IT !!!!!

 

It could bite him a week after he gets her the car!

China, I don't know you from a hole in the wall, but you come across here as a real nice guy. I hope for your sake, this girl is giving you some MAJOR A$$ to be going out on a limb for this. Even then, since your pretty close to Vegas, you can always drive out there in your max and get A$$ cheaper! j/k

But from what Kloogy's going through, I'd think this one over real carefully.....

 

I know Larry, aka China, and Im pleading him to listen. This would be hard to do for a family member, even less for a girl. If the A$$ is that good, it's still not worth what he wants to do. Drive down to Tijuana, or I'll kick down some Hoes to ya !.......

 

yup, but at the time, I think something else is talking to us so no matter what, we dont want to believe it and think the relationship will last forever, some do, some dont... I have been with my GF for 8 years and have a son that is 4 years old today.

 

I can understand that you are trying to be the man to your woman, but you have to realize, your are young, and she is your girlfriend, not your wife. Enjoy life now and the many girlfriends that may come along. You've got a lot of time. That way, you'll be more sure when you settle down and really love the wife you chose to marry.

Besides, a Maxima as a 1st car to a minor? Can you see where this will lead?? By the time she's 20 she'll demand a bimmer!

DW

 

OOPS...just to clarify..shes' gonna be making the payments on it..not me...her mom has gone through 1 divoice causing bancrupcy....and after that she didnt use credit much at all...only 1 credit card after that bankrupcy 2 years ago. I qualify for the car...wiht a 709 FICA score..or whatever that number crap is..but they dont like the idea that i have a nissan financing payment..and they cant justify me with another car loan. Her mom is there to bascially have a 2nd person, pleasing the financing companies.






They make an AWD version..but auto only and just to clarify..shes just using my credit..shes coughing up the money...[/B][/QUOTE]


man gio...i know your going through alot right now, but worse come worse i end up wiht a car and 200 bucks a month..yes its a big risk..but atleast it isnt a super big payment. 200 a month isnt too hard to make up for..just cut back a couple things...like...nevermind im not gonna go into details of my life.hahah

Well..hahah we took it down several notches to an entery level suzuki aerio..besides the MAXIMA just keeps it ON topic


Thanks guys...i really appreciate the concern and help....anyone up for disneyland new years eve?..ehhe

 

Just to clarify, a finance company doesn't care who makes the payment just as long as it's paid. All they care is who signed the contract so they know who to hunt down. But it seems as if you've already made your mind up, so good luck, it's a noble thing you're doing.

 

You should just give her your Maxima and drive your Jun Skyline.

 

Money is a funny thing, one of the funniest we'll ever come across in life. Whenever a person loans money, he/she should plan on never seeing it again. That's a loan that comes from the heart. When a person expects repayment, it usually destroys friend/relationships. just my .05

 

Exactly. If she decides to stop paying for some reason, or can no longer afford to, guess who the finance company is gonna go after?? YOU.

Her mother may have co-signed the loan, but the primary signer is you. The mother is bankrupt, so she doesn't have much to lose in terms of credit, and again, once those payments stop, they're going after YOU.

Guess who's FICA 701 credit rating will start to be chipped away and trashed?? YOURS.

Remember, you signed on the dotted line. I learned that harsh lesson when I helped someone out with car insurance. I put my name on their policy to reduce their rate, and I NEVER drove their car. They got into an accident, and becasue my name was on the policy, I got an accident record. Never again.

DW

 

step 1) reach behind back

step 2) pull "take advantage of me" sign off back

step 3) don't do it!

 

all I have to say is what the hell is that thing

 

Muahahahhaha, that's his other girlfriend, mashimaro.....

 

sick

 

Shut up IlIac!..aahhhha

 

Please tred carefully...my brother did this for his ex gf....she ended up taking the car and took off across country. The bank didn't care, the bank just wanted their money.

 

This does have "Judge Judy" written all over it.

JudgeJudy: Why did you put the car in your name?
chinaonnitrous1: She was my GF and we had an oral agreement that she would pay.

JudgeJudy:Why did you do that anyway?
chinaonnitrous1: I trusted her

JudgeJudy: Why?
chinaonnitrous1: We were in love.

JudgeJudy: Wrong Answer.


j/k

 

careful dude

my brother crashed my Lexus and now my insurance is going up... and I had to pay for repairs

I have an Integra in my name that I helped some girl out with and now... I'm gettin it signed over to her... cuz If she crashes it I dont want my insurance goin up! plus she paid me back

i duno whatever you do be careful girls and money= drama

 

Larry, I would advise you to use your Prepaidlegal membership in this case. Give your provider lawfirm a call and explain the situation. They'll know what you should do to minimize the possible risk(s). I'm pretty sure they wouldn't recommend something like this though. Obviously, it's your *** on the line and no one elses.

Anyway, I'm thinking the safest route would have something to do with getting your name off the loan. I'm pretty sure there are quite a few ways to do this however they all escape me at this time... haha.

Seriously though, if your GFs mom is willing to officially take this thing over... I'd say go for it. If she's going to be using you as a financial crutch for the next year or two I'd say hells no.

Also, keep in mind... 30% of your FICO score is affected by your total debt (amounts owed). When you "buy" that car, your debt will increase and in this sense this could be a bad move for you. Also, 10% of your FICO score is calculated from "new credit"! So... keep that in mind too. Do you have a financial planner? It might be wise to consult one. Hm, I'm going shopping for one when I'm done with school...

Make your decision wisely, bro, the credit bureau gods are watching.

 

Did you pay for the car in full with your own money or did you buy on credit? (Finance/Lease/Bank Loan, etc).

Usually, if you buy the car in cash in full on the spot, you don't need a license (just don't drive it off the lot as you said or get a licensed friend to do it). However, if purchased on some type of credit, the concern is that you haven't paid the car off yet. If you get into an accident and the car is written off, the insurance company will not pay for the car if you were driving without a license which leaves the institution that lent you the money SOL.
They have no car to repo in case you don't make your payments.
I got my license suspended for 30 days once from too many speeding tickets right when I was buying my Max using a bank car loan. They didn't want to give me the money until I got my license back. So my Max sat at the dealership parking lot for the majority of a month until I got it back.

As for the guy that started this thread, bad idea. That's all I have to say. (And what are you doing being an adult dating a minor? That could get you in jail should she decide to be a b|tch).