More troubles

[ToniCipriani]

I don't know, but it's like getting my G6 is just more trouble than ever. First it was my Cavalier, then money issues, and now insurance. First, GMAC wanted a co-lessee. I found one, and now the insurance company wants me to insure my co-lessee as well. Now my co-lessee feels puzzled that I might harm his driving record, and by the sound of things, he seems to want to back out, leaving me in the cold. Sort of understand what my co-lessee is worried about. I heard is that in the event that if the car has an accident, ALL insured drivers on that car will be considered having an accident on their record. That's sort of what happened to my ma back then when my sister wrecked our Lumina. It was reported to the insurance company, and we didn't know about that accident. When we leased the Cavalier, our first policy was cancelled due to "non-disclosure" of this, and we were put onto a medium-risk company. Hence it rendered my ma's driving record bad. Maybe I should just give up my deposit on the G6 and learn my lesson from it. I don't really want to go to my parents. That will just make me look really stupid, because I wanted to reduce my parent's load on the car payments and now I'm asking them for money at the end of the day. I don't know what I should do. Is driving a new car just really a fantasy for me, a dream that will never come true?... sigh :(

[Variance]

It depends. How competent/confident do you feel as a driver? Do you consider yourself a safe and careful driver? I can understand your and his apprehension but if it's that big a concern, it all comes down to how much you really want the car. Failing reassuring your co-lessee, if you don't want to feel like a burden to your family maybe the best thing would be to hold off on the G6 until you can afford it on your own. I don't know how helpful this was but I wish you luck. :)

[sciguy_0504]

How about a slightly used G6 as an alternative?

[PurdueGuy]

I guess I'm wondering why you're leasing the car. A lot of young people with an itch for a brand new car lease and regret it...

[Croc]

Honestly, I'd wait until you don't need a co-lessee. It's just too risky for the other person, and I can see trouble ahead. Plus, I've watched waaaay too much Judge Judy to know you might not be friends with the co-lessee much longer if you two go through this.

[ToniCipriani]

It's not like I can't pay for it, I did my math for a few years already. I can afford my tuition and paying for my car at the same time. It's only GMAC who's not trusting me. My parents offered me a few times to pay for my car and paying them back. I don't know, but I feel wierd. It's like ever since I entered university/co-op and start paying for everything, I don't feel like asking anyone for money anymore, especially my parents. I'm all alone in Canada, and I just want my parents to have a peace of mind that I can handle stuff on my own, not a burden, and that I am "performing". Edited December 3, 2005 by ToniCipriani

[capriceman]

Buy it in the states then take it back there. this guy only makes 21,000 a year and they aprroved him to buy a 38,000 dollar truck. That doesnt make sense to me. But keep trying!! GOD DAMNIT!! Best of luck

[Croc]

It's not like I can't pay for it, I did my math for a few years already. I can afford my tuition and paying for my car at the same time. It's only GMAC who's not trusting me.

My parents offered me a few times to pay for my car and paying them back. I don't know, but I feel wierd. It's like ever since I entered university/co-op and start paying for everything, I don't feel like asking anyone for money anymore, especially my parents. I'm all alone in Canada, and I just want my parents to have a peace of mind that I can handle stuff on my own, not a burden, and that I am "performing".

[post="52159"]<{POST_SNAPBACK}>[/post]

Swallow the pride and let them buy it for you and have you pay them back. I really don't see what the big deal is, I mean you are still paying for it, it's just the "leasing entity" is mom and dad. Why not? It's only a handout if you aren't paying for it. Consider it a "financing option." Look, man, I know where you are coming from, but let's look at the alternatives:

1) Use the parents, get the car, and demonstrate your responsibility with payments.

2) Don't use the parents, potentially jeopardize a friend's driving record AND insurance premiums if an accident occurs regardless of who is at fault, and pay through the nose with financing charges and leasing premiums.

Derr...option 1 makes the most logical sense.

[sciguy_0504]

I agree with Croc. Get your parents to lease it for you and pay for the car through them. That is the best way to do this, I think. You still have the car but it's much less riskier than trying to do it alone, even if you have the financial means to.

[ToniCipriani]

That's the problem. Leasing it under their name won't work. They're both in Hong Kong, and GMAC won't let their credit go through, despite having an active account. And plus, I'm getting the student bonus, so the car must be under my name. Although my parents actually meant they will cash purchase the car instead, but I feel very bad that I need them to throw a big chunk of money out.

[Variance]

That's the problem. Leasing it under their name won't work. They're both in Hong Kong, and GMAC won't let their credit go through, despite having an active account.

And plus, I'm getting the student bonus, so the car must be under my name.

Although my parents actually meant they will cash purchase the car instead, but I feel very bad that I need them to throw a big chunk of money out.

[post="52180"]<{POST_SNAPBACK}>[/post]

Well, taking all of this into account in addition to what others have said, if your current co-lessee is really hesistant about this and you feel that bad about asking your parents, it may be best to wait on the G6 for now.

It's like Croc said, either you ask your parents and pay them back or you may as well forget about it.

[ToniCipriani]

I don't know if this is coincidence or not. I called the dealer this morning, they said that for some reason the car that I am asking them to get is taken by another dealer and sold. They are locating another one for me, and my lease application is on hold. So I either have the option of getting my deposit back or to rethink my finances.

[PurdueGuy]

<<still thinks leasing is a bad idea...

[CARBIZ]

Leasing is the better way to go when the lease rate is 1.0% and the finance rate is 3.9%. There is no cash rebate so there is no advantage for the parents to get involved, plus to get the student bonus you have to have a GMAC contract - cash won't do. Ontario is the most outrageous jurisdiction in North America. We pay the most, are covered the worst and they are just cruising for reasons to cut you off. I have a client who is an insurance broker for one of the major companies and I asked him if I could throw him new business. He said no. They aren't taking any new clients! How ridiculous is that? Although establishing your own credit is important, most clients I deal with are forced into a used vehicle to start with because the insurance requirements are too difficult on new. I would say hold off on the G-6 for now or go used. Your friend's credit will be tied up for 4 years and it is unlikely GMAC would let him/her off the hook until the end of the contract. I had a friend total my '82 Rampage ( a very long time ago!) and my insurance doubled for 4 years!

[sciguy_0504]

If you do decide to not get a new car now I would advise you to grow your credit. A credit card is the easiest way but DO NOT fall into the traps. ALWAYS pay it on time and in full. In a couple of years your credit report is built and looks damn good.

[ToniCipriani]

I've been doing that for quite a few years already, but I don't know why they still want a co-lessee.

[2005 EquinoxLS]

How old are you? What is your credit like? I just ask because when I went for the lease on the Equinox there never was any question as to insurance(Other than which company it is from) or needing a co-leasee.

[ToniCipriani]

I figured out what was going on with the insurance. Apparently it's the MIC agent who wants to rip more money out of me by claiming that the co-lessee must be insured. Apparently that's not the case because I don't even live with the co-lessee. The co-lessee is only there to help my credit go through, and does not necessarily have to be the driver, as confirmed by my friends and the dealer business manager. As for why the co-lessee, not that I have bad credit (in fact I have active credit cards which are always paid in full and never overdue), just that GMAC isn't trusting my co-op income. They think that as a university student I can't afford the car. This is sort of understandable, because apparently credit is a big fuss over here in Canada. When we first came back to Canada in 2002 after the emigration back to Hong Kong in 1997. My mom's credit didn't go through, even when she wanted to activate a cell phone with Rogers, because her credit record is completely blank. But the biggest problem right now isn't those. The dealer doesn't have the car I paid deposit, although they claimed they did two weeks ago. I somehow know what was going on, they made a mistake on their side when they told me the car was available. But at this moment it's still my personal hypothesis, so I need to confirm that. If it's true, I need to renegotiate with them. Edited December 4, 2005 by ToniCipriani

[Sixty8panther]

How about a slightly used G6 as an alternative?

[post="52144"]<{POST_SNAPBACK}>[/post]

It's actaully easier to get financing or a lease on a NEW car thna it is to buy/finance used. GM will bend over backwards to sell a car even if the buyer has so-so credit.

Christ bakc in the 90s the saying at Chevy dealerships used to be if you can fog up a mirror you can get financed on a new Escort or base Ranger. Ford would finance a cardboard cutout if they could.


Anyway, good luck with that bro. Perhaps save up a bit more for a downpayment and cut out the whole co-leasee to make it simpler.

[Croc]

Christ bakc in the 90s the saying at Chevy dealerships used to be if you can fog up a mirror you can get financed on a new Escort or base Ranger. Ford would finance a cardboard cutout if they could.

[post="52720"]<{POST_SNAPBACK}>[/post]

...you sure they were talking Ford and not Mitsubishi?

[ToniCipriani]

My friend (say my sister's) is actually fine with being the co-lessee, he's just worried about the insurance part. I figured that I can sort that out. But again, I need to yell at the dealer for the car itself...

[Petra]

How about a slightly used G6 as an alternative?

[post="52144"]<{POST_SNAPBACK}>[/post]

I second the motion. New cars are for suckers, especially when they're leased. Sure, if you buy used, you might not be able to get exactly what you want, but you will save thousands of dollars and lots of trouble.

Here's a list of used (most of them are hardly used at all!) G6s in your area:

http://www.trader.ca/search/Results.asp?BF...category=&CAT=1

[ToniCipriani]

I second the motion. New cars are for suckers, especially when they're leased. Sure, if you buy used, you might not be able to get exactly what you want, but you will save thousands of dollars and lots of trouble.

Here's a list of used (most of them are hardly used at all!) G6s in your area:

http://www.trader.ca/search/Results.asp?BF...category=&CAT=1

[post="52729"]<{POST_SNAPBACK}>[/post]

As mentioned above, financing for me will be hell compared to this. So my only option is to ask my parents. However, for them to pay, they actually need to send cash from Hong Kong, i.e. Hong Kong Dollars. Converting them to Canadian will means I will lose a whole chunk compared to when we converted to Hong Kong. So this way if I lease it, it is actually less money (for me).

And plus, the '05 G6 is just horrendous compared to the '06. Just the steering wheel makes me puke. And two, '05 doesn't have a 4-cylinder. I'm used to a 4-cylinder car.

Also, saying people who buy new are suckers is a bad insult :AH-HA_wink: Edited December 4, 2005 by ToniCipriani

[ToniCipriani]

Update. The dealer did screw up my order. Now the saleslady is helping to fight for a free upgrade to a V6, since it was a problem on their side.

[Variance]

Update. The dealer did screw up my order. Now the saleslady is helping to fight for a free upgrade to a V6, since it was a problem on their side.

[post="53137"]<{POST_SNAPBACK}>[/post]

There's a bit of silver lining.

[Teh Ricer Civic!]

Update. The dealer did screw up my order. Now the saleslady is helping to fight for a free upgrade to a V6, since it was a problem on their side.

[post="53137"]<{POST_SNAPBACK}>[/post]

wow... talk about a lucky error!

[2005 EquinoxLS]

You will love the V6 and it doesnt get much worse mileage than the 4 cylinder would.

[ToniCipriani]

Well, actually, I test drove the G6 in a GT, with every single goodies including the panoramic roof, so it should be even heavier. A bit too quick for my style. As I mentioned, I don't need that much power generally, although I do haul goods around on the highway often (i.e. my crap when I move). But the latest news is that the sales manager seems to refuse to sell the V6 at my negotiated price. Battle continues.