I need help! Please help!

[Nick]

As some of you may know cars are my life. If I had to choose betwen cars and women I would choose cars. Cars are the only thing that kept me going through all my depressed suicidal times... There is nothing I love more than cars...I have been stressing a long time now because I have been trying to find my car, but the car I want isn't easy to find. When I found my car I was planning on paying for it and my parents promised me as a graduation present (my only one) to co-sign the loan for me when I find my car, because obviously I don't have credit which would make it nearly impossible to find a loan (which I am experiencing right now). Well, I found my car. The car of my dreams. It couldn't be any more perfect, infact, I was never expecting to find one of this year...the fact that I have finally found one with the options I want exactly the way I want it, and the fact that it is a year newer than I ever expected it to be and the fact that it couldn't be in more perfect condition just leads me to believe that this was a godsend...I found it on a day I was stressing really bad and starting to lose hope. It was night time and I was ready to hit the sack but I decided to check the listings again one more time on the internet...I saw it...it was like a light shined down from the heavens...I nearly had a heart attack... Well, I mentioned it to my parents and I was very excited...then they basically told me, oh sorry we can't co-sign for you anymore because our financial advisor said it wouldn't be in our best interest...well what the fuck then?! My heart sank and literally tears started swelling up in my eyes...They have a perfect credit score...I don't see why it wouldn't be in their best interest...they knew this time would come eventually and now I am just really upset...after all this time of searching and stressing and just all the crap that has been going on trying to find this car and everything else, this has to happen...And just the fact that they went back on their word makes me even more sick...I really can't take it. I know a lot of whats going on with my parents financially, and there is no reason it would hurt them to co-sign for me...I even tried asking my grandma to co-sign for me, but she is in the process of refinancing or something...pulling cash out of her house...I dunno... So I have been applying all over the place for auto loans with no luck...I have tried nearly everyone and the last one I am waiting on now is capital one...if they can't help me then I just don't know what to do anymore... I need a loan of about 15 grand at most...if anyone can help me out or point me in the right direction, I couldn't thank you enough. there is no emoticon that can express how I feel right now...

[Northstar]

Well that sucks. Maybe if you prove to your parents how you will be able to pay off the loan without them having to pay a single penny, then they'd cosign for you?

[Nick]

That's not the problem...They know I will take care of all the expenses for the car...they just dont want their credit affected when they co-sign the loan...

[Cory Wolfe]

Well, that's a royal kick in the nuts... Almost like when my parents changed their mind about me getting a Fiero after I found the perfect one. And I had the cash to pay for it, too... I wish I could help, Nick. Best of luck and hope you get the loan...

[will75]

Yes, unfortunately, even if you make all payments on time, it still ties up their credit. Your parents need to be a bit more "parent-like". I always hated those parents that BOUGHT their kids cars in high school, when my first car (1980 Firebird, 140,000 miles, $1895) took me nearly 2 years to save up for... Anyhoo, a few years later I wanted to start building credit and my Dad co-signed on a $7,700 1991 GMC Sonoma (in 1997). sold it in a year or so, (you could refinance), Dad is off the hook, my credit is good and I bought a house within 2 years! Maybe they'll co-sign if you make a deal to refi in a year or so. Do you have a bank account? Credit Unions are great for bank accounts and car loans. That's how I started. Good luck. So what car is it? Edited August 19, 2005 by will75

[Alpha]

As will was alluding to, the reason that your parent's "Financial Advisor" says it isn't in their best interest is because their credit also is at risk if the car isn't paid for on time. Honestly, my dad co-signed with me on the Lincoln and the Regal... He still has his sickenly high credit rating and now I'm getting 7 and 8% permanent APR credit card offers...lol... If the car is paid on time, it doesn't hurt them... I don't know if the "financial advisor" is being clear with that....

[Nick]

Well, my parents are pretty "parent-like" if you ask me...I am the one buying the car...I just need the loan...I tried goign through my dad's credit union...I even made an account and everything, only to find out that they too declined me...the only people who have contacted me are dealers who could help me if I was buying from them...btu I'm not lookign into buying a ford or a nissan or a kia...this is the car I want...I found it, it is at a used car dealer, he said he would have a hard time giving me a loan without a co-singer being that I don't have credit...

http://www.actionautosales.us/detail.html?vid=71129

[Alpha]

See, I can look at that car Nick and know why they're turning you down. A newer BMW carries risks in their eyes all by itself...not to mention financing 15 grand as young as you are. The most we financed for my cars was: Toyota: 0, we paid 4000 Lincoln: 5000 Regal: 6000 and 4000 we paid. 15 grand even with a decent employment in hand is hard for a credit union to do with someone as young as you are. In fact, do you have your credit built up at all? Any credit cards or previous auto loans?

[Nick]

about the car, they were totally settled on me aving this type of car for a long time...I have spent atleast a year searching for it, then all of a sudden, this past week they said their financial advisor said it wouldn't be in their best itnerest. I dont have any credit whatsoever. My parents now refuse to co-sign because they say it will screw up their credit...I figure it would only screw up their credit if I was to default on a payment, which one, would not happen, and two, if came the chance that I wasn't able to make a payment one month my parents would back me...The car isn't the problem. The price isn't the problem. The loan is the problem...If co-signing a loan does not affect my parents credit then that is great, but from what they say it does...or from what their financial douchebag says anyway it does <_<

[ocnblu]

I'd run a CarFax report on that VIN.

[Nick]

Good plan WMJ...I was actually gonna bring up that exact same thing to my parents, oh and Ocnblu, believe me, I ran the report...I was suprised, it only had 7 records and none of them were bad in any way, just regular maintenance and such...the car is perfect, and the guy even said I could bring it by my mechanic if I wnated to have it checked out and he'll have his mechanic check it out also...As we speak it is in the shop getting maintained, all the fluids changed, safety checks, detailed, everything...this guy seems like a good guy, I've talked with him quite a bit, seems pretty reputable...figured if he sells bentleys and RR's on the same lot then he'd have to be...but yea, I was very skeptical when I first saw it...this car normally lists for over 30 grand...but yea, WMJ, I will deffinitely do that. Thanks.

[will75]

about the car, they were totally settled on me aving this type of car for a long time...I have spent atleast a year searching for it, then all of a sudden, this past week they said their financial advisor said it wouldn't be in their best itnerest. I dont have any credit whatsoever. My parents now refuse to co-sign because they say it will screw up their credit...I figure it would only screw up their credit if I was to default on a payment, which one, would not happen, and two, if came the chance that I wasn't able to make a payment one month my parents would back me...The car isn't the problem. The price isn't the problem. The loan is the problem...If co-signing a loan does not affect my parents credit then that is great, but from what they say it does...or from what their financial douchebag says anyway it does <_<

[post="860"]<{POST_SNAPBACK}>[/post]

You are right Nick, it won't screw up their credit unless you miss payments. It will however, tie up their credit as long as they are on the loan.

By "parent-like" I meant that someone needs to help you establish credit for the first time, no bank will do that on your word.

[Nick]

oh, gotcha...yea, I talked it over with my parents, and if this car is as nice as it sounds, then they will do the co-sign for me...

[Turbojett]

that's bull crap. their credit will not be affected if they cosign you. as long as you make the payments on time, their credit will remain the same. Either they're blowing smoke up your ass, or their financial advisor told them that because the money-grubbing bastard was afraid of losing money from them. That's pretty low of them to go back on their word like that. Other than that, the only think I can tell you is to go to a bank and open up a line of credit. You may have slightly better luck.

[Turbojett]

wierd. I tried to post in a different thread and it put it in this one... :huh: Edited August 20, 2005 by Turbojett

[GMTruckGuy74]

Well, their Financial Advisor is bascially telling them that if they try to get credit (buy a new car, refinance their house or try for a home equity loan, apply for in-store credit for those "$0 down, no financing for 1 year deals", etc) while co-signing for your loan, they could be turned down as they may appear to be over-extended on their credit. It's a possibility it could happen to them, that's why their F.A. is advising them of it. It's a pretty lame excuse, but he's doing his job. My dad has excellent credit and and co-signed for my first lease solely because I was still on their insurance policy still (hey, I was in my early 20's and their policy was much more affordable here in NJ than me being on my own policy!!!). It never affected him EVER because I was always on time with my payments. But hopefully your parents will come your way and help you out. I'll keep my fingers crossed for you in the meantime.

[will75]

Well, their Financial Advisor is bascially telling them that if they try to get credit (buy a new car, refinance their house or try for a home equity loan, apply for in-store credit for those "$0 down, no financing for 1 year deals", etc) while co-signing for your loan, they could be turned down as they may appear to be over-extended on their credit.  It's a possibility it could happen to them, that's why their F.A. is advising them of it.  It's a pretty lame excuse, but he's doing his job.  My dad has excellent credit and and co-signed for my first lease solely because I was still on their insurance policy still (hey, I was in my early 20's and their policy was much more affordable here in NJ than me being on my own policy!!!).  It never affected him EVER because I was always on time with my payments.  But hopefully your parents will come your way and help you out.  I'll keep my fingers crossed for you in the meantime.

[post="1177"]<{POST_SNAPBACK}>[/post]

Exactly - tied up but not screwed up.

[Cray_Z28]

My parents had to co sign for a loan when I got my 00 Z28. I refied 1.5 years later for a better rate and was able to do that on my own. Whan you have your meeting with your parents and the FA, bring it up that this could be short term and just to establish a credit history. Another thing to think about to if this doesn't work out for you... My favorite car is a 1997 Camaro SS convertible 30th Anniversary Edition, Artic White with Hugger Orange strips, LT4, 6 speed manual transmission, and the houndstooth interior. I want one of those really bad! I feel it would bring me complete happiness. Cars I own currently are a 1957 Chevrolet 210, a 1971 Corvette Stingray, a 1990 Z71 reg. cab sportside with 6" lift and 33" tires, my 00 Z28 T-tops and A4, and a 2005 2500HD Duramax/Allison CrewCab Shortbed 4x4. There have been times when I could have bought my dream car (haven't found one exactly like it, missing the LT4, but I wouldn't complain if it was the LT1) but chose not to mainly for the fact that it is always better for me to think and dream about possibly owning my dream car one day than it is to actually own it and see it get rock chips, sratches from unappreciative people, some stupid broad coming in off the freeway cutting across 3 lanes of traffic to hit the right rear wheel... I really hope that you are able to get the car of your dreams! I remember the way I felt when I got the Z28, but not getting it is not the end of the world either. Do what you can to get the deal worked out. If it DOESN'T work out, it is for a reason. Something else is bound to come through for you and it could be better... Edited August 22, 2005 by Cray_Z28

[Sixty8panther]

Sorry to hear that NIck. I;'m on my way out the door and just skimmed this thread but I've got one piece of advoice for you: Credit Union! Check 'em out. :)

[Nick]

already checked out my parents credit union...they had me set up an accoutn and everything, and I already told them I had no credit....then after all this hassle, they told me, oh, wait, you have no credit...sorry...DENIED!...But it's cool, I talked it over with my parents and they decided that they will co-sign it anyways regardless of what their FA said...