Regarding financing/co signer

[partyhardjosh]

Question for those that got a co signer, or if you have knowledge, if for example i get my mom or dad to co sign with me, do they actually have to be present at the dealership or can they sign the papers from where they live (in california :S ) also if they can sign the papers from cali, what will the papers say? The total cost of the car? Cuz like they would kill me if they found out im buying a 30k + car, but I have like 11k i can put down...so if I can show them the car only costs (30 - 11 ) 19k :> then for sure they will help me finance..what do you say!!!??? Is this possible? :|

Next thing also, if I will be financing my car, does that mean I no longer have negotiation rights? Or can I still negotiate the car to the price we both agree on, THEN tell him I need financing too? Does it matter? Does the fact that I'm financing have an impact on how much lower he will go? Does the fact that I'm willing to put 11k down make a difference too? More cash for them = good no? I dont know...sorry im a noob

[CoupeVQ35CVT]

Im assuming its your first car deal. Financing or not, you need to work on the final price of the car, not go with the sticker price.

Paying cash down MAY work for you, though they often don't care, unless you literally told them you'd pay CASH cash and maybe they'd let you get away with $25k.

Anyway, what you're talking about, not letting your parents know the real price.... that is one of the main reasons WHY they have to be present and or SEE all the details on the paperwork that they will be signing. They are co-signing, so as far as documentation is concerned, they will see everything you see, since they are signing off to whatever it is YOU are signing off (including all the dirty details of the car price).

So good luck trying to "bend the truth" with your parents. Hehe.

[niztec]

anytime that you need a cosigner, they will have to be present to sign the financial paper work. you can always tell your parents that you will put down 11k and that all you need to borrow is the rest of car.

[partyhardjosh]

lol damn! ya it's my first car purchase. Sucky part is I have the money and I make money and I'll have 30k cash by the end of the year, but still they say that they need a co signer. I don't get it. Their loss I guess ;/

I just figured if i was putting 11k down, then the part my parents would be cosigning would only be the remaining 19k part..so why should the full price be shown ;/

[Throckmorton]

lol damn! ya it's my first car purchase. Sucky part is I have the money and I make money and I'll have 30k cash by the end of the year, but still they say that they need a co signer. I don't get it. Their loss I guess ;/

I just figured if i was putting 11k down, then the part my parents would be cosigning would only be the remaining 19k part..so why should the full price be shown ;/

This could be why:http://www.fdic.gov/regulation....html

[Rmuth25]

lol damn! ya it's my first car purchase. Sucky part is I have the money and I make money and I'll have 30k cash by the end of the year, but still they say that they need a co signer. I don't get it. Their loss I guess ;/

I just figured if i was putting 11k down, then the part my parents would be cosigning would only be the remaining 19k part..so why should the full price be shown ;/

IF you will have 30k by the end of the year, why cant you wait till them to get a new car? A one year wait is worth it in IMO to not have to pay any financing charges.

[QR25DE]

Or, if you have good credit just go see what they say when they do a credit check. You'll have to provide proof of employment etc.

When I went in I was like "I want that one", they did a credit check on the spot, got approved, bought my car lol.

[theanswer]

when i was shopping around they told me paying cash makes no difference. when you finance a car, they get the cash from the company you're financing from in about 4 days. i thought i could negotiate a better price but it made 0 difference at all the dealers i tried here in south florida.

[partyhardjosh]

IF you will have 30k by the end of the year, why cant you wait till them to get a new car? A one year wait is worth it in IMO to not have to pay any financing charges.

tru, but my current car looks like it's going to die any day now

Or, if you have good credit just go see what they say when they do a credit check. You'll have to provide proof of employment etc.

When I went in I was like "I want that one", they did a credit check on the spot, got approved, bought my car lol.

same thing happened with me, except the last part. The next day he told me 'hey...you need a co signer' lol even though my credit is pretty ok ( I think 700'ish)

Right now I see a 2010 3.5 SR super black with all packages for 30k. Looks like a pretty good deal, i can probably lower it to 28k.

There is also another car, 2009 3.5 SE superblack, used, one car owner, with 10k miles, for 25k. Maybe I can get that lowered to 23k'ish and then i won't need a co signer hrm..

[niztec]

If you have a 700+ credit score I believe that's good enough to get the car on your own terms. My score is a little above that and I didn't need a cosigner.

But why would you need a cosigner if your paying cash? You should tell the guy that your gonn see another dealer for better deals. Try that and see how it goes

[Cali 2 Balti G]

when i was shopping around they told me paying cash makes no difference. when you finance a car, they get the cash from the company you're financing from in about 4 days. i thought i could negotiate a better price but it made 0 difference at all the dealers i tried here in south florida.

If you can pay cash for a car then I would suggest buying wholesale from a dealers auction. Besides trade ins - this is where local dealers buy used and new cars. Some dealerships (usually independent) will (with a deposit) buy a car for you at auction price plus a pre-determined fee- this is hustle money for someone with a dealer's license. The key here is to work with a reputable dealer and if at all possible try to go to the auction yourself and maybe have someone with some mechanical knowledge with you to inspect the car before the dealer bids on it.

[partyhardjosh]

that is some good advice. Thank you.

I also had found a really nice 08 used coupe though and I went back to check today and it got sold

[Sith LL_Coupe]

First off, if you need a co-signer, you either don't have a 700-ish credit score or you don't have a high enough salary or job history for them to trust you to pay off that size of a loan on your own.

If you will have enough money to pay off the Loan in 1 year, you should have a very strong bargaining chip with your parents to co-sign for you and hopefully if they have good credit you'll get a better APR and barely pay any interest.

I'll give you a scenario based off your example:

Cost of Car: $30,000Down Payment: $11,000Amount Financed: $19,000Interest Rate: 3.99% (I'm using this cuz that's what my APR was when I got my A/C and I have excellent credit.Term: 60 Months (5 years)Monthly Payment: $349.83Total Interest Paid over the Life of the Loan: $1,990

Now if you paid off that loan in 12 months instead of 60, you'd only pay $691 in interest, thus saving you $1,299 that the bank would have otherwise collected. Just make sure you read the fine print of the contract and make sure you don't have a pre-payment penalty (meaning if you pay it off early, they charge you a fee). A lot of loans have this in order to for people not to pay the bank off too early and they getting essentially ripped off on the profits they'd of made if the borrower followed the amortization table.

[niztec]

and if you open any loan, you should keep it open for atleast a year. if you close out any loan before then, you might actually lower your credit score.

on another note, dont get more than three credit checks a year cause that to might lower your credit score.