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HOLD ON! Hold on!

He is 15. That means he cant even co-sign till at least 16 (in most states). So mom and dad will have it on their credit. Even if he co-signs it, mom and dad wont let it repo. That means if worst comes to worst, will have a paid off car on his credit even before he turns 18! Im all for debt free, but you cant have good credit and be debt free. Im just learning that now. Lenders will not lend if you are debt free and nothing on yoru recent credit. You have to look like a good credit risk.

If Im a doctor, do I make more money if you are sick or well when you come see me? SICK! The bank makes money if you have more debt. So when he turns 18 and he couldnt keep the smart, but it was in his name, it looks like he paid it off. Then he can get another car loan if he wants.

I dont like it, but if your parents are helping and approve of it then DO IT! And while your at it, see if they want to adopt a hard luck "orphan" down here in Texas. Maybe I can get a co-sign on a smart too!
No offense, Jediknight36, but you have revealed quite a bit about your financial situation in other posts. You have a lot of debt, low credit score and were recently told it would be difficult for you to qualify for a car loan. (Or were you actually turned down for the loan?)

Perhaps you're not the best person to give financial advice to young Mackenzie. :rolleyes:

There are professional financial advisors available for free at most banks. Check your local branch to make an appointment.
 

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No offense, Jediknight36, but you have revealed quite a bit about your financial situation in other posts. You have a lot of debt, low credit score and were recently told it would be difficult for you to qualify for a car loan. (Or were you actually turned down for the loan?)

Perhaps you're not the best person to give financial advice to young Mackenzie. :rolleyes:

There are professional financial advisors available for free at most banks. Check your local branch to make an appointment.
WOW! Flame....

So, because I lot my job and had to live on credit cards to survive, means I dont know jack about finances? No, we dont have a lot of debt, and depending on which credit bureu you talk to, or credit score isnt that bad. Not if 720 is great. We have medical bills, and a few credit cards that we are getting cleared up. But, thanks to the advice of people here, and financial advisors, we are learning how credit works. No, living in a lot of debt is bad. But you still must have debt to live in this world, unless you plan on paying for everything with cash including cars, and houses.

Here is something most people dont know. To look like a good financial risk, you should have a 10-30% debt to credit ratio. That means if you have $5000 in credit, you should be in debt $500-$1500. That way, the banks know you USE credit, but are not friviolus with credit.

Suze, chill. I agree that he probably should wait. But as a bus driver, I saw so many kids with BMWs and Mustangs. This is a smart. And his parents are taking the responsibility. I doubt he will be credit wise, which is a double edge sword and you know it. Mom and dad wont let it repo so for his sake, I hope he gets is name on it. Otherwise, its not his car. Which is both good and bad. In fact, our financial adviser (almost pro bono, BTW) told us to do something similar.

Get someone you know to add you to their credit cards. Make sure the card company takes your SSN so it will be reported to yoru report. Have the company send your card to the person you piggybacked and have them use as normal. Then his good credit becomes your good credit!

Look, he seems pretty determined to get it, and his parents seem like they want to help. So let them.

And anytime you say "no offense", it really means you are going to offend. I came here for support. That dosnt mean I dont know about credit.
 

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WOW! Flame....

So, because I lot my job and had to live on credit cards to survive, means I dont know jack about finances? No, we dont have a lot of debt, and depending on which credit bureu you talk to, or credit score isnt that bad. Not if 720 is great. We have medical bills, and a few credit cards that we are getting cleared up. But, thanks to the advice of people here, and financial advisors, we are learning how credit works. No, living in a lot of debt is bad. But you still must have debt to live in this world, unless you plan on paying for everything with cash including cars, and houses.

Here is something most people dont know. To look like a good financial risk, you should have a 10-30% debt to credit ratio. That means if you have $5000 in credit, you should be in debt $500-$1500. That way, the banks know you USE credit, but are not friviolus with credit.

Suze, chill. I agree that he probably should wait. But as a bus driver, I saw so many kids with BMWs and Mustangs. This is a smart. And his parents are taking the responsibility. I doubt he will be credit wise, which is a double edge sword and you know it. Mom and dad wont let it repo so for his sake, I hope he gets is name on it. Otherwise, its not his car. Which is both good and bad. In fact, our financial adviser (almost pro bono, BTW) told us to do something similar.

Get someone you know to add you to their credit cards. Make sure the card company takes your SSN so it will be reported to yoru report. Have the company send your card to the person you piggybacked and have them use as normal. Then his good credit becomes your good credit!

Look, he seems pretty determined to get it, and his parents seem like they want to help. So let them.

And anytime you say "no offense", it really means you are going to offend. I came here for support. That dosnt mean I dont know about credit.
Chill dude. No need to attack me. I apologize if the way I worded my response came off as offensive. I didn't mean it as a personal attack, and that's the truth.

But, You gave the kid terrible advice!


I was just pointing out that:

a: You have mentioned your financial issues all over this board
and
b: there are more qualified people that he could talk to.


Peace
 

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Chill dude. No need to attack me. I apologize if the way I worded my response came off as offensive. I didn't mean it as a personal attack, and that's the truth.

But, You gave the kid terrible advice!


I was just pointing out that:

a: You have mentioned your financial issues all over this board
and
b: there are more qualified people that he could talk to.


Peace
Well, sounds like you are still attacking me, but then again its text and I cant hear your inflections.

What was so bad about the advice I gave? Was it the fact that he and his parents can use this as a tool to pave his credit and groom it so when he hits the real world he can have a much better chance than someone who dosnt have any knowledge of credit, budgeting, financing, and general financing?

I completely agree with your advice, but my advice isnt wrong either. If he was alone in the situation, like I was when I got my first car, then yes. New car is bad. But one cant live outside the credit system. I would love to, but today your JOB is determined by your credit. One must be responsible, but even then things can happen. So, because I was down on my luck I am a bad person to ask advice from? How does that make sense? I dont know your history, and I defiantly would not be judging you by it if I did, but I would rather listen to someone who has been there, done that and learned from the past. I have learned how to fix my score and deal with bad credit. But you cant judge people by the random things that happen that make their life turn to crap. My wife and I both lost our jobs, and we couldnt afford health insurance then. So we went to the ER and lived off credit cards until we got back on our feet. Was that a mistake? I dont think so. Does that make me a bad person to learn from? I dont think so. We dont have anything to show from our bad credit except that we are still kicking. No big TVs, no vacations, no yahts, nothing. We didnt spend frivolous unless you think groceries, gas, electric and rent are things we can love with out.

Look, you can live debt free, but you wont necessarily have good credit. You live live with a little debt responsibility and have great credit. And if you do that, and life turns you upside down, you can go get a loan to get you by and come out on top. Now, I wish I had known that then, but If I had, I probably would not be the person I am today.

You got served!
 

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Discussion Starter #45
jeez guys! STOP you dont need to be fighting on my board, get your own. I am very very etermined to get this car. I have wanted this car for over 3 years and literally I spend like 3-4 hopurs a day learning about the car. now I am out of information, and I love to learn about green tech. My rents would get me a car (if they are willing to waste money on it). and then I will get a smart. I have no credit so it will be under my rents name and they have EXCELLENT credit. I understand that times are tough but I could have this car paid off before college If I REALLY wanted. My dad was really doubtful and I convinced him to go to the dealer and we got to test drive one (the guy let me drive it in a parking lot) first time i have ever pressed the gas pedal of a car in my life. on the 1 3/4 hour ride home he said "I think that would be a good car for you!" I loved it so much and I had finally reserved one about a month later.

I was wondering where everyone gets the awesome paint jobs on their car. When i was there, there was a car that was reserved with a hippy like paint job, I want to know how they get that, and how much would it cost?

should I get re and black or red and silver tridon with the side skirt and front bumper thing?
 

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jeez guys! STOP you dont need to be fighting on my board, get your own. I am very very etermined to get this car. I have wanted this car for over 3 years and literally I spend like 3-4 hopurs a day learning about the car. now I am out of information, and I love to learn about green tech. My rents would get me a car (if they are willing to waste money on it). and then I will get a smart. I have no credit so it will be under my rents name and they have EXCELLENT credit. I understand that times are tough but I could have this car paid off before college If I REALLY wanted. My dad was really doubtful and I convinced him to go to the dealer and we got to test drive one (the guy let me drive it in a parking lot) first time i have ever pressed the gas pedal of a car in my life. on the 1 3/4 hour ride home he said "I think that would be a good car for you!" I loved it so much and I had finally reserved one about a month later.

I was wondering where everyone gets the awesome paint jobs on their car. When i was there, there was a car that was reserved with a hippy like paint job, I want to know how they get that, and how much would it cost?

should I get re and black or red and silver tridon with the side skirt and front bumper thing?
Heck yea! You tell 'em! As far as color, its 110% personal preference. My take on it is be as individual as you want. Thats what smart is about. Im eventually either going to get an R2D2 wrap or a set pf silver pannels and doing what Jannetmermaid is doing with hers. She is making hers look like Dory.

Smartvillan, Suze, I didnt mean to argue. I just think we both had great advice for him... from a certain point of view. Smartvillan, when you get it I want pics!
 

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Discussion Starter #47
lol I want pic of my own too lol Im really excited for it.I'm going to cedar point this weekend so I will be busy.





Talk later
 

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I ordered mine sometime in the middle of September. I live in SW Michigan, I just turned 15 and the DDE says i will get mine August 2009 thru October 2009. Should I cancel and reserve again so I can get a 2010?

TOTAL SAVED: $750

lol I don't have a job yet and I have to pay for drivers ed-$250 and the money to reserve. Anyone know when I can get a job? really want one but I'm not sure if it is legal yet.

p.s. I tried looking at the laws but they are too confusing for me and I do not understand them at all.

I want to get a red w/ red interior and silver tridion, but i want the red bottom and front parts... idk what they are called oh--- Passion Cabrio. My dad says I should get that, anyone disagree? why? why not? My mom and dad AREN'T paying for it all maybe a couple thousand to help.
Save your money! At your age and as a new driver, believe me you should not be driving a smart. Between the car payment, gas and the car insurance you will be broke. If you feel the need for a car at the tender age of 16 go buy something for 3 to 4 thousand and call it a day. We helped my daughter buy her first car when she was 19 years old. She needed one to drive to her college classes everyday. She bought a 7 years old Honda with fairly low mileage. You are only 15 years old, you really don't want to go into debt.
 

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Discussion Starter #49
like I would pay for the insurance! lol I could just put like 7k down and a 5 year loan? not that much???????? I would be living in a way where I can't go and eat out everyday but heck, who even does that?
 

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like I would pay for the insurance! lol I could just put like 7k down and a 5 year loan? not that much???????? I would be living in a way where I can't go and eat out everyday but heck, who even does that?
Dont put 7 down on the smart. The bank wants to make more money off you than that. Put 5 on it and take the other two and pay down the loan or buy cool stuff for it. Or put it back in savings.
 

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Who cares what the bank wants from him. If he can put 7 grand down like he said, let him. If it will save him money in the long run.. I'd say that's a good idea.
 

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Who cares what the bank wants from him. If he can put 7 grand down like he said, let him. If it will save him money in the long run.. I'd say that's a good idea.
But if they wont do the loan because they wont make enough money off him then what? There are several people who sugest not putting that much down. I guess it depends on the final price of the car.
 

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I didn't think about that true. If it's a matter of getting the loan or not getting the loan.. I do see things differently. But if he will get the loan EITHER WAY, my thoughts are pay more now, so you'll save more later.
 

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I didn't think about that true. If it's a matter of getting the loan or not getting the loan.. I do see things differently. But if he will get the loan EITHER WAY, my thoughts are pay more now, so you'll save more later.
Oh, yes. Exactly. But it all goes back to the bank. They want to make money. The only way you can put alot down (making the loan less than 10k I gather) and still get the loan is something like a tax only loan that people get when Oprah :rolleyes: gives out cars.
 

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Discussion Starter #55
lol, what if I had 7 k to put own and made that offer or whatever and they said no, could I be like then how much do you want me to put down? or could I put like 4k and then pay the other 3k right after, like making an extra payment or something?
 

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Discussion Starter #57
I know you can do that for house loan, and its way better than refinancing for a 15 year loan from a 30, then if you cant afford the 15 your in trouble, or I could make like double payments for a while or keep that money saved up for when I cant work as much or something
 

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Discussion Starter #59
Configuring

OMG guys! I got my email to configure my car! but I think i am going to cancel my reservation and wait untill next year, then I can get a 2011!
 
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