This has been the most stressful week for me!! My girlfriend and I live together, and are in desperate need of a car (the one we have now is close to death!). Of course, we want an xB. We have to finance it, and she has absolutely NO credit, so she needs a co-signer
Her mom is the only option. Her mom has been very wishsy washsy about it for like a week now! We've been communicating with a dealer at Bennett Scion. We have the 2006 all picked out, and we have the payments all figured out, everything is perfect!! Her mom calls today, leaves a message on the machine and says, she "doesn't think Tiffeny (my girlfriend) should have a 2006 $16K car. Go look at the left-over 2005's." Which honestly wouldn't be a problem except for the fact that no dealer around us (Easton, PA) has any!!! I did find a 2005 that's pretty far away, but it has 13K on it and they want $17990.00 for it, which is insane!!! Her mom is also bugging about having to "order the car" and wait forever for it!! We are really hoping her mom comes thru! I know I rambled on here...sorry guys, I just needed to vent!!!

 

um tell her used ones cost more than new ones and pretty much all the 05's have been long gone for awhile.

why dont YOU get the car? or have your mom co-sign for you.

 

Boyfriens and girlfriend going in on a car together is almost guaranteed a bad move.

 

bummer. hope things get situated.

get that 2006.

 

Speaking as a dad...

If her mom is serious about helping at all then your g/f needs to talk to her about it directly, and from mom's point of view. She's probably afraid of her daughter getting stuck in a bad deal. She doesn't know enough about Scion, it seems to me.

Get mom on a computer and look up used ones. Take her to Scion.com and read about Pure Pricing. Show her the S/L thread on the WSJ article on demand for Scions. Click Here

If you were in Phoenix I'd invite you into our dealership. Being a parent myself I am pretty good at getting other parents to see that the Scion is a good buying decision.

Stick with it though. If she is really willing to help she'll probably come around.

 

Thanks guys! Her mom bought a Saturn Ion recently, and shes trying to get her to buy a Saturn Ion also.
Hopefully things will work out!!

 

I will have to agree with cierrecart its a bad idea. just my 2 cents

 

not the best idea...............i agree

 

Wow....I'm really going to play the Devil's advocate on this one. I know this is not what you want to hear, but I think her mom is right. As others have said, it is a huge mistake for a boyfriend/girlfriend to be buying a car together. At this stage of your life, you really need to keep your finances and credit histories clean and separate. Also (you won't like this either), maybe her mom is right about not getting a brand new, $16K car at this point. If your gf has no credit history at all and needs her mom to co-sign, maybe she should be looking at a 2 to 3 year car. Something reliable but less expensive. She doesn't have to own it forever. Just long enough to make the payments on time and establish some credit. Just something to think about.

 

If your g/f doesn't have a credit history, and her mom is gonna co-sign, be warned. Make sure that the payment plan does fit in your budget and research it at a bank before closing a deal with the dealership. Just becasue your g/f can get the loan co-signed doesn't mean that you are still getting a great deal. I know in some cases that people said that they have figured out the payment plan before knowing that they need a co-sign or they didn't have a credit history. In most cases, the bank will aprove the loan (Since it's classified as a Secure loan), but will charge a much higher APR. From a freind's experience, he had the payment planed figured out for a car @ $259 a month (this is w/ a promo of 2.9% APR for 60 months) before knowing that he did not have any credit history. He co-signed w/ his dad and got it approved but was shock when the bank told him that the payment is $309 a month. His APR hit a 12.9% rate if I remember correctly. Also credit score by the cosignee effects the APR. So hope that your g/f mom has a score of at least 700pts to keep the APR low.

 

Since this vehicle is 'needed' consider the purchase with the emotion removed. That is, look around for a good quality, less expensive, pre-owned vehicle.
When my daughter needed a car (which I did sign for) she found a $5,000.00 Chevy Prism. It, if I recall, was the cheapest car on the multi dealer's lots. She is still driving that car some 4 years later.
Depending on her financial situation, her next vehicle may be an xB.
Think about it. And give MOM some credit (pun intended)

 

My girlfriend and I aren't going in on the loan together, it will technically be HER car. Also, her mom has PERFECT credit. And last night her mom agreed. We did look at a 2004 xB, we might go that route.

 

I can tell you from experience, having no credit you have to put 15% in order for them to give you your Scion, which is about 3k down, your payments will be around $389/ month depending on rate, most likely 13.9%... Save your money till you get 3k then get your Xb, it's worth the wait, just like my Tc was, I waited 8 months for mine...

If you get 15% you wont need a co-signer....

Rob

 

my uncle works for a dealership not far from easton like 2 or 3 exits up 78, it begins with an M. anyway, i'll get his number for you tomorrow, and i'll let him know whats going on he might be able to help. the guy that runs the dealership is a cool guy so hopefully they can find an 05 for you.

 

the dealerships name is Dick Millham Toyota, in Allentown PA. the number is 610 249 9030. Ask for Ray Falk, let him know nefew Matt sent you to him.

 

souljah, your a stud.......


this is how fellow scion owners are supposed to act!

i for you souljah!!

good luck guys!!

 

good looking out man, souljah has the right set of mind. also, toyota has this little habbit of financing people with low or no credit. thats what they did for me, and I only put down $1500. you can always refinance in a year to lower the payments. Also this is the best time of the year to buy a new car. This week my car is 1year old and only 8100K.

 

I understand that you are not going in on the car together.
Her mother is probably afraid that her daughter might not be able to handle the payments and if she were to fall behind, (Mom) would be libel for the payments.

When my daughter was just out of college(22) she bought her first brand new car. She had gotten a good job straight out of school. She had a credit card while she was in school and had established some credit by paying her bill each month in full and on time. I was more than willing to be the co-signer for the loan, but the dealer told me that I might not have too. He told me she qualified on her own. Her interest rate was a bit higher than I would have gotten, but she was approved.
I did volunteer to be the co-signer and she accepted my offer and got the lower rate.
She no longer lives at home, is engaged to a fine young man, and never have I had to worry about her making the payments.... As you can probably tell, I am very proud of the fine young woman I raised.

 

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Awsome!

You should be proud. As a father of 3, I hope to have the same good fortune for mine as well.

 

ANy updates?!?!