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Automotive News & Views Chronic Car Buyers Anonymous
15474 messages, Last post on Dec 07, 2009 at 3:50 PM
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Replying to: nippononly (Jun 14, 2009 8:45 pm) Or.. (and, this is usually what happens to me)... you can find her a beater for $800 or so.. Of course, you'll have to loan her the money.. she can pay it back at $100/mo.... (maybe a salvage yard will give her $300 for hers?). We all know how that turns out..
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Replying to: kyfdx (Jun 15, 2009 4:23 am) I thought that too until I re-read the post and realised it is a friend of nippononly's sister, not his sister. I'm not sure I'd want to lend money to a friend of my sister with bad credit. |
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Does the por lady at least have income to pay back a loan? Bad credit is one thing (and really, if divorce related, not an accurate barometor of whether she can or will pay back a loan), but not having income is obviously a problem. Saddest thing is, if she can handle about $200 a month, a lease would be perfect. Sube is still offering sign and drive (1st + tags) on an impreza for right around $209/month. As cheap as a loan, but you get fixed operating costs (gas). I know whe would never qualify, but it would be safer over the long term to put someone like her in a deal like that, then getting a 20% interest rate and paying 10K for a 4K Taurus tht eats her alive in repairs. maybe a local charity can help out with a donation?
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Replying to: stickguy (Jun 15, 2009 6:26 am) If anyone in her family had money they could lend her privately, I think that would be her best option by far, but I guess they don't, and it certainly isn't going to be me. My sister wanted to do it, and I recommended against it. I don't if she could get a lease, don't you have to have the same credit to get a lease as you do to get a loan? I have never leased, so I am not as familiar with leasing.
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Replying to: nippononly (Jun 15, 2009 6:53 am) |
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Replying to: nippononly (Jun 15, 2009 6:53 am) If you have solid income then why aren't you paying your bills? If you have poor credit due to a divorce but had no recent lates then it's a different story. However if you divorced a few years ago, and you're still late and over the limit on every credit card you have then it's not a divroce issue, but you not being able to manage your money properly, especially if you make good money. |
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Replying to: nippononly (Jun 14, 2009 12:15 am) Being abused at all those dealers for all those hours sounds like a nightmare--(duh)--but even if she manages to finance something with her credit score, no warranty, etc., she may be just digging herself in deeper. Of course the dealers don't have to be so rude about it, but some of them are like that even if you have 800 credit scores, even before they know your situation...... |
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Yeah, I know it is harder to get a lease. My point though was, in the case of poor credit histroy but OK income and current activity (the divorce hole scenerio), a lease is actually much safer than a loan on a used car (especially a well used one). At least in the sube example, you can budget exactly what you need. No surprise month with tires and a blown tranny say to derail the train. You got your $215 payment, insurance, and gas. That's it, and all very budgetable. As a bank, which scenrio is more likely to = o ntime repayments vs. a repo? Anyway, given all these factors, it sounds like her only real hope is a relative will co-sign for her. Not like giving money outright, just taking on the risk you end up with a car and payments! But, as long as the car is worth it and the payments low, not a huge risk (again, the Sube lease example). Doesn't sound like pouring the money into the Mitsu was a good idea. 4K later, you stil lhave a high mileage POC Galant worth 1K at most.
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Replying to: stickguy (Jun 15, 2009 12:19 pm) Is taking the bus actually an option? There are good reasons for public trans, if available.....
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Replying to: woodyww (Jun 16, 2009 11:34 am) So we could put her on the train or something, but she would be car-less at the other end of the line. OTOH, even if she could buy a $2000 beater from the BHPH lot, I doubt it would make it back to Texas from NorCal. No way would she qualify for the Sube lease, or ANY manufacturer's lease promo I would imagine. Latest word is her mother may try to buy a car for her, on which she would have to make the payments of course. Boy, things get complicated fast when you don't have good credit. Hers was ruined by medical bills that cropped up for the mutual child during the divorce, which are many thousands in amount and now in collections due to the ex disputing his obligation to pay them (despite the court order). |
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