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I'm 75. My grandson is 19 and trying to establish his credit. He would like to buy a 2017 Ford for about $17,000 but needs a co-signer. Should I take the risk?
Age 19 and wants to buy a car? He should be getting the cheapest set of wheels that he can afford himself.
Age 19 and wants to establish a credit rating? This is not the only or best way to go. See Barb Brooklyn’s suggestion.
Age 19 and wants you to co-sign for a loan? Dangerous idea, particularly if you aren’t sure about the insurance, or whether he (or any young driver, particularly male) will incur fines or damages claims.
The way to establish credit is 1. Have a job, 2. Get a credit card with a small limit 3. Pay it off every month.
My first credit card was with Sears. They sent an application to everyone in my university, so everyone I knew applied for it, got it (with a $200 credit limit), and went out and bought something, then paid it off. No one actually had a desire to shop at Sears, but we did it anyway.
My kids' first credit card was a student Discover Card. They were all approved, even without jobs, so I recommend he tries that route first.
He also needs to look at cars that cost a LOT less. Sorry, but you don't get to have your dream car at 19.
Now, if you want to loan him the money for a (much less expensive) car so he can get a job, establish credit by getting a credit card, and eventually buy the car he'd like himself, that might be an option. However, do not ever loan money with the expectation that you'll see it again, and unless you can afford to buy him a $17,000 car (plus interest), expect that outcome as well if you do decide to sign for him. That should be your very last option, however.
At age 18, I purchased a $16,000 truck for my nephew's "college graduation present". I registered it in my name, paid for the insurance and most of the maintenance. The deal was as long as he stayed in school and made good grades the truck was his to drive and when he got a degree I would sign the title over. There were a couple of times we came close to ending the deal (if you get one more speeding ticket we're going to have to park the truck because I'm not going to be able to afford the insurance). But 4 1/2 years later I did get to sign the title over.
I preferred this way over co signing because I maintained more control. We established his credit with a cell phone and utilities on his college apartment.
A good way of establishing credit would be a secured credit card with a reputable bank. Make the payments on time & the bank reports to the credit bureau.
As one who has co-signed for cars, this is the quickest way to establish credit. My one daughter, who was about 19 or 20 with a job, we set a limit of 10k and this was the mid 90s. She got credit for the payments. I was not working. 2nd daughter, we bought her first car to go back and forth to school. It was totaled sitting in front of our house by a drunk neighbor. She had a good downpayment but needed a co-signer so we did it. I was working and so was she. She lived with us at the time so paid off the car in a year and got credit for it. Then comes my grandson who has worked since age 19 but no credit. Needs a car and just started a new job. (The one who was operated on for epilepsy. Out of work and no unemployment or disability coming in) He figured out what "he could afford" and we co-signed. He paid the car off in a year. He now has a decent credit rating.
The main thing here is "what can HE afford". A car costing 17k at a 2.25% loan is $300 a month for 5 yrs. Believe me, someone with no credit will pay a much higher interest rate. I think my gson paid 5 something % and that was based on me being a co-signer. One finance company wanted a LOT more in interest. If he cannot afford the payment, he should not be buying a 17k car, thats what it comes down to. At 19, he only needs a car to get from A to B. My grandson bought a 2010 VW, one time owner. Gets him where he is going for now. Saving for a good down payment on another car that he will need no co-signer for.
So, co-signing depends on if he has the money coming in to make the payment. Also, can your afford the payment if he cannot continue payments? Your credit will be effected if he misses one payment or even late on a payment. As a retired grandmother, I personally would not co-sign for a $17,000 car for a 19 yr old. If you can afford to do it then do it but make it clear this is his responsibility and that payments need to be made on time. That it will effect your credit standing if he defaults on the loan. Also be aware, if the car gets repossessed and it sold for less than the loan balance, you or him will be responsible for the difference. So, if he owes 12k and the car sells for 8k, you or him are responsible to the finance company for the difference of 4k and now your credit is s _ _t.
I've raised 3 sons who each had varying degrees of money-smarts.
First, I will acknowledge that the market for used cars right now is a seller's market. Prices are way higher than normal for used ones.
Second, does this 19-yr old have a full-time job? Will he only be working the summer and going back to school in the fall? The vehicle seems like something that's probably not really in his budget. Good used cars are Lexus sedans because they are very low maintenance, very reliable. We bought a used 1998 Lexus 300SE for my son to commute to college in 2011. Had 175K miles on it. Bought it for $3800. We recently resold it last winter with 300,000+ miles on it (and a pretty shabby body) but it still ran reliably: $750 and we had many many calls on it.
If he can't pay cash for the car, I think he can't really afford it. Gas is pretty high, insurance will be quite high for someone his age. And there will be some maintenance. All of this is his responsibility.
A newish driver like him should have something that's safe but "disposable" -- my eldest son totaled 3 cars before the age of 20. My middle son drove like a grandpa (sorry) and my youngest son inherited the Lexus and was glad to have a beater because the University dorm was in a very bad neighborhood with car theft and catalytic converter theft, etc.
Does your grandson pay for his own phone bill? I'd start to build credit with that. He can apply for a very low limit credit card, like $500 is probably the lowest. He needs to work his way up to a better car, but needs to earn it himself and then he'll appreciate it more and take better care of it. No reason to start at the top. He'll get over it when you say no.
By proceeding, I agree that I understand the following disclosures:
I. How We Work in Washington.
Based on your preferences, we provide you with information about one or more of our contracted senior living providers ("Participating Communities") and provide your Senior Living Care Information to Participating Communities. The Participating Communities may contact you directly regarding their services.
APFM does not endorse or recommend any provider. It is your sole responsibility to select the appropriate care for yourself or your loved one. We work with both you and the Participating Communities in your search. We do not permit our Advisors to have an ownership interest in Participating Communities.
II. How We Are Paid.
We do not charge you any fee – we are paid by the Participating Communities. Some Participating Communities pay us a percentage of the first month's standard rate for the rent and care services you select. We invoice these fees after the senior moves in.
III. When We Tour.
APFM tours certain Participating Communities in Washington (typically more in metropolitan areas than in rural areas.) During the 12 month period prior to December 31, 2017, we toured 86.2% of Participating Communities with capacity for 20 or more residents.
IV. No Obligation or Commitment.
You have no obligation to use or to continue to use our services. Because you pay no fee to us, you will never need to ask for a refund.
V. Complaints.
Please contact our Family Feedback Line at (866) 584-7340 or ConsumerFeedback@aplaceformom.com to report any complaint. Consumers have many avenues to address a dispute with any referral service company, including the right to file a complaint with the Attorney General's office at: Consumer Protection Division, 800 5th Avenue, Ste. 2000, Seattle, 98104 or 800-551-4636.
VI. No Waiver of Your Rights.
APFM does not (and may not) require or even ask consumers seeking senior housing or care services in Washington State to sign waivers of liability for losses of personal property or injury or to sign waivers of any rights established under law.
I agree that:
A.
I authorize A Place For Mom ("APFM") to collect certain personal and contact detail information, as well as relevant health care information about me or from me about the senior family member or relative I am assisting ("Senior Living Care Information").
B.
APFM may provide information to me electronically. My electronic signature on agreements and documents has the same effect as if I signed them in ink.
C.
APFM may send all communications to me electronically via e-mail or by access to an APFM web site.
D.
If I want a paper copy, I can print a copy of the Disclosures or download the Disclosures for my records.
E.
This E-Sign Acknowledgement and Authorization applies to these Disclosures and all future Disclosures related to APFM's services, unless I revoke my authorization. You may revoke this authorization in writing at any time (except where we have already disclosed information before receiving your revocation.) This authorization will expire after one year.
F.
You consent to APFM's reaching out to you using a phone system than can auto-dial numbers (we miss rotary phones, too!), but this consent is not required to use our service.
You establish credit by taking out a small personal loan at the local credit union and pay it back with your earnings.
You would be depriving him the opportunity to learn to provide for his own needs.
Age 19 and wants to establish a credit rating? This is not the only or best way to go. See Barb Brooklyn’s suggestion.
Age 19 and wants you to co-sign for a loan? Dangerous idea, particularly if you aren’t sure about the insurance, or whether he (or any young driver, particularly male) will incur fines or damages claims.
The way to establish credit is 1. Have a job, 2. Get a credit card with a small limit 3. Pay it off every month.
My first credit card was with Sears. They sent an application to everyone in my university, so everyone I knew applied for it, got it (with a $200 credit limit), and went out and bought something, then paid it off. No one actually had a desire to shop at Sears, but we did it anyway.
My kids' first credit card was a student Discover Card. They were all approved, even without jobs, so I recommend he tries that route first.
He also needs to look at cars that cost a LOT less. Sorry, but you don't get to have your dream car at 19.
Now, if you want to loan him the money for a (much less expensive) car so he can get a job, establish credit by getting a credit card, and eventually buy the car he'd like himself, that might be an option. However, do not ever loan money with the expectation that you'll see it again, and unless you can afford to buy him a $17,000 car (plus interest), expect that outcome as well if you do decide to sign for him. That should be your very last option, however.
I preferred this way over co signing because I maintained more control. We established his credit with a cell phone and utilities on his college apartment.
How about buying a less expensive car?
yes, starting with that
The main thing here is "what can HE afford". A car costing 17k at a 2.25% loan is $300 a month for 5 yrs. Believe me, someone with no credit will pay a much higher interest rate. I think my gson paid 5 something % and that was based on me being a co-signer. One finance company wanted a LOT more in interest. If he cannot afford the payment, he should not be buying a 17k car, thats what it comes down to. At 19, he only needs a car to get from A to B. My grandson bought a 2010 VW, one time owner. Gets him where he is going for now. Saving for a good down payment on another car that he will need no co-signer for.
So, co-signing depends on if he has the money coming in to make the payment. Also, can your afford the payment if he cannot continue payments? Your credit will be effected if he misses one payment or even late on a payment. As a retired grandmother, I personally would not co-sign for a $17,000 car for a 19 yr old. If you can afford to do it then do it but make it clear this is his responsibility and that payments need to be made on time. That it will effect your credit standing if he defaults on the loan. Also be aware, if the car gets repossessed and it sold for less than the loan balance, you or him will be responsible for the difference. So, if he owes 12k and the car sells for 8k, you or him are responsible to the finance company for the difference of 4k and now your credit is s _ _t.
I've raised 3 sons who each had varying degrees of money-smarts.
First, I will acknowledge that the market for used cars right now is a seller's market. Prices are way higher than normal for used ones.
Second, does this 19-yr old have a full-time job? Will he only be working the summer and going back to school in the fall? The vehicle seems like something that's probably not really in his budget. Good used cars are Lexus sedans because they are very low maintenance, very reliable. We bought a used 1998 Lexus 300SE for my son to commute to college in 2011. Had 175K miles on it. Bought it for $3800. We recently resold it last winter with 300,000+ miles on it (and a pretty shabby body) but it still ran reliably: $750 and we had many many calls on it.
If he can't pay cash for the car, I think he can't really afford it. Gas is pretty high, insurance will be quite high for someone his age. And there will be some maintenance. All of this is his responsibility.
A newish driver like him should have something that's safe but "disposable" -- my eldest son totaled 3 cars before the age of 20. My middle son drove like a grandpa (sorry) and my youngest son inherited the Lexus and was glad to have a beater because the University dorm was in a very bad neighborhood with car theft and catalytic converter theft, etc.
Does your grandson pay for his own phone bill? I'd start to build credit with that. He can apply for a very low limit credit card, like $500 is probably the lowest. He needs to work his way up to a better car, but needs to earn it himself and then he'll appreciate it more and take better care of it. No reason to start at the top. He'll get over it when you say no.