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Discussion Starter · #1 ·
I may not get the car :brentil:

Looks like GMAC won't approve me for $30,000 because my credit shows that I have never had that big of a loan before (I have never needed one).

Me getting this car is hanging on my Dad co-signing. That seems easy but he owns a buisness and he is trying to decide if he wants that loan tied to him.

Anyway, this is brutal because I can more then afford the damn car... hell I could buy 4. I'm ready to walk away now and take my $5000 but I'm going to sit down and talk it out with my dad first.
 

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SlipSlider said:
I may not get the car :brentil:

Looks like GMAC won't approve me for $30,000 because my credit shows that I have never had that big of a loan before (I have never needed one).

Me getting this car is hanging on my Dad co-signing. That seems easy but he owns a buisness and he is trying to decide if he wants that loan tied to him.

Anyway, this is brutal because I can more then afford the damn car... hell I could buy 4. I'm ready to walk away now and take my $5000 but I'm going to sit down and talk it out with my dad first.
How about your mother co-sighning
 

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...really?

SlipSlider said:
I may not get the car :brentil:

Looks like GMAC won't approve me for $30,000 because my credit shows that I have never had that big of a loan before (I have never needed one).

Me getting this car is hanging on my Dad co-signing. That seems easy but he owns a buisness and he is trying to decide if he wants that loan tied to him.

Anyway, this is brutal because I can more then afford the damn car... hell I could buy 4. I'm ready to walk away now and take my $5000 but I'm going to sit down and talk it out with my dad first.
When you say you could buy 4, obviously you don't mean FOR CASH. No wonder they won't give you a loan. Learn the meaning of money and proper budgeting young person.
Still, I hope you get the car, and have plenty of fun with it. Learn the meaning of fun, too, especially while you are young. (I'm old and having fun. lol)
:cool:
 

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Even though I make around $23k a year while going to school beause I didn't have a credit history I had to co-sign with my dad. I got a $22k loan @ 9.74%.
 

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Why do you need a $30,000 loan, especially if you have $5,000 cash? If you go for a lower amount, you may get lucky.......

Keep Trying!
 

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Call every bank in town
Someone will loan you the money
 

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Lucky13 said:
Call every bank in town
Someone will loan you the money
Usually the dealership will do all the legwork for you. They want to sell you a car. If cosign works for the loan be sure that dad's name is on the registration and give him some drive time. If you otherwise pay on time should not be a problem. My wife cosigned for my daughter's Vibe, she is responsiblel for teh payment, but since whe is still in school we do help out a little as this semester which is full of school and no work.
 

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Oh no Slip!

I hope everything works out for you...after all, you have been waiting forever. I woould loan you the money...but I need it for mine! :lol:

Good luck dude!
Dylan
 

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SlipSlider said:
I may not get the car :brentil:

Looks like GMAC won't approve me for $30,000 because my credit shows that I have never had that big of a loan before (I have never needed one).

Me getting this car is hanging on my Dad co-signing. That seems easy but he owns a buisness and he is trying to decide if he wants that loan tied to him.
I am always posting "nobody cares," when folks don't want a Solstice. Well, this time I care. I hope you get your car.

If I was your Dad, I would not want to co-sign for your loan either, in case of default. Doesn't mean I would not help you.

Here is what your Dad can do if he wants to help you get your car...

If he has the money, he can loan you the money out right and you pay him back. No matter what happens, it won't hurt his credit rating.

If he can't spare 30 large, he could loan you $10,000 to use as a down payment. That would get your loan down to $20,000 where you could qualify for it, especially owing to the large down payment.

If he doesn't have any spare money but still wants to help you, he can get an unsecured loan for the $10,000 for your down payment and you can pay him back after you pay off the GMAC auto loan.

IMHO, I would do any of these things before I would co-sign for a relative. Because life is hard and weird and anything could happen, and I would not want my credit rating to be damaged by an unlucky, unforseeable incident.

JMHO. Good-luck and I really hope you get this car because you are going to love it.
 

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Adrenaline said:
Ouch! Looking at under 5% from both my bank and credit union. It is great when they both advertise that they will be other offers. Plus my bank thorws in the gap protection, credit union does not.
 

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Discussion Starter · #16 ·
Thanks for the advice guys. I'm sitting down with my dad tomorrow night. If everything goes okay I should have the car on Monday night. If things go bad then you won't hear from me ever again :) ... It sucks but oh well. It was a nice ride.
 

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To Slipslider
Where do you bank and have you had any previous credit before? Such as a credit card etc and you have the same job or type of work for a least 1 yr. Try your bank also, I have worked at Bank in Calgary for many years. IF you have had credit before and you have kept it clean, they should be able to give you a loan with the car as security. Don't quote me though.

DO NOT go around to diffrent banks and keep trying for a loan as this will lower your credit rating if you have one. Because they will all be doing a hit on your credit.

If you have no credit you will need a co-signer if your parents do not want to check with your other family members. Don't forgot grandparents because they will try almost anything for thier grand kids.

Any more questions Good Luck :)
 

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redhot said: "Don't forgot grandparents because they will try almost anything for thier grand kids."

Be careful with that one, they might expect you to visit once a month or so!

Heck, you're probably visiting once a week already, aren't you?

Such a nice kid! You deserve the loan!

.
 

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SlipSlider said:
Thanks for the advice guys. I'm sitting down with my dad tomorrow night. If everything goes okay I should have the car on Monday night. If things go bad then you won't hear from me ever again :) ... It sucks but oh well. It was a nice ride.
Hope it works out for you. :thumbs:

But if it doesn't you can be a charter member of our new club CAOS, (Canadians almost owning Solstices). ;)
 
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