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I think the son played a joke on his mother. She is probably too embarrassed to come back in and post after realizing how "off" the whole thing was. She may have posted a "rant" before really thinking it over. I have a son, in such a scenario, I would probably get brainfreeze.
Your son sounds like an idiot. Unfortunately, idiots have to learn the hard way.
(I truly mean no offense when I call your son an idiot. I can assure you that my teenage brother is also an idiot. It's part of being a teenage boy, or perhaps just a teenager in general.)
I remember my teacher in high school. He told us the meaning of Sophomore.
I think the son played a joke on his mother. She is probably too embarrassed to come back in and post after realizing how "off" the whole thing was. She may have posted a "rant" before really thinking it over. I have a son, in such a scenario, I would probably get brainfreeze.
In other words, the new car wasn't really his, but just borrowed for a joke? And everyone on this thread fell for it? What do you think we are, morons or something?
what is a good job to you? I thought it was the American standard for "Good job" is a 100k/year salary.
if you were making 100k/year at 18, how?! what did you do? .
Quote:
Originally Posted by griffon652
I doubt he meant that he was earning $100K when he said he had a good job at 18. A good job can mean making $40K/year. $40K is more then what 67% of Americans made in 2014. So if he made the equivalent of that when he was 18 that would be a great job for a 18 year old.
I consider anything above $60K a "good job." That level of income puts you at the 80th percentile of Americans.
Exactly. A "good job" means different things to different people, and at different ages. According to stella, I don't have a " good job."
This is very suspect. Who would finance a car for an 18 yr old with no job, no co-signer and no proof of insurance? I don't care if the interest rate was 50%.
It happens. I once went to a Sunday open house of a remodeled Victorian for sale on the Jersey Shore. As I left, I was accosted on the front porch by a person who introduced himself as a "loan officer." He pressed his business card into my hand and said, "I'd like to help you get into this house." I looked at him like he was crazy. I said, "This house costs three-quarters of a million dollars and I make $50,000 a year." He looked me straight in the eye and said, "That's no problem, I can make it happen."
I laughed and said, "Yeah, I bet you and couple of other people from New Jersey could." This was a year or so before the real estate crash. I've often wondered if the person who bought that house lost it to foreclosure.
Why does he need a car in college? Universities are designed to be walkable. No one "needs" a car in college, if it's a residential school, not a commuter college. Most students in college can't afford a car, and do just fine.
He's going to freak out so badly when the car gets repossessed that he won't be able to study. His first semester will be a washout. Who's paying for his schooling? Will he be living at home or in a dorm?
Oh...the OP hasn't come back since the first post. Oh well.
Last edited by Ruth4Truth; 08-20-2016 at 12:07 AM..
Allowing him to solve and learn from his own problem is a given. Somebody is obviously going to want the car back when he doesn't pay for it. There is no point in you trying to "own" the problem, unless part of the reason he did it is because you are a "rescuer" who enables his irresponsibility. (In that case, you may also learn a valuable lesson). What may indirectly affect you is his inability to qualify for student loans to complete his education (if that is the plan).
Whomever sold him the car, with no job, assets or way of paying for it, is likely a predatory company/lender with a record of this type action. You might find some possible recourse through the state ... for when your son approaches you about 'getting out of his financial mess.'
Meanwhile, congratulate him on his selection of vehicles and question how he plans to come-up with $1000 per month to make HIS payments and pay for HIS insurance.
Why does he need a car in college? Universities are designed to be walkable. No one "needs" a car in college, if it's a residential school, not a commuter college. Most students in college can't afford a car, and do just fine.
He's going to freak out so badly when the car gets repossessed that he won't be able to study. His first semester will be a washout. Who's paying for his schooling? Will he be living at home or in a dorm?
Oh...the OP hasn't come back since the first post. Oh well.
No one needs to go to college either. College is more of a luxury then a car is because you need a car to live. Plenty of jobs out there that don't require a college degree.
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