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I agree that something doesn't quite add up here - the story is either incomplete, totally hypothetical, or perhaps the OP was himself fooled by his child.
What is the proof that this vehicle actually was 'purchased' by the son? Could the kid have 'borrowed' the car from a friend just to toy with his father?
When it comes to being possibly incomplete, I notice the OP didn't talk at all about what support he is providing the son for college. How can this boy even go to college if he has no job and no money, if his parents were not paying for that. Easy solution there, if the story is in fact true - tell the son that all support is now cut off. The kid may have figured he could pay for the car with money his father was going to send him for tuition/housing/books and extra expenses, etc. And if that is continued, he might get away with it for a while before he defaults. If that is cut off, the kid may decide to try to figure out how he can get rid of the car himself.
I guess there is also the possibility that the kid is dealing drugs or doing something else under the table. Even kids from good homes who are not poor and who maintain good marks can and do do that sort of thing it seems. No one is immune these days, even in the best of families.
OP has not been back to offer further details or comment as far as I can see. That does lead me to wonder if the story is even real, no matter how evil (and yes, they are) the car lenders may be. Credit default swaps are real as most of us know - and if they have happened in the housing industry, I have no doubt they could and probably are being done in the lending/car dealer industries too. Decency and ethics seem to have gone out the window in too many cases in today's world.
The OP started this thread and no others. It was his only message on these forums. It seems likely he's actually the 18-year-old, but not actually having bought the car, but just fantasizing about it, and using this forum to get feedback on his fantasy.
Kid does not have a job, , no credit score, no down payment, no insurance and no co- signor.
When I was 23 (and a jobless student), my car got totaled by an idiot on his cell phone.
My parents were working overseas at the time. I was still on their car insurance.
I was able to purchase a new car.
I paid cash, but the dealer had no way of knowing how I was gonna pay for it till the end of the transaction.
Ironically, it was a Mustang.
The OP started this thread and no others. It was his only message on these forums. It seems likely he's actually the 18-year-old, but not actually having bought the car, but just fantasizing about it, and using this forum to get feedback on his fantasy.
When I was 23 (and a jobless student), my car got totaled by an idiot on his cell phone.
My parents were working overseas at the time. I was still on their car insurance.
I was able to purchase a new car.
I paid cash, but the dealer had no way of knowing how I was gonna pay for it till the end of the transaction.
Ironically, it was a Mustang.
Presumably you would not have been able to drive off the lot until payment was made or secured. In your case, you had cash, insurance money? That doesn't pertain to the situation here, if indeed there is one.
Long time lurker - first post. My blood pressure is just a wee bit high now.
My son, who just turned 18 and has NO job, NO money, NO savings, and NO credit history just pulled into the driveway with a new Ford Mustang! Well it's not 'brand new' it's a leftover from last year 2015.
I kept telling myself this must be a joke. No bank would give him a loan. Well, an "investment firm" out of Los Angeles did. His APR on the loan... 29.99%
Oh, and he bought the $3,000 extended warranty. And paid a $500 dealer doc fee.
...
The payment is $650/month. And we live in northern NJ and the insurance is around $350/month.
Are there any avenues I can take to get rid of this car (even though he refuses) quickly? I'm afraid this is going to end in a loan default and his credit report will be destroyed.
Well, it's obviously a financial death spiral. The entire high interest vehicle loan business model is based on repossession anyway. That's why they loan money to terrible risks; because they will eventually get the asset back after a huge amount of money has been paid in interest.
Obviously you have no options unless you have your name on the title. The only thing you CAN do is buy the car from him. Then you would have numerous options to get rid of it, or loan him the money yourself at a more reasonable rate.
As far as the parenting part, I'm not even going to touch that.
Long time lurker - first post. My blood pressure is just a wee bit high now.
My son, who just turned 18 and has NO job, NO money, NO savings, and NO credit history just pulled into the driveway with a new Ford Mustang! Well it's not 'brand new' it's a leftover from last year 2015.
I kept telling myself this must be a joke. No bank would give him a loan. Well, an "investment firm" out of Los Angeles did. His APR on the loan... 29.99%
Oh, and he bought the $3,000 extended warranty. And paid a $500 dealer doc fee.
The payment is $650/month. And we live in northern NJ and the insurance is around $350/month.
He has NO JOB and NO MONEY and NO INCOME. Zero, nadda, zilch.
After the screaming stopped I told him he must sell the car back to the dealer at a bit of a loss, sell it privately, or mail the keys back to the bank (loan shark). Of course it was "no" from him. he then goes on about how he has applied for jobs and will surely get hired. He starts college in 2 weeks and he "needs a car". While he has always been a good student and never been in trouble, he has always been terrible with handling money. For every $1 he gets, he spends $1.50.
I'm sure I'm not the first parent to go through this. Since he is 18 now he is an adult per the law and the contract was in his name. So it's his problem. But as a parent I still want to make sure he is ok.
Are there any avenues I can take to get rid of this car (even though he refuses) quickly? I'm afraid this is going to end in a loan default and his credit report will be destroyed.
Kids a GENIUS! Relax; it's obvious that pres hillary has already hired him for the next Fed Res Chairman!
Last edited by oldoak2000; 08-17-2016 at 12:47 PM..
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