Sigarms
Super Member
Our son is finally understanding that buying a Mercedes as his first car may not have been the greatest idea after owning it for about 3 years now LOL
Of course what he put in it on accessories along with service he will never recoup his money (2009, 94K on it when be bought it, 124k on it now) and he'll have to sell it for a loss.
Looking at something newer with less mileage, but more important, service costs down the road.
We can float him a "in house loan" and buy a car outright, but he would be responsible for the monthly payments directly to us. This will save him interest, which we more than like.
That said, he's 19 going on 20, has worked since he's 15 (only reason why we let him by the Mercedes is it was his own hard worked money that he saved for 2 years when he wanted to buy something on his own and he has to learn). Has a bank account with a credit card, and has a FICA score over 700 (not that I could really understand those scores).
Thinking about offering the option that we co sign on a car loan for him. I'm not worried about him defaulting on a 3-5 year loan as he's in the Air Force now. Thought if he got a car loan and he paid it off, it would only help his credit score. Question becomes if the interest he has to pay is worth having that loan to help his credit history?
The added advantage is if he's playing with our money or our co signing, we get to have a more level headed conversation on exactly what type of car the next one is going to be LOL
Of course what he put in it on accessories along with service he will never recoup his money (2009, 94K on it when be bought it, 124k on it now) and he'll have to sell it for a loss.
Looking at something newer with less mileage, but more important, service costs down the road.
We can float him a "in house loan" and buy a car outright, but he would be responsible for the monthly payments directly to us. This will save him interest, which we more than like.
That said, he's 19 going on 20, has worked since he's 15 (only reason why we let him by the Mercedes is it was his own hard worked money that he saved for 2 years when he wanted to buy something on his own and he has to learn). Has a bank account with a credit card, and has a FICA score over 700 (not that I could really understand those scores).
Thinking about offering the option that we co sign on a car loan for him. I'm not worried about him defaulting on a 3-5 year loan as he's in the Air Force now. Thought if he got a car loan and he paid it off, it would only help his credit score. Question becomes if the interest he has to pay is worth having that loan to help his credit history?
The added advantage is if he's playing with our money or our co signing, we get to have a more level headed conversation on exactly what type of car the next one is going to be LOL