@krislee wrote:I'm 23 and a full time student, and I'm in the market for a new car. I haven't worked in the last year so I don't have income, but my mom offered to buy me the car as a graduation present this winter. The problem is I want to buy it with my credit but with my mom paying the monthly payments. My FAKO scores all tell me my scores are in the high 700s. Does the co-signer have to have good credit as well or can she just sign to fulfill the income requirement?
Also, I want to buy an Honda Accord. The 2014 model is coming out soon and was wondering if I should buy the 2013 model as soon as the 2014 comes out by haggling the price or should I wait till the new year's clearance?
Thank you.
In your situation, I doubt you will save much as Honda`s generally dont have much issues being sold. You will probably save some by taking a `13 over a just arrived `14 through the various promos.
Since you have never bought a car you should be looking into their first time buyers/recent college grad programs... They just might finance you on yourself.
Here is a problem I see with your situation..... You "buying it", but your mom making the payments for you. In that case, she will definately have to be on the loan with you as well as a lender ( and the finance office ) will most likely view that as a straw purchase and refuse the loan.
But if she`s buying ------ Why not ask for a 2014 Mustang GT500? 
@lajntx wrote:
@krislee wrote:I'm 23 and a full time student, and I'm in the market for a new car. I haven't worked in the last year so I don't have income, but my mom offered to buy me the car as a graduation present this winter. The problem is I want to buy it with my credit but with my mom paying the monthly payments. My FAKO scores all tell me my scores are in the high 700s. Does the co-signer have to have good credit as well or can she just sign to fulfill the income requirement?
Also, I want to buy an Honda Accord. The 2014 model is coming out soon and was wondering if I should buy the 2013 model as soon as the 2014 comes out by haggling the price or should I wait till the new year's clearance?
Thank you.
In your situation, I doubt you will save much as Honda`s generally dont have much issues being sold. You will probably save some by taking a `13 over a just arrived `14 through the various promos.
Since you have never bought a car you should be looking into their first time buyers/recent college grad programs... They just might finance you on yourself.
Here is a problem I see with your situation..... You "buying it", but your mom making the payments for you. In that case, she will definately have to be on the loan with you as well as a lender ( and the finance office ) will most likely view that as a straw purchase and refuse the loan.
But if she`s buying ------ Why not ask for a 2014 Mustang GT500?
That's what I figured especially since Honda is currently doing a 0% for 60months promo. I wouldn't mind her cosigning except I have this notion in my head that the cosigner has to have better credit than the person they are cosigning for. I'm not sure if Honda will finance me on my own since I don't having any incoming income or previous documentation of income within the year.
LOL I actually looked the car up. She's paying but I would like to stay in her good grace and show her I'm grateful x) .
@lajntx wrote:I dont think you`ll have a problem either way.... Definately check on the new buyers/grad program sometimes they offer special finance rates or an extra cash rebate. As long as you both are on the loan, then you shouldnt have to worry about the loan being declined for being a straw.
Sounds good. I'm just worried that I'll be denied financing after all the haggling I've done to get the price down. 