Trigger Mike Posted February 9, 2022 Share Posted February 9, 2022 What interest rates are buy here car lots giving to 18 year old with no credit these days? I ask because my 18 year old daughter showed up at our house to get her things since she ran away in the middle of the night 2 weeks ago without much. We had taken her car for a while to cut off her vape supply. She came in an old Honda accord, maybe 2010 or so. She had saved 5000 from working the last two years but she took it out of our joint account. An accord still goes for 10k or more so she had to finance it. Curious about how bad she got reamed. Link to comment Share on other sites More sharing options...
watab kid Posted February 9, 2022 Share Posted February 9, 2022 most of us dont want to tell you our thoughts on that , its not a pretty contract sorry to hear of these woes , hope and pray that down the road all will heal and your family will be back in harmony Link to comment Share on other sites More sharing options...
Dr. O. R. Vet Posted February 9, 2022 Share Posted February 9, 2022 I've bought a couple of vehicles over the years--one not that long ago--from a buy-here-pay-here lot. Both times I didn't pay any interest--but the total was based on the asking price, not a nogotiated price. And the terms were not bad either. Hopefully, your daughter found one of those lots to buy from. Link to comment Share on other sites More sharing options...
Sgt. C.J. Sabre, SASS #46770 Posted February 9, 2022 Share Posted February 9, 2022 Around here it's 29.9%. Link to comment Share on other sites More sharing options...
PowderRiverCowboy Posted February 9, 2022 Share Posted February 9, 2022 Tip Have your parents put you as a authorized user on one of their Credit cards , you dont even have to use it BUT them paying reflects on your credit thus giving you positive credit. Link to comment Share on other sites More sharing options...
Pat Riot Posted February 9, 2022 Share Posted February 9, 2022 I don't mean to sound callous, but putting a problem child on your credit is not a wise move. She wants to be on her own, let her be ON HER OWN. More than likely her interest rate isn't great, but she wants to wear big girl pants let her take care of her big girl problems. Daddy's always want to help "their little girl". Sometimes they gotta learn the hard way. Link to comment Share on other sites More sharing options...
Rip Snorter Posted February 9, 2022 Share Posted February 9, 2022 Our kids built their excellent credit ratings the old fashioned way, by themselves! Link to comment Share on other sites More sharing options...
PowderRiverCowboy Posted February 9, 2022 Share Posted February 9, 2022 3 minutes ago, Pat Riot, SASS #13748 said: I don't mean to sound callous, but putting a problem child on your credit is not a wise move. She wants to be on her own, let her be ON HER OWN. More than likely her interest rate isn't great, but she wants to wear big girl pants let her take care of her big girl problems. Daddy's always want to help "their little girl". Sometimes they gotta learn the hard way. Yes and I understand that ,but I dont understand hurting them by paying 29 % interest . For me not doing anything more than normal . Not doing it for them just helping a bit Link to comment Share on other sites More sharing options...
Blackwater 53393 Posted February 9, 2022 Share Posted February 9, 2022 Thirty years ago, I had a friend who owned one of those lots. He figured just short of double what he paid for most cars as his selling price. He had a wrecker and towed cars that the purchaser failed to make two weekly payments. If he towed your car, you had a week to catch up and after that he would sell the car to someone else! His ad line was “We finance anyone! Even Jesse James!” Under that in smaller letters was, “The fastest way to get back on your feet is to miss two payments!” He was actually a little more lenient with single moms and folks he knew that kept a job, but he could be pretty tough on folks who didn’t try to do right! Link to comment Share on other sites More sharing options...
Pat Riot Posted February 9, 2022 Share Posted February 9, 2022 4 minutes ago, PowerRiverCowboy said: Yes and I understand that ,but I dont understand hurting them by paying 29 % interest . For me not doing anything more than normal . Not doing it for them just helping a bit That is your prerogative. Link to comment Share on other sites More sharing options...
Sgt. C.J. Sabre, SASS #46770 Posted February 9, 2022 Share Posted February 9, 2022 51 minutes ago, PowerRiverCowboy said: Yes and I understand that ,but I dont understand hurting them by paying 29 % interest . For me not doing anything more than normal . Not doing it for them just helping a bit Her choice. She CHOSE vaping over living in her parents house with the supplied car. She CHOSE to run off in the middle of the night, She CHOSE to get this car. Nobody forced her into the situation she finds herself in. She CHOSE it. And I'll bet dollars to dog biscuits there is a boy involved. Link to comment Share on other sites More sharing options...
PowderRiverCowboy Posted February 9, 2022 Share Posted February 9, 2022 4 minutes ago, Sgt. C.J. Sabre, SASS #46770 said: Her choice. She CHOSE vaping over living in her parents house with the supplied car. She CHOSE to run off in the middle of the night, She CHOSE to get this car. Nobody forced her into the situation she finds herself in. She CHOSE it. And I'll bet dollars to dog biscuits there is a boy involved. I agree in this case , but for those of us that have good kids Link to comment Share on other sites More sharing options...
Sgt. C.J. Sabre, SASS #46770 Posted February 9, 2022 Share Posted February 9, 2022 14 minutes ago, PowerRiverCowboy said: I agree in this case , but for those of us that have good kids Those of us that have good kids won't have them running off either. Even good kids make bad decisions. And sometimes all WE can do is give them some support. Remember, good decisions come from experience. Experience comes from bad decisions. OTOH, most of us had been in situations in our lives when a "Buy Here, Pay Here" car WAS all we could get. I have. With the help of a Good Woman, I'm not any more. Link to comment Share on other sites More sharing options...
Alpo Posted February 9, 2022 Share Posted February 9, 2022 2 hours ago, PowerRiverCowboy said: Tip Have your parents put you as a authorized user on one of their Credit cards , you dont even have to use it BUT them paying reflects on your credit thus giving you positive credit. If my paying reflects on the kid's credit, giving them a positive credit rating, would the kid not paying his bills reflect on my credit, knocking down my credit rating? Link to comment Share on other sites More sharing options...
PowderRiverCowboy Posted February 9, 2022 Share Posted February 9, 2022 12 minutes ago, Alpo said: If my paying reflects on the kid's credit, giving them a positive credit rating, would the kid not paying his bills reflect on my credit, knocking down my credit rating? No sir , this is only on a Credit Card that is in your name that has them as a authorized user , It's your card but them just a name. Unless you are listed as Co on kids bills doesnt reflect on yours . Example , My kids in High School add as user on a card they dont have to use (but can if say on trip ect) reflects good for their credit even if they never put a dime on it Link to comment Share on other sites More sharing options...
Michigan Slim Posted February 9, 2022 Share Posted February 9, 2022 3 hours ago, Rip Snorter said: Our kids built their excellent credit ratings the old fashioned way, by themselves! Aye. Mine too. #1 likes to brag but then I tell him mine. Both are in great shape though. Link to comment Share on other sites More sharing options...
Trigger Mike Posted February 10, 2022 Author Share Posted February 10, 2022 i don't plan to bail her out. I sat with her in the bank office discussing what it would take for her to get a new car and a loan in her name BEFORE she left. She didn't want to wait. These buy here lots now days put a GPS tracker on their cars so I imagine it won't be long. I also know that when she showed up to get her stuff, she had a nose ring and multiple earrings . Those all cost money she needed to save. She already had a habit of eating the prepackaged food Big lot where she works sells, an expensive way to eat. She has an addiction to monster drinks based on the empty cans I found in her room. Another high expense. Vaping isn't cheap either. When she showed up she was proud. proud she had called the cops to keep me in line (or so she thought) and proud her friends were with her and proud she got a car without me. Pride comes before a fall. She was surprised when I told her she had clothes in the screen porch but only people who live here can come in, We love you and you can come back to live anytime. I did have her listed as an authorized user on my credit card, but never gave her the card to build her credit. Upon leaving, I removed that from my card. I destroyed the card that had her name on it. My reason for asking about what interest rate they charge is to determine how much longer my wife is going to cry everyday. I told my wife today, when she comes back, the nose ring and earrings stay on the ground in the yard. Today I donated a Russian Nagant revolver to the Christian school she is supposed to be attending, I had bought one for each child to teach them gun safety, back when they were cheap. I don't set aside guns for irresponsible people. I will sell the other guns I had been saving for her. Link to comment Share on other sites More sharing options...
Maddog McCoy SASS #5672 Posted February 10, 2022 Share Posted February 10, 2022 11 minutes ago, Trigger Mike said: i don't plan to bail her out. Trigger Mike, It is a tough spot she put you in, and I wish you luck. My POV is keep the guns, as maybe she will come around at a later time and things will get better and you may wish you had kept them. My son is 20, and to my knowledge he never had a serous girlfriend and when he came back from Westlemania in 2021, he had met a girl from North Carolina there in Florida and a couple weeks ago they rented an apartment in Naperville ( Chicago area) together. I have given him some advice and I am not sure how his mom feels about all of this, but I am backing him as long as he keeps working and attending college. I have some reservations about what they are doing, but the world is a different place than when his mom and i got together. After we divorced when he started high school, he lived with her and spent time with me when we could get together and he seems to have a level head and a plan that he and his girlfriend made together. I just hope it does not crash and burn around him but only time will tell. Good luck. Maddog Link to comment Share on other sites More sharing options...
Recommended Posts
Archived
This topic is now archived and is closed to further replies.