Financing Issue

nyybaseball423

nyybaseball423

377
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Joined
Mar 6, 2009
Hey NT, I have a question that I need answered. Is it possible to finance a vehicle on a person's name and credit history but NOT have them appear as adriver and obviously not on the insurance policy or registration of that same vehicle? Thanks in advance.
 
that can be done. So basically the whip won't be in your name period?
Yeh that is possible.
 
Originally Posted by Ajwings23

that can be done. So basically the whip won't be in your name period?
Yeh that is possible.
Click to expand...


Let me apply it directly to my situation to clarify any misunderstanding. I have an X amount of money saved up for a car. I get a better deal on the car if Ifinance it than if I pay cash but I'm only 18 with no credit history whatsoever. So here's where my mom comes in. She finances the car on her name, Imake ALL the payments associated with the car including full coverage insurance ONLY TO MY NAME. What I'm asking is if it's possible for her name tonot appear anywhere on the insurance of this vehicle.
 
Originally Posted by nyybaseball423

Originally Posted by Ajwings23

that can be done. So basically the whip won't be in your name period?
Yeh that is possible.
Click to expand...


Let me apply it directly to my situation to clarify any misunderstanding. I have an X amount of money saved up for a car. I get a better deal on the car if I finance it than if I pay cash but I'm only 18 with no credit history whatsoever. So here's where my mom comes in. She finances the car on her name, I make ALL the payments associated with the car including full coverage insurance ONLY TO MY NAME. What I'm asking is if it's possible for her name to not appear anywhere on the insurance of this vehicle.
Click to expand...
Wouldnt you also be better off putting the insurance in her name since she is older in age and therefore would have a lower insurance to pay?
 
Yeah you can do that. Like been said up there you might wanna stay on moms insurance.
It's going to cost you a grip if you have it in your name.
But if you really wanna do that then yeh you can have the insurance with her name not appearing on it. Now you just mentioned you are 18yrs! Hopefullyinsurance companies won't hassle you. Shop around and see what deals you can get.
 
I was sure whoever name is on the car it has to be insured in their name also. learn something new everyday.
 
Yeah that can be done but make sure you know what your getting yourself into. Usually when a dealer give you a better price when you finance means they wantto make more money off you in the long run. I see it happen all the time. Ill show you the numbers.

Lets just say the car cost $17,000 cash BUT only $15,000 if you finance. Great deal, right?

$17,000 + Tax, Title, & Registration = $18,680 (NYC)

$15,000 (financed) + Tax, Title, & Registration financed over 60/mos @ 10% interest = $350.19/mo = $21,011.40
sick.gif


Thats an extra $2,331,40 before the bank throws on any rape fees. Not so great of a deal after all
ohwell.gif

If you can buy it out cash, just buy it. Dont hassle with all the problems with financing if you dont have to.
 
That last post was to AJWINGS but HOLLAKID, I know. But the dealer is giving me an interest free month to pay off the financing and even if I don't pay itoff within that month, he told me there is no pre payment penalty if I decide to pay it off early.
 
Just remember, the dealer will NEVER take a loss. Read over all that paper work before mom dukes signs on the dotted line
 
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