My mom wants to sell me her car

My mom wants to sell me her car but she still has 5,000 left to pay off. How does process goes? Do I stay with the same bank she is paying her loan off? Thank you

You either get a loan through that same bank or get a loan from a new one. Either way, if you're going to buy it outright YOU have to get the loan in your name to do so. Now if you're just taking over her payments and she wants your name on the car, you can have her add you to the title of the car and simply pay her each month. It's really up to you two how you want to do it.

What car?

You either get a loan through that same bank or get a loan from a new one. Either way, if you're going to buy it outright YOU have to get the loan in your name to do so. Now if you're just taking over her payments and she wants your name on the car, you can have her add you to the title of the car and simply pay her each month. It's really up to you two how you want to do it.

 

 

If she adds my name to her title would her payments go up? Since my credit isn't that good.. I'm guessing we would both have to go to motor vehicle to do this

Okay... is this your first car/car loan/DMV experience? Just want to know because you seem to be new to the owning a car/buying a car/what credit is/how loans work sort of thing. Adding your name to the title has nothing to do with credit. You're not adding yourself onto the loan, you're adding your name as an owner of the car.

Ok... Where should we start with this?

 

I get the impression that you would need a cosigner for a loan. If your mom has good credit, thinks your trustworthy, and wants to help you this is a really simple process.

 

Go to a bank with your mom and have her sign a cosign on an auto loan. An auto loan means the bank is letting you borrow money to buy this car, and in order to protect their investment they get to keep ownership of the car until its payed off. They also make you get full coverage insurance just in case you crash their car they know it will be fixed. If you don't pay they can (and will) take the car back. Auto loans are typically for amounts over $10,000 and depending on your credit can have very low interest rates and/or very long terms. The interest rate would be much lower than a personal loan, but the bank keeps the title and requires full coverage insurance. They also may not give you a loan depending on which vehicle you plan on buying. Depending on your driving record and which car you want to buy a personal loan could be the best way to go. The auto loan will pay off the other loan and give your mom whatever the difference is on the price of the car.

 

You could also take your mom to a bank and have her cosign on a personal loan. A personal loan means the bank is letting you borrow money for whatever you see fit. They don't ask for collateral and have literally no stake in whatever you spend the money on. They bank cannot repossess the car if you don't pay, which is why these loans are typically for less money and shorter terms and with higher interest than auto loans. You can also get whatever insurance you want. However, banks are usually less likely to budge during negotiations on personal loans, and are more likely to refuse you a loan altogether if they feel uncomfortable. This is because they have no collateral. If you don't pay, all they can do is attack your credit. With an auto loan they can just take the car back. You can also factor in the cost of insurance (Especially the down payment if you're a new driver with your own policy) and sales tax with a personal loan, effectively financing it all in one little bundle. While this can help a lot, remember that the less you finance the lower your payments. Pay whatever you reasonably can out of pocket up front. If you can't put money down when buying a car, then you shouldn't be buying a car.

 

In the end this is an entirely circumstantial discussion. You need to do whatever's right for you, even if that means you don't wind up getting this car. If you can't afford the car, don't buy it. It will hurt your credit for years and years, and ruin any chances of getting any reasonably priced financing in the future save for a few "CASH 4 TITLE" scam huts. If you're not in the USA this entire conversation is probably pointless. Like I said, completely circumstantial.

 

Also, you MUST factor in the price of car insurance whenever financing a car. Just because you can afford a $280/mo car payment doesn't mean you can afford full coverage insurance with a bad driving record for another $200/mo. You don't need any surprises when you go to put insurance on this thing. If you're getting your own policy there is a high likelihood that you will need to pre-pay 3 or 4 months of insurance. Depending on your driving history, the car you're buying, where you live, and how much insurance you plan on getting this could be anywhere from under-$100 to $800+. Be prepared. If your mom adds you to her insurance she'll have to pay a higher premium but you avoid the down payment. You'll also save money over what you would pay if you had your own policy. Just don't crash, speed, or forget to make your car payment. Your mom will likely turn you dead.

you mom wants you to buy it or have you been bugging the shit out of her for it since your 16th birthday is coming up? also why do you want to make her exhaust louder?

It appears by his posts he owns a 2.5 NA but wants to buy his mom's car. No idea what kind of car it is but he'll most likely want to make it louder too.

Pics of mom?

 

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Next time around he'll only owe 2500!

 

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http://legacygt.com/forums/showthread.php?t=177472

 

At the rate you're going, just wait another 6 months and she'll have it paid off.

 

Edit: I'm slower than thefultonhow

Maybe If he waits a year, she will trade it in for a spec.b

i think op's mom is the one who owns the 09 2.5i special edition.

 

in all honestly, the car should have a tradin value of around 15k or higher depending on the options, so if op's mom is letting him take over payments she is really just giving him the car.

 

all this is silly anyway, if op's mom wanted to sell him the car, and there was an already agreed on price im sure she isnt a moron and would have a vague idea on a. how to sell the.car or b. who to talk to to sell the.car.

 

also the lights turn on when you open to door to alert your mom to the fact you are trying to sneak out again. i pm'd her and told her how to do that shit. enjoy.

"the.car" a new way to type "the car"?

I had some serious deja vu when I saw this thread. Then I figured out why...

 

http://legacygt.com/forums/showthread.php/my-mom-wants-sell-me-car-177472.html?t=177472

 

 

its from the title of op's previous thread about buying his moms car.

we can help him more if he post pics of mom.

Updates?