well coming home from work tonight when pulling up the street i see a black fusion behind my moms fusion. i walk in the house and ask whos car is tht? well my brother came down the hallway and says its his ( hes 15 bout to be 16 on christmas day). i asked how he paid for it at he said he financed it..... but my parents "co-signed" i went and looked at the paperwork and only thier name is on it.... i dont know why they did it, dad and i lost our jobs 2 months ago and hes still working his part time job at night. i got me a job at a dealer.
They Paid $4,700 for it + a $1,500 2 yr 24K aftermarket warranty on it. car loan is for 42 months at i think 5% intrest ( $167 a month ) I with i would have gone and at least looked at it when they bought it. we bought my moms 2010 fusion here and i took my friend there twice to buy her fusion and cobalt. each time i talked then down 3-500 on price for the things the car needs. i looked it over a lil tonight and test drove it it drives real good and shifts great. it does however have a bad valve cover gasket, atf is black, gonna need Rear brakes soon, and has a lound clunk going over bumps ( which i hope is not ball joints, i do not want to do them again in the driveway ) he has a job and all i got to say is he better be able to pay for this.
little brother "bought" him a 2008 fusion
- Thread starter gabriel9766
- Start date
- Status
sounds like a bad situation..on the other hand the first gen fusion is a great car..
Originally Posted By: justintendo
sounds like a bad situation..on the other hand the first gen fusion is a great car..
Last edited:
Better see if that warranty covers whatever issues it currently has...otherwise id get rid of the warranty. Personally id never buy a warranty on a car. Get it inspected by a 3rd party and the 100$ or so will give you a better idea on whether to pull the trigger or not.
Nick1994
$100 site donor 2023
Aftermarket warranty, if it needs balljoints sounds like it’s covered. Valve cover gasket will also be covered.
Look at the paperwork and see if you can get a refund for the warranty. Aftermarket auto warranties are 99% junk. They usually try to weasel out in coverage and when they do cover something its only partial due to deprecation or takes them weeks to approve.
+3 on weaseling out of the warranty. I agree, take it in tomorrow for the clunking/ ball joints. If they don't fix it demand your money back then and there. There's a "warranty of merchantibility" for warranties as well as any other product-- if they don't work, cash back.
Originally Posted By: miden851
Omg; So it is $7k over the lifetime of the loan; who needs a car loan for something of that age; instead, they should buy him a $2k car in cash and let him learn how to drive
Cosigning on a car loan for a kid sounds like a bad idea to me but their are a bunch of people on bitog(like CKN and Gebo) who will think this is a great idea.
I mean imagine how much this will help his and their credit scores.
Basically your parents and brother just won the lottery, it's actually that great.
This car loan will catapult them to financial success!
Gabriel if they don't make or can't make payments why would you bail them out? That means you basically cosigned for it.
Last edited:
Did they buy the car from a buy here-pay here lot or an outfit like CarHop or DriveTime? If so, that warranty(as well as GAP insurance) was packed into the car's bill of sale along with a GPS tracking/starter kill to make sure you pay your car note on time or you won't be going anywhere.
If I were you, find out ASAP if you can return that car. No reason to put financial responsibility on your parents. If not, see if you can pay the car off without early payment penalty and give the Taurus to your brother. That Fusion does need work, and if he's irresponsible, well we all know how that goes.
http://www.motherjones.com/politics/2016...tance-don-foss/
Nick1994
$100 site donor 2023
I don’t see how a 15 year old can have a financially stable enough job to have a car payment.
Teaching jr to set themselves up for financial failure and if you can’t afford things in life fianace. 42 months finance on a 10 year old car is just setup for fail.
Is it possible to get rid of that $2400 warranty that is likely so hard to collect on it be an exercise in frustration.
Originally Posted By: MCompact
Yet another reminder of why I'm so thankful that I was an only child- and that my son is one as well.
Having to deal with aging parents is stressful enough without stirring a sibling or two into the mix...
Originally Posted By: madRiver
Originally Posted By: MCompact
Yet another reminder of why I'm so thankful that I was an only child- and that my son is one as well.
Having to deal with aging parents is stressful enough without stirring a sibling or two into the mix...
Originally Posted By: Brybo86
Cosigning on a car loan for a kid sounds like a bad idea to me but their are a bunch of people on bitog(like CKN and Gebo) who will think this is a great idea.
I mean imagine how much this will help his and their credit scores.
Basically your parents and brother just won the lottery, it's actually that great.
This car loan will catapult them to financial success!
Gabriel if they don't make or can't make payments why would you bail them out? That means you basically cosigned for it.
Originally Posted By: Jimzz
Look at the paperwork and see if you can get a refund for the warranty. Aftermarket auto warranties are 99% junk. They usually try to weasel out in coverage and when they do cover something its only partial due to deprecation or takes them weeks to approve.
Last edited:
It's tough to comment just due to what is going on....but I'm pretty sure the warranty is a joke (though I hope not)
I'm not going to judge your brother either, as he might be very good with money, and using it to build his credit for college. I have a niece who took a a small loan out on a used car as a senior in high school-and she did just fine-made every payment without issue. Parents are picking up a piece of her college bill so she can take care of the car and put money in the bank if she needs it. She's actually ahead in paymenys, looks like it is going to be paid off a year early.
Bedides, he can learn something fixing his car, starting with the easy stuff...
Originally Posted By: Nick1994
Aftermarket warranty, if it needs balljoints sounds like it’s covered. Valve cover gasket will also be covered.
- Status
