How to do months payments on a car?
Am 16 and i work and get about $700-$900 a month and i wanted to buy a 2015 Dodge Ram and do payments on it. And my dad will put his name on the truck but i pay the payments and he's already doing payments for his 2013 ford. I just wanted to ask what happens if i got fired from my job and couldn't buy the payments anymore? Can i turn the truck back in? Or does it mess up my dad's credit? Please tell me what happens. And by the way am thinking to put $1000-$3000 down payment.
If you don't pay the truck they will charge your dad they will remove money from the house if he has one or remove from his ford truck so he will pay more long term for the truck… Or the car will get pick up by a tow truck and your dad will get bad credit for his life… And with $900/mo the dealer won't let you get the car that's to low income even its under your dads name
If you loose the job, and dad is a co-signer, … He makes the payments
16 year old with a " NEW " truck? Sounds like a BIG DREAM
Your poor dad will loose everything.
You ruin your dads credit if you turn the truck back in.
This is a big obligation and it would hurt your dad for 7 years if you stopped paying.
Between your payment, insurance & gas you won't have much left.
You need to look at a much lower priced car.
They chase your dad for the money if the finance is in his name (As they will not accept you for the finance (Legally you can't sign a contract until you are 18.
Andy C
NO 16 year old needs a 2015 car. Have Dad buy a beater for you to use, the insurance will be MUCH less… And YOU will be less likely to do something really stupid.
Here's a quick lesson in adult responsibility. When you are on the hook for a loan, you owe the payments every month, no matter what. Lose your job? You still owe the payment, and you can't return the car. That is called a repossession, and then you have no car but you still have to repay the loan. A car loan requires a documented history of paying bills on time and a steady source of income. Loans are not something to be entered into lightly because failure to honor your agreement carries serious consequences.
A 16 year old kid with a low-paying job doesn't need a 2015 truck. If I was your dad I wouldn't so it. The risk is that he will end up having to make the payments, or have his credit ruined -- and still owe the loan payoff.
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