How to convince my father to co-sign with me to get this car?

"RotaryLover" (rotarylover)
02/06/2014 at 23:13 • Filed to: Tips?

I felt in love with it. I have a steady job for almost 3 yrs now and I earn way more than enough money to pay it weekly and I can still save about 900$ per month. The issue is my credit. It's getting payed properly with no issues but I have a red mark in my file since 2010 because of a 500$ card that I didn't pay from 2007 to 2009 (young student with no job and a car to fix = this). The only way I can get the car, is if I co-sign it with someone with good credit. My father would be the one but he's a tough guy to convince. The only point that could play in my favor from my perspective, is the fact that the car is newer and flashier than my current Miata. He loves to brag about the nice things we buy to the neighborhood, friends and familly. Any tips guys?

DISCUSSION (33)

Satoshi "Zipang" Katsura > RotaryLover
02/06/2014 at 23:19

Kinja'd!!!

Is the dealership owned by Ryan Drummond?

Kinja'd!!!

But in all seriousness, you'd have to come up with a strong reason as to why. Outside of us Oppo denizens, the Miata may not be the answer in the case with your Pop.

Desu-San-Desu > RotaryLover
02/06/2014 at 23:19

Are you trading your current one in?

MR2_FTW - Group J's resident Stig > RotaryLover
02/06/2014 at 23:24

MSM's are cool, but the 17" wheels and 6-speed really are a detriment to the car. They handle much better on 15" or 16" wheels. But that transmission is simply garbage. The turbo broadens the power band, and then they add the closest ratio gearbox ever? Why? You seriously have to shift every 2 seconds. 6th gear at 50mph is like 2500rpm, and the car is gear limited to 127mph. 6th bouncing off the limiter.

Bwahahahaha > RotaryLover
02/06/2014 at 23:44

I know this isn't what you want to hear, but you shouldn't buy it. If you earn enough to "pay it weekly" and save $900 month, what you should do is save until you can buy another MSM outright. It is never wise to finance a used car. (In my opinion it is never wise to finance a car purchase at all, new or used, as a car is a depreciating asset. But that is another conversation entirely). Take the money you save in the meantime and do everything you possibly can to raise your credit score. Having the possibility to get a decent rate on a mortgage in your future is much more important than a MSM now.

Mathias Rios > MR2_FTW - Group J's resident Stig
02/06/2014 at 23:55

Wow so is the 6th gear really that useless? My mom has an 01 Miata with the 5 speed and at 80 its at like 3.5k which is not that fun.

Flavien Vidal > RotaryLover
02/07/2014 at 00:00

If you can save 900$ WITHOUT the paiement, I would say wait 5 or 6 months and pay for it right away... An NB miata should not cost more than 8 or 9000$.

EDIT: found the ad on autohebdo... 9880$ is too much for an NB with this kind of mileage (close to 100.000miles)

RotaryLover > MR2_FTW - Group J's resident Stig
02/07/2014 at 00:04

I know all of this...but the interior and all the ms apperance goodies makes me wanna get it right away. All it needs imo is a better rear end and a better ECU or unplug the TPS in the meanwhile and the car will be much better. I liked it a lot.

RotaryLover > Flavien Vidal
02/07/2014 at 00:07

Really? I've seen a MSM go under 10k once, the rest we're over 12k. We are talking about a Mazdaspeed Miata not a normal NB.

RotaryLover > Satoshi "Zipang" Katsura
02/07/2014 at 00:09

He would be owning a whole town here if did hahaha.

Yea...but I gotta try.

RotaryLover > Desu-San-Desu
02/07/2014 at 00:12

I would sell it seperately. The dealer would buy it for peanuts because of the high mileage.

Desu-San-Desu > RotaryLover
02/07/2014 at 00:16

What kind is it?

RotaryLover > Bwahahahaha
02/07/2014 at 00:25

I don't even know what to do to get my credit back in shape anymore...I payed it completely, tried to get a car a few months later and they refused because of what I mentioned earlier, even though the card had been payed since 2009 it still shows as a red mark in my file. The reason why I turned to financing was to improve it faster. The 900$ I save is to go back at school later on with ease. A mortgage...I'm not at that stage yet mentally but now that you mention the rate, I better think about this now. I said myself that I better get what I want now before I can't do it anymore later on.

RotaryLover > Desu-San-Desu
02/07/2014 at 00:25

NA 1997 base model with A/C and 170000 miles.

Desu-San-Desu > RotaryLover
02/07/2014 at 00:31

Offer to let your dad take it in exchange for co-signing?

RotaryLover > Desu-San-Desu
02/07/2014 at 00:34

He would never drive a car like mine. He likes large cars. He feels safe in them compared to a Miata and he doesn't drive manual.

HiredHand > RotaryLover
02/07/2014 at 00:43

If you have $900 a month extra, make a deal with him where you'll pay him or put into a separate account half a month's car payment every month. This will build a cushion in case you miss a payment you can pay out of this. Plus side, if you make all your payments you'll pay off the car in 2/3 the time.

RotaryLover > HiredHand
02/07/2014 at 00:48

That was my plan, paying the car as fast as I can. In 2 yrs instead of 3. But putting half the money in a separate account is brilliant. I will do this!

Desu-San-Desu > RotaryLover
02/07/2014 at 00:48

Ah, well then, offer to give him a negotiable portion of the proceeds from selling your Miata. I'm sure you could get the ad on the frontpage as a NPOCP or something if you asked nicely enough.

RotaryLover > Desu-San-Desu
02/07/2014 at 00:54

Taking it in note. He could need some money on his side IMO.

HiredHand > RotaryLover
02/07/2014 at 01:12

I think your dad might be more willing to co-sign if he either has the money or access to the account. Consider it insurance on your loan.

HiredHand > RotaryLover
02/07/2014 at 01:12

I think your dad might be more willing to co-sign if he either has the money or access to the account. Consider it insurance on your loan.

I Hate American Cars > RotaryLover
02/07/2014 at 02:18

Have you checked with your other dads?

Ryan1981 > RotaryLover
02/07/2014 at 05:09

What kind of hack dealer can't get you a loan because of one red mark (you claim) on your file? Dealers can get just about anyone financed, it just depends how much interest you are willing to pay.

RotaryLover > Ryan1981
02/07/2014 at 06:09

Those that aren't doing in-house financing.

Ryan1981 > RotaryLover
02/07/2014 at 08:38

They generally deal with a bunch of lenders. If you want the car that bad, they'll find you a loan.

davesaddiction @ opposite-lock.com > RotaryLover
02/07/2014 at 09:11

Nice car, but do not ask your dad to co-sign, or let him if he offers.

The object pictured above is just that, an object. A thing.

No one knows the future; you could lose your job tomorrow and leave your dad stuck with the bill, which will strain your relationship.

If you must have it, find another way to make it happen. Ask him if he'll buy it so you can make the payments directly to him (with the same interest that you would have paid on the loan). You get the car, and he makes some money on his investment in the process - that's beneficial to both of you.

Orange Exige > RotaryLover
02/07/2014 at 11:38

Mazdaspeed?

Pretty snazzy. How much is it?

MR2_FTW - Group J's resident Stig > Mathias Rios
02/07/2014 at 16:26

The MSM is the same, but you'll be in 6th screaming instead of 5th

Mathias Rios > MR2_FTW - Group J's resident Stig
02/07/2014 at 17:27

What did they do with the extra gear?

MR2_FTW - Group J's resident Stig > Mathias Rios
02/07/2014 at 17:31

It has almost the same final drive as the 5speed, just all the gears are super SUPER short.

Mathias Rios > MR2_FTW - Group J's resident Stig
02/07/2014 at 18:26

Wow they really fucked that one up didn't they... Miata gears are already decently short I believe.

TwoFortified > RotaryLover
02/07/2014 at 18:46

Collateralize it with your Dad.

Fun thing about collateralizing loans from family is that they usually don't necessarily look at the monetary value of the item, but more at the sentimental value the item has to you. Give him something as collateral until you pay off the debt. Give him something you don't want to lose. Give him something that he knows that you don't want to lose.

Also, the more monetary value the collateral has, the better. I've done this before (though, not to the tune of $9K), and it has worked for me.

Finally (and I only say this because I don't know you), don't be a dick if he still says no. Parents do that sometimes.

RotaryLover > Orange Exige
02/07/2014 at 20:09

10000$