I was going to say he never said he had bad credit, just not good enough credit for 0%, which is very very good credit




Also, Id say your major decision was to get engaged, if you chose to do that and she excepted then why not have her co-sign to save you both some money, as it is or soon will be both your money. Everyone is saying like your not married so dont do it, even if you were married, then what, there is this little thing called divorce. ALmost everyone is doing it now adays anyway. Have her sign, save the money. If your relationship isnt going to last, itll end married or not. If she does leave, hide the car from her, lol.



Make absolute SURE though, that your name is on it too, if not you most likely could get screwed.

 

There's an unbelievably HUGE difference between breaking off an engagement and getting a divorce. In a divorce, they would split their belongings. Doing something like this with no legally binding contract (like marriage) is dangerous for both his money AND his credit. If she cosigns as the primary creditor and things go sour in the relationship, he could get royally screwed...

 

Heh heh, hate to break it to ya, but these days $30k isn't exactly an expensive car.

 

SharkEvolution, I just went through the same thing as you a couple of days ago. I have below average credit (low-mid 600's) and tried to get the 0% through one of the dealers nearby with my wife as a joint applicant. They came back with 16.4% APR for SIX years! I kid you not. I can easily afford paying the $699/month they wanted for 6 years but why should I when I pay less than $500? I went through my credit union, again with a joint application and got approved for 4%! Go figure.....I would suggest you take the 3.9% and get yourself a brand spanking new EVO!!! I'm looking to close on mine this weekend too!

 

if she co signs the loan the salesman doesnt have to put her on the title, at least in NY they dont. In NY the bank sends the title to you with a LIEN on it and When i got my car my GF of 5 years co-signed it and she isnt on the title. She also has nothing to do with my insurance. My salesman asked me if i wanted up both to be on the title and i said no. SO basically shes 50% liable for paying the loan but she has no ownership of the car. good thing i care about my credit. We both had over 700 scores when i got my car but it was in 2004 so bst rate at the time on 2005's was 5.9%

 

Wow I guess only women will fall for that. If I had to be 50% liable for paying the loan, I better own 50% of the car too!!!

 

I just read the first post, so... In PA, you can have a cosigner that is not part of the owner. As a cosigner, all you're doing is gaurenteeing to the bank that they will get their money back on the loan. I spoke with the sales manager about all of this. You can even get a cosigner just to buy the car and a year later refinance in your own name if your credit is good by then. I had no credit history last year and the first attempt to buy my Evo failed because nobody would cosign for me. I only had about $6,000 cash too. So I waited 6 months and saved up all of my earnings. I ended up throwing $10,000 cash and $3,000 trade, so no bank was going to turn down that offer. I only got a 6% rate, but still that's not too bad for having no credit history. You're not in my position, so really it's just up to you. I'd say have your fiance cosign and later on refinance in your own name.

 

That part about being only 50% liable on the loan is different in PA. If you cosign in PA, you are 100% liable as they most likely will come after you first. They don't have to, but they can. Cosigning is not a good thing for the person actually signing the loan. I'd say avoid it if you can, but you got to do what you got to do.

 

thanks for all the help guys.....i think im gonna have my fiancee cosign and we'll see if we can get the 0%....i live in CT so i hope the laws are similar to those of NY and PA (about not having to put her name on insurance)....

and redza good luck on closing on your evo

 

yes she will own part of the car
and no you dont have to put her name on the insurance

 

3.9% is a great APR for an Evo! My fical score was 720 when I purchased my Evo back in 2003 and the lowest APR I could get was from a Credit Union at 4.74%. Jump on the 3.9%, co-sign is a lot of hassle!

 

wow, i feel like crap... i scrimped and saved all the money i could for almost 3 years to get my evo... i didnt care what the rate was, so 13000 down, and 20% later i had my evo... this was back in 2003. (i dont have rich parents or anything, or even halfway good credit (broken home if u get my drift)) but after paying on it for 1.5 years and proving to my grandfather that i wouldnt screw him, he agreed to co-sign for a re-finance with his credit union (which is now mine, lol). so sacrificing for basically 4.5 years finally got me 4%, and knocked 2 years off my payments

if i was in ur shoes, 3.9% with no co-signer, id jump all over it!...

and guys, before u bash me for how stupid i am for doing the deal i did... i love this car, and i wouldnt take anything back or do it over if i could

 

good luck

 

Generally speaking, co-signing is always a bad idea.