Last week was so busy with car shopping. It was time to part with my first car, Sasha, an 06 convertible turbo PT Cruiser. I loved that car. No, it’s not because of the car accident. My car was owned by my mom, and it was time for her to turn in her leased Escalade for a new car. She was using my car for trade in value. Therefore, it was my time to get a new car as well.
So the shopping began. I was looking into Nissan Altimas, but also was interested in checking out some crossover vehicles. We went to Carson Nissan first where I had a horrible experience and consequently Yelped about it. The man who was helping us with clearly intoxicated and didn’t know what he was talking about.
Next up was Gardena Nissan where I had a good experience, but their payments were way too high for my liking. I was looking for no money down and they weren’t as willing to work with me on that.
My mom and I went to Power Toyota where we had a wonderful experience, and I Yelped them as well. But the day I was going to pick up my new Rav4, the dealership down the street that my mom was working with, Cerritos Infiniti, gave my mom a call and told her they could beat the deal Toyota was giving me. I felt bad for leaving my sales person, but it’s a world where you gotta do what’s best for you, right?
Cerritos Infiniti was awesome and got me into a G27, loaded with all sorts of cool stuff such as heated seats (I craved them), XM radio, and Bluetooth for $350/month. Awesome!
But wait, how did I get a new car with my current situation? I had to have a cosigner. My credit, although it’s not bad (actually I was told it was good), my available credit ratio was/is extremely low because of my credit card debt and my Lending Club loan. Therefore, I had to ask my dad to cosign on my car with me. He has a 814 credit score. I aspire to reach that number one day.
So who’s paying for the car? My mom is willing to help me while I’ll be paying for it as well through side gigs and unemployment checks (whenever they decided to roll in). We let my dad know he has no financial obligation to the car; we’d be paying for it, just needed his stellar credit to get it.
It sort of feels bitter sweet to have my car. I absolutely love it; it’s beautiful (I named her Isis), but I’m still looking to get into an office somewhere. I would’ve been fine rolling Sasha until the wheels fell off, but the car did boost my mood, if only temporarily. Now I’m back on the grind.
Have you ever needed a cosigner on your car? Have you ever been a cosigner? Do you have good or bad experiences with them?
- Should you cosign for your kid? (money.cnn.com)
- Is Cosigning a Personal Loan Wise? (personalloans.org)
- Financing a New or Used Car With Bad Loan Credit History (suite101.com)