So I want to buy a new car. I have decided on getting a new mustang GT. I love my 92 5.0 but decided I want something new and nicer.
I went looking around at dealerships and found a 03 Gt with 12,000 miles that I liked. It was mint besides one very minor scratch (VERY MINOR). I got the dealer talked down to 17,500 on it. Which I thought was a fairly good deal on the car.
Well we went to talk about financing with him. HE KNEW I WAS 19, AND WAS THE ONE WANTING THE CAR! Well he said that chances of me getting it by myself would be slim, so my parents, both mom and dad cosigned for me. It was in my name but they where cosigning. Well the credit approval was denied! But the deal said that my dad could put it solely in HIS name, not doing me any good building auto credit, I have some credit, which is good, but no auto credit yet.
Well the more we investigated it we found out the reason the dealership denied me was because they, the dealership hardly EVER gives a 19 year old a GT, because statistically they get returned due to non payment, This is no matter the down payment, no matter how many cosigners and no matter the cosigners auto credit. Well I got in touch with Ford Motor credit and they told me the same thing. Well tell me does the friggin car have a sticker on the window that says must be 21+ to purchase no matter the situation.
So basically there is no way for me to get the car I want other than someone else putting it in their name, is what I have been told. Someone putting it in their name does me no good auto credit wise.
Basically I was hoping someone could help me with this situation. I make enough to pay the payments/insurance (Insurances for me on my own policy on this car is $100-$125 a month). The car payments would be around $300 a month aprox. Depending on interest rate.... I gross around $1,600 a month not counting overtime, which can be like 10-25 hours a month....
Thanks for your help,
Josh
I went looking around at dealerships and found a 03 Gt with 12,000 miles that I liked. It was mint besides one very minor scratch (VERY MINOR). I got the dealer talked down to 17,500 on it. Which I thought was a fairly good deal on the car.
Well we went to talk about financing with him. HE KNEW I WAS 19, AND WAS THE ONE WANTING THE CAR! Well he said that chances of me getting it by myself would be slim, so my parents, both mom and dad cosigned for me. It was in my name but they where cosigning. Well the credit approval was denied! But the deal said that my dad could put it solely in HIS name, not doing me any good building auto credit, I have some credit, which is good, but no auto credit yet.
Well the more we investigated it we found out the reason the dealership denied me was because they, the dealership hardly EVER gives a 19 year old a GT, because statistically they get returned due to non payment, This is no matter the down payment, no matter how many cosigners and no matter the cosigners auto credit. Well I got in touch with Ford Motor credit and they told me the same thing. Well tell me does the friggin car have a sticker on the window that says must be 21+ to purchase no matter the situation.
So basically there is no way for me to get the car I want other than someone else putting it in their name, is what I have been told. Someone putting it in their name does me no good auto credit wise.
Basically I was hoping someone could help me with this situation. I make enough to pay the payments/insurance (Insurances for me on my own policy on this car is $100-$125 a month). The car payments would be around $300 a month aprox. Depending on interest rate.... I gross around $1,600 a month not counting overtime, which can be like 10-25 hours a month....
Thanks for your help,
Josh
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