Man How F'ed up is this...... Am I being screwed over.....

[Oakenfold]

First off Congrats on wanting to purchase a new vehicle and doing your homework before doing so.
I would suggest that you talk to your local credit union about the purchase, see if you can get approved with them, the next time you go to buy a car obtaining financing prior to purchase may work better instead of jumping through the hoops.

Remember that every lender has different criteria that they use to approve loans.
Where I work one thing I look at is the highest amount financed in terms of what you are applying for, so if it's an auto loan we take note if you have ever financed a car, if so how much was most you ever financed a car for that's showing on your credit report. 20K might be a big jump if this is your first auto, you may have someone offer you around 10K on your own but you said that your Parent is willing to co-sign, I would definetley talk to your local credit union regarding a loan.

They can't deny your loan on age/statistics etc.

What's this "he's 19 and male" crap?

For a lender (any lender) to discriminate on the basis of age (provided the applicant has the capacity to contract) and sex is a violation of the Federal Equal Credit Opportunity Act (ECOA).
A lender can discriminate on the basis of excessive defaults, but the basis for such discrimination must be related to income (although some sources of income are protected), employment, credit history, etc. and NOT on the basis of age or sex (among other protected classes, like race, color, religion, national origin, and marital status).

You need to file complaints with the BBB, your state AG, and the FTC.

Looks like Vic already beat me to it. Excellent post Vic!

 

[goblue420]

stop b!tching have your dad buy it for you, auto companys hafta play it safe these days, theyre losing money, cany blame em the stats are true

 

[Oakenfold]

Originally posted by: goblue420
stop b!tching have your dad buy it for you, auto companys hafta play it safe these days, theyre losing money, cany blame em the stats are true

Got to be one of the most ignorant posts I've read yet.

 

[sxr7171]

Hey OP, did things work out for you?

 

[Fritzo]

I'm with the others on this one. At your age, you should get a reliable $5000 econo car, then when you graduate college and get a decent job, THEN get your cool car. Otherwise it'll be a money pit that will do more harm than good. I know the "I just GOTTA look cool right now this instant!" feeling when you're at that age, but trust me, if you live a bit conservative while you're in school, you will be very thankful later.

 

[Oakenfold]

Originally posted by: Fritzo
I'm with the others on this one. At your age, you should get a reliable $5000 econo car, then when you graduate college and get a decent job, THEN get your cool car. Otherwise it'll be a money pit that will do more harm than good. I know the "I just GOTTA look cool right now this instant!" feeling when you're at that age, but trust me, if you live a bit conservative while you're in school, you will be very thankful later.

Now I'm not disagreeing with what you are saying Fritzo but the guy isn't asking for advice on how he should spend his money.
By all means I agree with you 110%, yes I think it is a bit a waste of his money to go out and spend it on this car but it's what he wants to do, it's his money.

He just wanted to know what exactly is up with the particular situation, not to be schooled by ATOT on personal finance.

 

[jcovercash]

Originally posted by: Oakenfold

Originally posted by: Fritzo
I'm with the others on this one. At your age, you should get a reliable $5000 econo car, then when you graduate college and get a decent job, THEN get your cool car. Otherwise it'll be a money pit that will do more harm than good. I know the "I just GOTTA look cool right now this instant!" feeling when you're at that age, but trust me, if you live a bit conservative while you're in school, you will be very thankful later.

Now I'm not disagreeing with what you are saying Fritzo but the guy isn't asking for advice on how he should spend his money.
By all means I agree with you 110%, yes I think it is a bit a waste of his money to go out and spend it on this car but it's what he wants to do, it's his money.

He just wanted to know what exactly is up with the particular situation, not to be schooled by ATOT on personal finance.

Thank you ....

Well I just got home with my new car ......

I ended up getting a 2004 Cavalier LS 4 Door. Its pretty nice, im happy with it. Im gonna pay it off then i plan on getting the mustang I wanted but that is in the future. Im using this car as a credit builder Ill post pictures and stuff later.

Josh

 

[Valhalla1]

they would be MORE than happy to sell you the car, no you don't have to be 21 or even 17...

just bring in a big ball full of cash for the full purchase amount and plop it on the couter and they'll hand you the keys to the mustang


now... what they denied you for was not selling you the car. they denied loaning you 20 thousand bux or whatever so that you could buy (a) car.

when I was 18 and landed a good paying IT job, I rushed out and replaced my old truck with the first thing i set my eyes on, a pontiac firebird. it was cheap and there now, and I got sucked in by the dealer. they had no problems loaning me ~$10k to buy the used sports car even though I was 18 and had zero credit (well I had a credit card for a few months but rarely used it). However, since I had no co-signers, my interest rate was a ridiculous 25% !!
so I paid the car off in about a year and sold it... decided I wasn't going to deal with a freakin' dealership again!

so i talked to my company credit union and they hooked me up with $20k @ 4% to buy a 2000 ford SVT LIghtning truck.. I went in and told them I wanted that much, pre-approved to go 'shoppin' with. I found the right truck nearby for sale by a wholesaler on ebay, gave him the check and walked out with the keys, I named my price by bidding for it on auction.
SCREW dealers and their haggling BS

 

[Oakenfold]

Originally posted by: Valhalla1
they would be MORE than happy to sell you the car, no you don't have to be 21 or even 17...

Actually, this age (18 in Florida) can vary from state to state I think, the age of ability to enter into a contract requirement must be met.
Any dealership that takes any payment for a car from a minor is asking for BIG trouble.

 

[Mill]

Originally posted by: AMDman12GHz

Originally posted by: Oakenfold

Originally posted by: Fritzo
I'm with the others on this one. At your age, you should get a reliable $5000 econo car, then when you graduate college and get a decent job, THEN get your cool car. Otherwise it'll be a money pit that will do more harm than good. I know the "I just GOTTA look cool right now this instant!" feeling when you're at that age, but trust me, if you live a bit conservative while you're in school, you will be very thankful later.

Now I'm not disagreeing with what you are saying Fritzo but the guy isn't asking for advice on how he should spend his money.
By all means I agree with you 110%, yes I think it is a bit a waste of his money to go out and spend it on this car but it's what he wants to do, it's his money.

He just wanted to know what exactly is up with the particular situation, not to be schooled by ATOT on personal finance.

Thank you ....

Well I just got home with my new car ......

I ended up getting a 2004 Cavalier LS 4 Door. Its pretty nice, im happy with it. Im gonna pay it off then i plan on getting the mustang I wanted but that is in the future. Im using this car as a credit builder Ill post pictures and stuff later.

Josh

WTF? From Mustang to Cavalier? What about a SRT at least. Poo.

 

[jcovercash]

Originally posted by: Mill

Originally posted by: AMDman12GHz

Originally posted by: Oakenfold

Originally posted by: Fritzo
I'm with the others on this one. At your age, you should get a reliable $5000 econo car, then when you graduate college and get a decent job, THEN get your cool car. Otherwise it'll be a money pit that will do more harm than good. I know the "I just GOTTA look cool right now this instant!" feeling when you're at that age, but trust me, if you live a bit conservative while you're in school, you will be very thankful later.

Now I'm not disagreeing with what you are saying Fritzo but the guy isn't asking for advice on how he should spend his money.
By all means I agree with you 110%, yes I think it is a bit a waste of his money to go out and spend it on this car but it's what he wants to do, it's his money.

He just wanted to know what exactly is up with the particular situation, not to be schooled by ATOT on personal finance.

Thank you ....

Well I just got home with my new car ......

I ended up getting a 2004 Cavalier LS 4 Door. Its pretty nice, im happy with it. Im gonna pay it off then i plan on getting the mustang I wanted but that is in the future. Im using this car as a credit builder Ill post pictures and stuff later.

Josh

WTF? From Mustang to Cavalier? What about a SRT at least. Poo.

This was the ONLY thing that i could get financed for trust me I tired EVERYWHERE. It works though I put 200 mils on it today and I love it . Well about as much as you can love a Cavalier .

Josh