Buying a car while being on temporary unemployment?

[MaryMayhem]

Ello all. I have a bit of a question here...

I've been on temporary unemployment since last month, due to my job being seasonal. I go back to work in September... thank God.


Anyway, my current car is... well, to put it nicely it is the devil incarnate. I hate this car as if it were a human being. Everything about it. I won't even bother going into the reasons, I just need this car out.of.my.liiiife. (it's a 2006 Kia Spectra.)

There are a bunch of labor day sales going on right now... of course... they all "end September 4th", so I need to step on it and pray for a miracle. So, i'm going to the dealership this week to try and trade this car in... but i'm worried due to the fact that A. I still owe on it ($6,500) and B. i'm on temporary unemployment until next month. And as expected, I don't have a down payment at the moment. I had $1000 saved up as a down payment and when my job screwed me over that all ended up going to bills.

And just to add in, i'm not sure if it will make a difference, but my dad has great credit and he is ready and willing to cosign.

My question is... has anyone been in at least a SOMEWHAT similar situation? I THINK miracles are possible but in this case i'm not so sure...

And I neeeeeeeeed to get rid of this car.

I've tried private selling and it has proven to be more trouble than anything.

[travz21]

I've been a part of things like this many times. Can't you just make a deal with your dad? Have him spot you the $1,000 for the down payment and you pay him back under whatever conditions you two come to terms with.

[Todd]

Why do you hate your current car? It's a 2006 so it's relatively new. If it's running OK and is reliable, it's really best to just stick it out and deal with it because trading in a car that you owe $6,500 on (and I highly doubt the car's trade in value is even close to that) is not a good idea.

If you're dead set on doing this anyways....you're probably not going to get a loan by yourself. Even if you could, your interest rate would be pretty high, so it would be to your advantage to have your dad with great credit cosign on the loan and get you the lower rate. I had to do the same when I bought a new car after graduating college. It wasn't that I had bad credit (I had a credit card and used it responsibly and all that, I just didn't have a long credit history). When I was in an accident a little more than a year later and the car was totaled and had to buy a new one, I was able to sign for the loan myself and get the best APR offered.

[MaryMayhem]

Thanks for the reply guys.

I'll list a few of the reasons as to why I need to get rid of this car ASAP;


I bought this car in a rushed process without much research when I had gotten a new job 2 years ago. I had been taking the bus to my prior job, but the new job was not exactly practical by bus. So in haste, I got a nice looking, simple 4 cyl 4 door sedan... and don't get me wrong, it's a nice looking car. The problem is, that's where the perks end.

The only safety features it has are the airbags, and the reports on them not deploying are countless. This car is so horribly made and dangerous that my insurance was $320 for a long while... I switched insurance companies and got it down to $200 after a bunch of ridiculous discounts. My brother and I have the same perfect driving record and he pays less insurance on his Mustang, because it's a safe car.

The car is made entirely of plastic. So much to the point that my boyfriend laid his arm on top of it while talking one day and it made a popping sound... dented in, then he took his arm off and it pop'd back out. I take I-95 several times a week, if I got into a crash of any kind in that car, I would be a goner. (this car is no longer made, btw)

And last but certainly not least... I have several slipped disks in my back. The seats in this car are so horribly made and positioned that it has legitimately worsened my back. My boyfriend who doesn't have back problems can't even sit in the car for more than 10 minutes without his back hurting... so imagine me with my cracked tailbone and slipped disks.

And the blindspots... are worse than the camaro's blind spots. I'm a valet (that's the seasonal job), so I can assure you. And I can assure you this is the WORST car i've ever driven. And i've driven some pretty wonderful and pretty terrible cars.

In short, this car is making my life hell and then some.

[MaryMayhem]

Now that I think about it, I think it would end up being much easier if my dad actually puts his name on the car rather than to try and have his co sign and me put my name on it...

[Todd]

Now that I think about it, I think it would end up being much easier if my dad actually puts his name on the car rather than to try and have his co sign and me put my name on it...

Florida law may be different than Missouri law, but my experience is that everyone whose name is on the loan has to be on the title. Granted, Missouri is one of the rare states that actually issues you a title in your name when you finance a car, most other states issue the title in the leinholder's (bank's) name when a car is financed, and it's transferred over to you when you pay the loan off.

It would help boost your credit rating if you get the loan in your name and have him cosign. You'll get the lower APR because of his good history, and assuming you make your payments on time, you'll build a good credit history under your name. That's what I did with my first car, and when it came time to buy a second, I was able to qualify for the lowest APR on my own.

Also, that "sale ends September 4th" is generally bullshit. If you walk in there September 5th and negotiate, they'll sell it to you for the sale price because they want to make the sale. Take your time and shop around and don't buy something on impulse because it's 5 PM on September 4th and you need to buy it before the sale ends.

[MaryMayhem]

Thank you to everyone who replied I actually ended up getting it!! AND I start back at work full time next week!