Am I ungrateful or does it make sense?
I had an old car which became unreliable due to its high mileages (+220K). I wanted something used, and after talking to my parents about it, we agreed that I would take over their used yet still reliable low mileage car and they said they would buy themselves a new one. A day they bought themselves a new vehicle, they ended up changing their mind and said I should take over the new one since its more reliable and safer... Since no down payment was given I am now stuck with a high car payment I wasn't planning on having. I wanted to return it but since it's under their name I can't, and I don't want to to just leave them with the bill. Am I in the wrong for not wanting it, and wanting to get rid of it? I appreciate they used their extremely great credit to be able to take out the vehicle, but I really don't want it.
- spinesignLv 41 month ago
Someone's name will be on the registration card and loan payments. Sounds like their name was on it the day of purchase. Until the DMV and bank hear about it, they will be registered owners.
Did you already LEGALLY change ownership?
- 1 month ago
Agh, first world problems!
- 1 month ago
You didn’t buy or want it I would just leave it with them and walk away
- EastLv 41 month ago
What your parents did is really out of line--you had a deal and they broke it. JUST. SAY. NO.
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- papasteveLv 61 month ago
Wow, you are in a rock and a hard place, but your parents did it to them self. They bought a car they might have liked, and based on their income. I would never by a car new enough or high priced where I have to pay more than $200. Even when I was making over $80,000 a year. I have a brother, a niece and a nephew who maxed out their buying power. My brother was making $10,000 more than my niece currently making $40,000 more and my nephew about $70,000 more. But all have other bills, some from mistakes, DUI, children, divorce, and college loans work cut all employee's pay by 20% to keep all employees working. During this virus mess. Yet, they all bought a car that maxed out their spending. Meaning with all their bills, no money put aside for emergencies, retirement, vacations, they used up all their extra money. Your parents were wrong. You need to tell them, you can not afford the new car. It is just too expensive of a car for you. If you were going to buy a new car, which I would usually not do, unless I had a high down payment, and got a special deal. I usually buy a 3-5 yr old car. And buy a car that new was $15,000-$20,000. I once bought a golf car. Not a golf cart, but a car that golfers used during a golf tournament, It was a $16,500 brand new, being used for 2 weeks by a golfer, and 4000 miles on it I got it for $13.100 out the door. With my trade in, the dealer gave me $2000 off, and the manufacturer, Hyundai, gave $2500 off because my trade in was a Hyundai/ I put $5000 down and had a payment of $145 a month and paid $500 for 6 months and paid it off with my bonus. Note; I have told my nieces nephew and anyone who would listen, that life is made up of 3 parts. working to build a life, living a life while building a life, and putting something away so you do not have to work past 60's and if the crash of 2008 did not happen I could have retired at 50, or earlier. And from the smartest money people in the last 100 years. At birth if you put $2000 in a high end mutual fund, you will have 1 million at 50. $4000 at 10 yrs old. but you will be 55. at 15 $6,000 and you will wait until 60, at 25, you will need $10,000 and be 65. at 35 you need to put down $25,000 and wait until you are 68. By saying a high car payment I am assuming you are talking about $350-$500 As I said I would never buy a car that payments were more than $200. If you got a good used car for $5000, with payments of $200 you could put $100 in a retirement account. Just tell your parents its just too expensive.
- koog johnLv 51 month ago
use common sense. depends on what kind of car it is and if it is still under a certain milage.
you resell it. first you get it listed in your name on the title then run quick ad thats higher than book.
enough to get yourself another junker. you tell the truth when you list it, you tried it you dont like it, but it should be a fine car for someone that likes the make and model.
it should still be brand new.
- RichardLv 61 month ago
Since it is under their name, it is their responsibility to make the payments.
- e9601:Lv 61 month ago
If you didn't sign anything, you are not obliged to make payments on it. Talk to your parents and be strong about it.
- wldswedeLv 71 month ago
If it's in their name, you have no responsibility here. You don't have to pay the payment for a car you don't want and weren't involved in purchasing. Let them know you are not going to take over the payments and will be getting your own vehicle, they can decide what to do with the new car. Then, you can find something you can afford. By the way, there are lots of cars that will be perfectly safe and reliable at 220K or more... you have to take care of a vehicle with regular maintenance but many cars will be just fine.
- Coach SimonLv 71 month ago
You need to tell them that you can't afford the payments on the new car - much as you would like to. Or ask their advice about how you can pay your way - go through your finances with them.