Author Topic: Parents Give 19 Year-Old A 6-Year Loan For A Nissan Versa....For 11K  (Read 1183 times)

kayvent

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This isn't the first story like this I have heard but hell, it is dreadful.

https://www.reddit.com/r/personalfinance/comments/6n5ifk/my_parents_stuck_me_with_a_6_year_car_payment_and/

The kid's parents apparently "got" him a car only to tell him it is a six-year loan, 150$ payment per month. So the total cost is 11K. The car is eight years old and in bad condition. I could be wrong but I see 2009 Nissan Versa Sedans valued at around 5K. So the interest sounds like 20%. Heck, my credit card has a better rate.

I feel bad for kid like that with parents so moronic that they think it is appropriate to burden their son with a 11K debt for a 5K car that he didn't want. The wiring is simply too messed up.

Oh. Cherry on the cake. When he brought it up with his mother, she called him ungrateful.
« Last Edit: July 13, 2017, 08:18:26 PM by kayvent »

Nothlit

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Re: Parents Give 19 Year-Old A 6-Year Loan For A Nissan Versa....For 11K
« Reply #1 on: July 13, 2017, 08:45:34 PM »
And he claims his parents have good credit...

I've been reading way too much r/personalfinance lately for sheer entertainment value. I know not everyone in the world is as financially literate as the folks here on the MMM forums, but it's been eye opening (sometimes amusing, sometimes depressing) to see the volume of posts over there day after day asking the same basic introductory questions - including all the ones with a subject line of "I am being scammed?" (spoiler alert: the answer is almost always yes).

slugline

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Re: Parents Give 19 Year-Old A 6-Year Loan For A Nissan Versa....For 11K
« Reply #2 on: July 14, 2017, 08:57:17 AM »
Looks like the OP tried to remove the post.

MrsPete

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Re: Parents Give 19 Year-Old A 6-Year Loan For A Nissan Versa....For 11K
« Reply #3 on: July 18, 2017, 10:03:51 PM »
Admittedly, I couldn't read the initial article because the 19 year old has removed it; however, I don't see how this can be true.  The parents could take out a loan in their own names (in which case, the 19 year old isn't saddled with a debt -- his parents are), but they could not take out a loan in their adult child's name without his knowledge. 

paddedhat

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Re: Parents Give 19 Year-Old A 6-Year Loan For A Nissan Versa....For 11K
« Reply #4 on: July 19, 2017, 05:16:22 AM »
We raised our kids in a great neighborhood, with some entertaining exceptions. The family next door was a blended, Brady bunch type deal, with six kids. The dad was a classic, blue collar caricature. Kind of guy who lost an amazingly high paying union trucking job, as the union was busted up, and the industry deregulated, but considered Reagan to be a living God. To this day, he still would make a great character on King of the Hill.

Since money was tight, (his job had degraded to paying less than half of peak, and his wife found a low paying lunch lady job), there was no money for kid's college tuition, or much in the way of extra spending. Two daughters were off to their freshman year at state colleges, with a ton of student loan signed. Dad then marches the pair of them to the local Ford dealer, and co-signs five year loans for each of them, as he directs them to pick out a pair of little subcompacts.  I was dumbstruck, these two girls could of done fine without any car, or he could of found them a few reasonable cars for a couple grand each. So, his parting gift for each of his children is a mountain of debt and a new car that they didn't need and couldn't afford.  The best was yet to come. Once day he stumbles over to our driveway, as I'm washing our built in Ohio Honda Accord, points to the pair of Festivas he just saddled his daughters with,  inflates his chest a bit, and says, "My family only buys American".................................. ,I smiled and quietly said to myself, "sorry dumbass, those are rebadged Kias, built in Korea".

jinga nation

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Re: Parents Give 19 Year-Old A 6-Year Loan For A Nissan Versa....For 11K
« Reply #5 on: July 19, 2017, 03:34:14 PM »
Admittedly, I couldn't read the initial article because the 19 year old has removed it; however, I don't see how this can be true.  The parents could take out a loan in their own names (in which case, the 19 year old isn't saddled with a debt -- his parents are), but they could not take out a loan in their adult child's name without his knowledge.

Here's the Google cached version:
https://webcache.googleusercontent.com/search?q=cache:0jx9Dz6FqroJ:https://www.reddit.com/r/personalfinance/comments/6n5ifk/my_parents_stuck_me_with_a_6_year_car_payment_and/+&cd=1&hl=en&ct=clnk&gl=us
If I genuinely enjoy my profession and workplace, is there a reason to FIRE? Keep Calm and Carry On Milking.

kayvent

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Re: Parents Give 19 Year-Old A 6-Year Loan For A Nissan Versa....For 11K
« Reply #6 on: July 19, 2017, 08:53:34 PM »
The best was yet to come. Once day he stumbles over to our driveway, as I'm washing our built in Ohio Honda Accord, points to the pair of Festivas he just saddled his daughters with,  inflates his chest a bit, and says, "My family only buys American".................................. ,I smiled and quietly said to myself, "sorry dumbass, those are rebadged Kias, built in Korea".

I am not usually a person who promotes violence; however, I'd have considered those fighting words.

obstinate

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Re: Parents Give 19 Year-Old A 6-Year Loan For A Nissan Versa....For 11K
« Reply #7 on: July 19, 2017, 09:04:30 PM »
Admittedly, I couldn't read the initial article because the 19 year old has removed it; however, I don't see how this can be true.  The parents could take out a loan in their own names (in which case, the 19 year old isn't saddled with a debt -- his parents are), but they could not take out a loan in their adult child's name without his knowledge.

Here's the Google cached version:
https://webcache.googleusercontent.com/search?q=cache:0jx9Dz6FqroJ:https://www.reddit.com/r/personalfinance/comments/6n5ifk/my_parents_stuck_me_with_a_6_year_car_payment_and/+&cd=1&hl=en&ct=clnk&gl=us
Yeah, considering a new Versa can cost as little as $14k, it's hard to see how an eight year old one is worth $11k. Maaaybe.

paddedhat

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The best was yet to come. Once day he stumbles over to our driveway, as I'm washing our built in Ohio Honda Accord, points to the pair of Festivas he just saddled his daughters with,  inflates his chest a bit, and says, "My family only buys American".................................. ,I smiled and quietly said to myself, "sorry dumbass, those are rebadged Kias, built in Korea".

I am not usually a person who promotes violence; however, I'd have considered those fighting words.

No way. We spent 23 years living next to this guy and he was a natural.  He was dumb as a box of hammers, made Homer Simpson seem like a genius. When you not only believe that you have it all figured out, and are willing to pontificate on this to anybody who is unfortunate enough to be close enough to listen, every day of your life proves that you are full of shit.  The interesting part is that after the latest election disaster, we no longer hear from he and his wife. We are far from fans of the great white dope, and my good ole' neighbor apparently believes that he is about to be saved by his new messiah.

HairyUpperLip

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The best was yet to come. Once day he stumbles over to our driveway, as I'm washing our built in Ohio Honda Accord, points to the pair of Festivas he just saddled his daughters with,  inflates his chest a bit, and says, "My family only buys American".................................. ,I smiled and quietly said to myself, "sorry dumbass, those are rebadged Kias, built in Korea".

I am not usually a person who promotes violence; however, I'd have considered those fighting words.

No way. We spent 23 years living next to this guy and he was a natural.  He was dumb as a box of hammers, made Homer Simpson seem like a genius. When you not only believe that you have it all figured out, and are willing to pontificate on this to anybody who is unfortunate enough to be close enough to listen, every day of your life proves that you are full of shit.  The interesting part is that after the latest election disaster, we no longer hear from he and his wife. We are far from fans of the great white dope, and my good ole' neighbor apparently believes that he is about to be saved by his new messiah.

Thank God he made 6 more of himself....

eddiejoe

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The best was yet to come. Once day he stumbles over to our driveway, as I'm washing our built in Ohio Honda Accord, points to the pair of Festivas he just saddled his daughters with,  inflates his chest a bit, and says, "My family only buys American".................................. ,I smiled and quietly said to myself, "sorry dumbass, those are rebadged Kias, built in Korea".

I am not usually a person who promotes violence; however, I'd have considered those fighting words.

No way. We spent 23 years living next to this guy and he was a natural.  He was dumb as a box of hammers, made Homer Simpson seem like a genius. When you not only believe that you have it all figured out, and are willing to pontificate on this to anybody who is unfortunate enough to be close enough to listen, every day of your life proves that you are full of shit.  The interesting part is that after the latest election disaster, we no longer hear from he and his wife. We are far from fans of the great white dope, and my good ole' neighbor apparently believes that he is about to be saved by his new messiah.

Thank God he made 6 more of himself....

They made a documentary about this phenomenon in 2006 called Idiocracy. Worth the watch.

https://www.youtube.com/watch?v=-N9nVLXMhPc