I keep shaking my head...
SD, age 20, totaled BM's car. BM told her that she would need to get her own vehicle and her own insurance. SD already had one speeding ticket and now has a reckless driving ticket because of the accident. SD put a deposit on another horse just prior to having the accident. She called DH and told him that she didn't have any money and that she needed a car in a few days. SD works under the table and doesn't make that much money. DH asked her a few days ago how much money did she have for the down payment. SD told her that she didn't have any money. She spent all her money on the deposit for the horse.
Yesterday, SD calls DH to take her car shopping. She now has $1,500. for a down payment on a vehicle. Her credit score is 500. The guy told her she may need a co-signer. DH may co-sign and I am not sure if he gave her the money or not. We have separate checking accounts so he can do whatever he wishes.
DH says that he thinks that her boyfriend's mom is going to give her money for a down payment on the vehicle and co-sign for her. She has been dating this guy for less than 6 months. I am not buying it. I think SD assumes the boyfriend's mom will be co-signing or giving her the down payment or she stole the money from BM. SD has been stealing money from BM for years.
She is 20 years old with a 500 credit score and she wants to go further into debt with a vehicle. She refuses to sell the horse she has now and she says she would lose her deposit on the other horse if she doesn't buy him.
I told DH that her car insurance is going to be very high. She is under 25 and only has had a driver's license for a little over a year, a speeding ticket, a reckless driving ticket, and an accident. I told him that SD needs to sell the horse she has now. She needs to call the owner of the horse that has the deposit and explain that she can't afford the horse.
SD will not listen to anyone. She states she is a grown a$$ woman and can make her own decisions. Well, it is clear to me that her decision-making skills are just top of the line (said sarcastically).
Grown Azz women don't need to
Grown Azz women don't need to go to other people for financial help. I will give your the advice my parents gave us and what they followed themselves.
They would give you money but they would not cosign (and tie their credit up.. risk bad credit). They would only loan what they could expect to not be repaid.
If your husband wants to help her get a car.. that is his choice.. but he should decide on an amount he will give her.. to buy a car outright and be done with it.
As for insurance? in our state, you can pay a 500 dollar uninsured motorist fee if you register a car with no insurance.. it is NOT insurance.. but in her case could be cheaper than carrying it (though she would have liability).. which would be another reason for your DH to not be on the note.. or associated with the car in any way.
He could play hardball and tell her he will only help if she ditches the horses.. but that's probably something she will end up lying about to him.. she won't give her heart horses up.
She really needs insurance
She could pay the state her as well.
If she finances the vehicle the finance company will require her to have insurance even though it is a junk car because of her credit.
I tried to get him to play hardball with her to sell the horses but he says she will not do that. I am not sure if he is scared to ask her or she has already told him that she wouldn't.
And if everyone said NO to
And if everyone said NO to her what would she do then, use the horse for transportation? Is she Amish? SMDH..... idiot.
Right?
If she can't afford a car or auto insurance, she certainly can't afford horses.
I don't know your DH's
I don't know your DH's financial situation.. could he afford to just "gift" her a cheap car vs having her get a pmt on a car that is likely more than she will be able to repay (and further ruin her credit.. and his if he cosigns)?
I'm talking a private party $3-5K "beater".. she can use it as a trade in if she saves more money and improves her credit score right?
It limits his involvement to a one time "donation"
At least your finances are separate
The main concern would be your DH co-signing and having to pay up and/or seeing his credit dinged. You know what's going to happen, she won't be paying it on time or at all.
exactly
She can't keep a job for more than a few months so I am not sure how she is going to pay for the car. I am almost certain it will be repoed if she makes payments and another ding to her credit and whoever co-signs for her. Dh said he wasn't going to co-sign but we will see.
DH should let her handle it
Dh should stay out of it and let her clean up her own mess. However, we all know DH can't do that because he is likely one of those "guilty dads." So, I would advise him to buy her a used old car with cash, make it a gift. Then tell her that is all he is going to do. Its up to her to insure it, maintain it, etc. If she doesn't like it - she can get a second job and buy herself a nicer one.
If she is a grown ass woman she can make her own decisions…
She can pay for them too.
smh
Egads, your SD sounds like an
Egads, your SD sounds like an utter mess. I agree with what ESMOD wrote about getting her a beater to drive so she can save money for a better car when she is ready. No way in hell would I want my partner co-signing for her for anything when she has clearly demonstrated she can't make rational decisions. I mean, spending money on horses when you have no car then asking others for money for a car? WTF. I say, get her a beater, call it a day. If DH keeps bailing her a$$ out, she'll never learn. She'll continue making bad decisions. Also, it sounds like she needs to get a real job too.
She doesn't need a car, she
She doesn't need a car, she can get to where she wants to go on her horse.
Damn, Winterglow!
Maybe it's late but your comment struck my funnybone so hard that I'm literally wiping my eyes from hilarity.
What a lovely way to end the night and thanks for the belly-laugh. 