Should I continue to pay on this car?

[Unwanted94]

My mom and I got a car 2 years ago and this car isn't even under my name. It's legally her car,and I've been making payments on it every since we got it. She helps me out with the insurance and just recently, she's splitting the car payment and insurance with me now, but I don't like the fact that I am paying on a car that is supposedly "mine" yet I'm not getting an ounce of credit for it. Should I continue to pay?
I thought my mom could easily just switch the title but I looked into it,and it's not that easy. The bank would have to approve it,and I'm quite sure they won't do it. At this point...I'm a bit lost. It's a good car, and it won't be paid off for another..2-3 years. So the idea of me paying on a car that im getting no credit for actually pisses me off. She claims it's "my fault" we got the car since i begged for it, BUT i was 16 years old when we got it and she claims she was sleep deprived at the time when we got it. it was a horrible idea and i regret it 150%. I have tried to discuss with my mom several times about me not wanting to do this any longer and she never wants to talk about it. All she says is "There's nothing we can do now." and basically implies that I'm stuck with it.


What should i do?

 

[Parabolani]

Why don't you sell it????

 

[Unwanted94]

^ She won't let me!! I tried once! I really did. I put an ad on craigslist once and i even had many people in person told me their willing to BUY IT. SHE STILL WON'T ******* LET me. and its ironic too because selling it would be the best solution for the best of us. Why won't she let me sell it?
im assuming it's some selfish reason. Legally, I don't even have to pay on this car. I could stop giving her the money for the payments, but she'll just get pissed and may try to kick me out. so selling it would be the best solution if she would agree to do it. if this car was under MY name it would've been sold a long time ago. i seriously think she doesnt want to sell it because shes either lazy or for her own selfish benefit.

 

[Rzephillda]

Maybe she's trying to teach you a lesson? To deal with the consequences of a mistake?

 

[Unwanted94]

My mom isn't that type of mom. Oh well. I guess I'll just start saving up and buy something.

 

[Lonesome Crow]

well...her credit would be screwed too. If anything gose wrong.
So, Its not just your ass on the line. One miss payment..and it'll show on her record.
You're only making half of the payments and insurance.
If you get your own insurance. The cost would go way the fresia up for you.
She's just easing you into be persistence. Techniquelly she's still responsible
for the car or contract...but you drive it. You begged and pleaded for it.
Even if you went and purchase another car on your own...you're not going to
get the same interest rate as your mother....It'll cost you grips more.

Your just like all my freaken GFs or EX...spoil little brats.
They'll promise to make payment on it becuase their credit is screwed.
After a couple of month or two...Im making all the payments becuase it's in my name.
As if I wanna own and drive a *****'s girly car.
It's thier car when they drive it...Its my freaken car when the bill comes in.
Automobiles dosnt appriciate in value....Because you still owes more than what you can get out of the car?????
Because the first two 2 years of the payments actaully gose towards the interest....
I dont look too good in a lipstick red mustang...i aint blonde with big ass titays..ffs

Now you want something else for whatever reasons...as if your mom wants
to drive your little ***** car around and be stuck with the payments.
Your bascailly trying to leave her holding the freaken bags.

Another thing you dont understand is...it'll actaully gose against your mom's credit
rating if she pays off the loan early....

Even if you save money for a down payment for another car...
Err...you're gonna need a co-signer??? And whom may that be....the person that's
actaully responsible and the bank will come after if you goofed????

And if she dose co-sign for you...this too will go against her credit rating or
will limit her purchases. It's call being spread out too thin or having too many dept or loans.

It aint about your credit or building credit.
If you wish to build up your credit...you cant start from the top.
All you gotta do is take out a freaken loan $500- $1000 and never touch
that stupid money. Just leave it the account. Pay the interest or whatever
cuase it's not free to build credit..but the money would always be there....
What banks are going to do is...want to see $1000 in your savings...then they're give you a $500 loan to start.
It's retarded like that....cause they want your money.lol
After you complet that loan..then a $1000 loan and so on and so forth.

 

[Unwanted94]

That's reasonable.Thanks for explaining that. I also spoke with a relative about it,and they practically said the same thing.

 

[VanillaCreme]

Sleep deprived or not, you know that you're buying a car... At 16, I don't think you could have been on the title anyway. I would tell her that I didn't want to pay for it anymore unless it was changed into my name. But you have to think of certain things if it is switched to your name, like if for some reason you're both unable to pay for it, it can tear a hole in your credit. So perhaps there's a reason that it's not in your name that's unknown to you.

 

[AFrozenSoul]

You can try to reason with her... however, that might not work. So I just say let the payments slip up. After all, you are paying for it but the credit goes to her. So the reposession will go to her as well. Take the money you would have made in payments, save it up and buy your own car.

 

[kamya]

Pay it off then get the title transferred. Is it likely your mom is going to end up screwing you out of your car?

 

[AFrozenSoul]

Pay it off then get the title transferred. Is it likely your mom is going to end up screwing you out of your car?

In order to get a title transferred, the original title holder has to agree. Do you really think that her mom would do that? I mean she is making her kid pay off the car. A lawyer would be requested to sue the mom. That would only work if the OP could prove all the payments came from her. I say let the far get repossessed, and wreck your mom's credit.

 

[EveWasFramed]

In order to get a title transferred, the original title holder has to agree. Do you really think that her mom would do that? I mean she is making her kid pay off the car. A lawyer would be requested to sue the mom. That would only work if the OP could prove all the payments came from her. I say let the far get repossessed, and wreck your mom's credit.

Sorry - absurd.
You asked for the car, she was kind enough to get it for you. You agreed to pay for it, so live up to your obligations. A lot of parents wouldnt even consider doing what she did for you.
Her credit will be ruined. Remember - you're what...18? You may need her help with finances again at some point. I doubt she'd be willing to do it again if you screwed her over.
Also, did you know that if they repossess it, that might not be the end of it? Not only will it show as a repossession on her credit, but if the bank doesn't sell it for enough to satisfy the loan, they can also put a judgement on her. States vary in the time allowed to collect on a judgement - some are as few as seven years, but most can go up to 20 years. TWENTY years. Also, some states will allow the bank to garnish a person's wages for that judgement.
Do you REALLY want to screw your mom over like that?
Maybe this information will help you make a sound decision.

 

[SophiaGrace]

I say let the far get repossessed, and wreck your mom's credit.

*gives you a look of disgust*

 

[VanillaCreme]

Pay it off then get the title transferred. Is it likely your mom is going to end up screwing you out of your car?

In order to get a title transferred, the original title holder has to agree. Do you really think that her mom would do that? I mean she is making her kid pay off the car. A lawyer would be requested to sue the mom. That would only work if the OP could prove all the payments came from her. I say let the far get repossessed, and wreck your mom's credit.

That's kind of sad. Bitterness gets you no where in life.

 

[Sci-Fi]

There is some very bad advice here. Screw over your mother because you no longer want be responsible? Yeah there's a good idea. Your mother is probably just as mad about this as you are, you want to bail on an agreement you made. I agree with Eve. Bottom line, you agreed to it so be an adult and see it through. You are lucky your mom is helping you with the car. I have an employee who has to share a car with his two older sisters and pay for his own insurance, he can't even get his own car.

 

[Lonesome Crow]

I believe your mother made the best decision that she posible could at that time...
You didnt mention a father or someone that's mechanically incline in your life.

You wanted a car. As a parent I wish to give my children what they want too.
You mother wieght everything out. If you purchased a new car or near new car,
then it's going to have less mechanical issues. So she mostly agree to the car
you wanted if it had bumper to bumper warranty for 5 years.
Automobile reapairs are very expensive.

Give it another year...becuase the balance of the loan will begin to go down after
the 2 years mark. This way if you sale the car, you might be able to sale it
for what's owed on the loan. In the mean time you can save up money for
another car but use that savings to build up your own credit.

Trying to establish credit through an automobile purchase is a NO.. NO... NO.
It's the worst posible thing you can do.

At the sametime your mom is teaching you to pay your bills on time.
Baby steps...bascailly.
Rental agreements...ect are up to 1 yr.

Credit cards or credit very important if you wish to start your own bussiness
or purchase of a home.
Even in bussiness...my freaken office manger gose head to head with me
in accounting every month..becuase she simply dosnt pay certain bills on time. As if she's my fucken wife.
I'll either get cut off by my suppliers or our interests gose through the roofs
because of interest rate changes if she dosnt pay certain invoices in a timely manner,
which cuts a lot into our profits margin...but she'll complain or demand of me to shop for the
most lowest cost for materials or operations. It's rediculous. Sometimes i feel like I work in vain.

At a personal level credit cards are nothing more than a 30 days advance at a very high interest.
You really need to get the honeysuckle paid off in less than 30 days...otherwise you'll get
into a trap like most people do...they only end up paying for the interest and not the balance
of the purchase for years. Paying $1000 for a $200 purchase is rediculous.

I see people racking up thier credit cards in bars while they're drunk.
They'll be paying for the next 5 months for one night of fun.lmao

 

[AFrozenSoul]

Can no one read? Seriously, HER MOM IS NOT PAYING ANYTHING BUT THE INSURANCE!!!! Now her mom wants her to pay for part of the insurance. Am I the only one who understands that?

Let me break it down for all of you. When the car is paid off, her mom is WELL WITHIN her legal rights to take the car away. The mom can say My name is on the title, therefore it is my car. I might not have paid one dime for it, but it is my name on the title. Her mom could legally sell the car and pocket the profits... so you know EVERYTHING!!! Is everyone that dense?

 

[EveWasFramed]

You really need to get the honeysuckle paid off in less than 30 days...otherwise you'll get
into a trap like most people do...they only end up paying for the interest and not the balance
of the purchase for years. Paying $1000 for a $200 purchase is rediculous.

Actually, most cards these days don't give you a full 30 days. Some only give you 21 or 22 days.

 

[VanillaCreme]

Can no one read? Seriously, HER MOM IS NOT PAYING ANYTHING BUT THE INSURANCE!!!! Now her mom wants her to pay for part of the insurance. Am I the only one who understands that?

Let me break it down for all of you. When the car is paid off, her mom is WELL WITHIN her legal rights to take the car away. The mom can say My name is on the title, therefore it is my car. I might not have paid one dime for it, but it is my name on the title. Her mom could legally sell the car and pocket the profits... so you know EVERYTHING!!! Is everyone that dense?

It is her mom's car. But to just stop paying for it so it harms her mom's credit is being a coward. A total and complete coward over it. So your advice - in my personal opinion - is completely useless and helpless. There are better ways to handle this to become a baby over it.

 

[Lonesome Crow]

You really need to get the honeysuckle paid off in less than 30 days...otherwise you'll get
into a trap like most people do...they only end up paying for the interest and not the balance
of the purchase for years. Paying $1000 for a $200 purchase is rediculous.

Actually, most cards these days don't give you a full 30 days. Some only give you 21 or 22 days.

Err....yeah, plus the bills gose missing in the mail for 4 weeks before
I actaully get it.lmao
Then it's gonna take another 4 weeks before they get my check in the mail.hahahaaaa

It's why i have this kind of attraction towards Monique...there's alot more to sex in a relationship.
That crazy chick has rolls and rolls of $100 bills in her purse
Plus a 9mm...if I get too close and get special on a satureday night.hahahaaa