Hoping to buy a new car....for my dad

[twuoo]

I finished my bk earlier this year. The road up to my filing has been hell. Since then, things have been slowly looking up for me each day.

Last month, I got a new car for myself. I needed a cosigner. My credit, though it shows 672, is still not strong enough to get a loan.

Job(s) have been good and my career is really starting to take off. Been working my @ss off though.

I'm hoping to get my dad a new car as a gift. I'm suppose to hear from the finance department tomorrow. Again, it'll be with a cosigner. I hope I get the loan. My father's getting on his years and this will probably be one of the last cars he'll ever own.

I want to do, what I can for him, while I can. I don't want to have any regrets of 'shoulda, coulda, woulda'.

Been living like that for far too long.

Wish me luck

[Scott50]

great that you would consider doing that for your dad.. some things to think about though have you considered a year or two year old car to avoid the depreciation costs.. being fresh out of a bk can you really afford two brand new car payments? the money would probably be better served starting an emergency fund, increasing your 401K contributions, etc..

[cool33097]

I agree with Scott. We definitely need a cushion stack away...LOL.

[Flamingo]

Since you are still at the point in your credit situation that you still need a cosigner to obtain credit, while I admire you wanting to do something for your dad you are putting yourself out on a limb at a bad time and no matter how you try to dance around it, could be setting yourself up for problems even though you state you are doing well. Why not look into a lease situation for your father which could be under his name and check out any options there?

[AngelinaCatHub]

You would be doing your Dad no good service if you get yourself over extended again. You can’t bk out for some long time. If this means so much to you, why not find a good running clunker (like we have) and give Dad you new car. As implied, you may get it back anyway, but I hope it is old and got lots of miles on it by then. ‘Hub

[twuoo]

Thanks to all of you CARING folks that voiced concerns....this is why I love this forum so much!

My dad refuses to drive "used". He has never purchased a used car, however, has had opportunities to see the horrible experiences I've had with used cars....lol. Frankly, I'm sick of used cars too. I must be a magnet for lemon used cars.

The cosigner I'm using is so supportive of me, she would just rather buy the car outright and could easily do so. So I'm really covered there. Cosigner is family and we're really close.

In terms of saving up for 401k, I'm juggling about 3 jobs right now, so I don't get any full time benefits. However, I continue to get calls for jobs. If I lost one today, I'd have absolutely no problems finding a new job before the end of the week. When I quit my old job few months back, so got so many job offers in two weeks time that I had to turn employers away.

Through one of my employers, I did recently sign up for short term disability insurance. So I am covered in that arena.

I've got the emergency fund thing covered.

Right now, I'm making in almost one pay period, two weeks,what it would take me to make in a month. Quitting my old job was the best thing I ever did. When I found new jobs, I got nearly a 40% pay increase.

Life is really great right now.

BTW, my bk was not due to my uncontrollable spending/expenses. I've always been really good about that. It was do to divorce, which I didn't have control over. I actually live pretty darn spartan all my life.