I’ve tried calling car dealers, the cash for clunkers hot-line, and a few different banks, but no one seems to know anything. Your answers are greatly appreciated!
I’m a college student and first time car buyer that currently drives a qualifying vehicle for the cash for clunkers program. However, the qualifying vehicle’s registration and insurance has always been strictly under my father’s name (for the past 3 years, with my name on the insurance policy).
I would need to take out an auto loan, but I’m unsure how the people at cash for clunkers qualify the purchase. The ideal scenario would be:
* Auto loan in my name (no cosigner)
* Title under my name and my father’s name (so that I might qualify for the cash for clunkers program, but not really sure if this would work!)
Ideally, I would just have my father cosign the loan with me, but he recently went through bankruptcy so his credit is not so good! My credit is decent, so I may have a better chance on my own.
So my question is: would this scenario qualify for the cash for clunkers program, and if so, which bank(s) would give out a loan to one person and let the title be registered to two people?
PETER GRIFFIN
March 11, 2010 at 12:06 pm
No, you do NOT qualify.
But it doesn’t mean you couldn’t have your dad trade it in and take out a loan in his name. Then you can “buy” it from him later.
tronary
March 11, 2010 at 12:42 pm
You must have title to vehicle and held it for 1 year or more.
FleetTech
March 11, 2010 at 12:46 pm
Your car could be traded in by your father under the cash for clunkers.
BUt you can not get a car under cash for clunkers. Car , registration adn insurance must have been in name of buyer for 1 year prior.
Vindaloo99
March 11, 2010 at 1:40 pm
Let your dad buy the car, and you buy it from him the next day. If he doesn’t qualify because of bad credit, cosign for him. The worst that can happen if he stays in debt is that you have to make the payments, but that’s what you intend anyway. Just let dad go to the dealer and make sure the car qualifies as a clunker, buy the car with your help if he needs it, and it’s done. Then Dad will call his insurance company and say he has a new car and you are the primary driver. The day after that (actually about 10 days because the initial paperwork must clear the DMV), buy the car from your dad and call the insurance company again.
Merrill P
March 11, 2010 at 1:44 pm
Its just that car loans have been hard to secure in this econonmy. The online places are good and I have heard the are have easier approval sometimes.
I suggest http://auto.deal4-you.com
martieezy; beezy's
March 11, 2010 at 2:39 pm
I totally agree with Vindaloo99;