Furious at son being encouraged to get into debt!

Lokolo

sazzybum wrote: »

Lol.. Lok- tell me about it- the cheapest one was 1800 quid :eek::eek::eek: but for the 900 quid one we got it to 1000. He'd be paying it of course..

However- part of this ''250 a month for god knows how long'' includes insurance... feel as if I'm fighting a losing battle though:(

I have a 1991 Ford Fiesta. 17. Not passed. Cheapest was £1500 for Third Party. Fully comp would have been only £100 more expensive but I didn't wanna, its a 1991 ford fiesta !!!!!!.

Over 4 years things that have gone wrong:

- Fan belt snapped (too tight, my fault)
- Wing mirror replacement, but I got it free with full service
- A tyre change, damn nails in the road
- New alternator
- New battery

So over 4 years its done ok. Only big thing thats gone wrong is the alternator which cost £180 to replace (a t-bar cost £8 to buy, £90 in labour, mainly because I went to a ford garage to get it done as I didn't have a clue), could have been done cheaper.

I have done around 30k in that time.

sazzybum

skylight wrote: »

The 250 for however long will only include insurance for the first year. He should check that out, cos in year 2 he is likely to be saddled with the £250 plus £150 for insurance at those prices! Not many include insurance for the duration of the loan.

savingmummy wrote: »

Grr i`d be angry too!!
TRY TRY and TRY to get him away from this idea!! Let him read on here
IF it fails and goes with dad Ensure it is in your Ex`s name then it shouldn`t be bad on your ds`s credit rating.

I really hope he chooses a lil run around tbh.
My DH (32) has horrendous debt now as he couldnt manage finance so got a loan to pay off finance THEN couldnt afford loan repayments. He then had to get the loan spread over 10yrs to make repayments smaller!!!! WORSE MISTAKE EVER!

Thank you both.

Skylight- Another thing I didn't think of, all he said was it included insurance-I can mention that to him when he calls me tonight.

Savingmummy-believe me -I'm trying the best I can to get him to forget this for the moment. I don't want him to have debt at all, even less in exes name, because of past experience-long story-I know this will be thrown up in sons face every time he 'gets out of line' I'm sorry about your DH and this is the sort of thing I don't want even to be there to escalate (if that makes sense). All it would take is a year or two of saving, and he could buy the car without finance plans, and if he gets his runabout-the insurance and car will be in HIS name and the No Claims Bonus-hopefully there will be one- will be his, not his fathers.

redlady_1

Of course, you could try a different path...whilst he is paying £250 a month for his car, all his mates will be going out on the lash in down town Germany and pulling lots of girls and going on holidays! It is sure going to be lonely in the block!!!

Might work?

smilely

Hi,

Ask you son to check the insurance on the £250 a month as if its in his dad's name its his dad that will get the free insurance and most companies won't give the free insurance until 19 and sometimes 21 so he might still have to take out an insurance policy or at a minimum pay more to be on his dad's policy.

redlady_1

Oh and I have just had another thought, I dont know whether they still have to but all applications for credit had to be signed off by their CO. You really need to get him to talk to his Troop Leader - afterall, they cannot join the Army with debt!

savingmummy

you sound like a lovely mum and a very supportive person, i hope he listens to you.
Mums are always right!! I now know this, most find this out once they ignore mums advice.

All you can do is what your doing now, it isnt easy to get youngsters to listen.
Maybe getting a close friend to talk or someone from his work to have a word would help too like someone suggested!
He has years ahead of him and a bright future so really he has no rush in buying a luxury just yet! Good luck and keep us updated x

charlea

just been going through this with stepson virtually having a nose bleed to get a car even though he has not passed his test yet :rotfl: We manage to convince him that if he could save 50pounds a week we would buy him a car after he passes his test but he had to save the money each week every week without fail for at least 4 months as this was what it was going to cost him to run /insure maintain a car (he gave up after 2 months and went and bought himself a mobile phone instead )

For a 17 year old boy with a corsa worth around 900 the insurance is going to be at least 1200 -1500 wouldnt like to think what its going to be on a new more expensive car my stepson is 18 and has been quoted 1500 pounds on a similar car or 1100 if he dosent drive it at night

So the cars going to cost 250 a month plus insurance probably - also who will own the car at the end of the terms/loan or is it a lease car and he has to pay a ballon payment at the end of it in order for it to be his

btw if your husband is taking out the loan for your son in his name, then its not your son who is going to get in debt but your other half, if your son dont pay it then its down to your ex husband to pay the amount of course they could repossess the car but the debt would not be your sons but your ex husbands

sazzybum wrote: »

If this is the wrong place- Please feel free to shift me over to where I should be

My son is 17, and in the Army- hence him sitting/passing his driving test within a couple of weeks. I had had him convinced that the best thing for him to do was buy a lil second hand- jaunt about if he was determined to have a car. He had went to look at a couple, and had his eye on a 900 quid little Corsa.. Goodo I said, no debt (was going to pay cash), insurance won't be :eek:.

He was on leave this weekend and went to his fathers(my ex husband of 5 years)..who took him to a garage (as he was getting a new car) and ranted on about the unreliability of a second hand car, the 'feeling' of a new car, how great he'd look in it etc etc. Thing is -it's 250 pounds a month for god knows how long!

I told him- he can't get it until he's 18 anyway..and that he'd need to build up his credit rating, which could take ages, but of course father negg-ed that by saying ''it's ok son, i'll put it in my name and you pay it'' :mad::mad:

He's going to get into debt before he's 18!! AND he's going to be deployed to Germany soon, so what's the point?? Am I being unreasonable? Does this make sense to anyone? Honest answers appreciated, no matter how harsh you may think they are.

Thank you

sazzybum

Thank you all for the support-and ideas so far.. He's not going to get a chance to get a word out before I let all this out later when he phones me.

Smilely- I bet they never thought of that when they quoted the 250 (to infinity) a month to him. Another point to add to my list

DarkConvict

Its common sense not to get the car on credit like that, he needs to look into the long term of what he can afford and what use he will get from it. In my eyes credit is only good for a mortgage, even more so now given the price rises in last 20 years.

rictus123

Well yes he will get a shiney car but would only be good if he was here to drive it. Itl be an early lesson on debt for him. Maybe what he needs. Is his dad a show off or something? A look at me in my fancy car type fella? Thats maybe why.