co-signer wants me to give the car back
 

So i got my car yesterday, my mom co signed me (im only 23 i dont have 'car' credit yet). I didnt even discuss price because she didnt ask, she just said go get what you want. So i picked up my 04' rx8. The price for the car was 14,XXX (it was on the lot for 17,800) and i added the extended warranty for 3k plus gap insurance for 750. with tax an everything it came out to 20k. Shes all worked up bc i fincanced a 4 year old car with 50k miles on it for the same price as a brand new civic.

Do you guys think it was a bad deal? She said mazda's suck big time an break alot but then again she doesnt know anything about cars she just loves hondas. I havent signed the paperwork on it yet, they let me drive it away while they mailed the paperwork to my mom in NJ to sign (i live in FL). Do you think i should give it back and get something else? i really like the car alot, but i dont want to get into something thats going to cost me a TON in the long run after my warranty expires.

Get a newer rx-8, at least an 06 and above. Low mileage and about the same price, i think mom will be happy. Is it MT or AT?

its MT.

I was looking for newer model ones, but couldnt find any within my price range. I wanted my payments to be under 300 a month, they ended up going to 350 with this car which is fine. all the newer ones i look at though are a little out of my price range... ill look a little harder

I would say it depends on how much you really want the car. Since you got the extended warranty, you shouldn't have to worry about any of the expensive repairs (new engine, trans). Getting a brand new car with a full warranty included, along with better gas mileage, would be the SMART thing to do, which is what your mother is thinking about, I'm sure. If you can afford it, though, having the car that you WANT is worth more than anything else.

i just searched autotrader locally, and all the ones within my price range are 2005 with 6k less miles, and they're asking 17500 for it... i got mine so cheap bc my fiancee's uncle is the finance manager at the dealership... it was originally on the lot for 17,800 but he dropped it down to 14,900

thats pretty much my thoughts exactly. If im going to be paying over 300$ a month for a car, i want it to be a car i enjoy. Yea a civic is more practical and reliable, but i dont like civics lol. so why buy a car for 19k, pay $3xx per month for it, and not even like the car? i LOVE this rx8 this thing is so tight i love the way it drives, an these seats- man dont get me started i love them i feel like im flying a jet when i drive it lol.

For your age and *financial* ability, I suggest you to get something less than 10 grand.

Your mom has a point there, no point to buy a used car with 50K miles on it for 20K.

Bring it back, you should start small go for a Civic or something first. wait a few years, then you get Rx-8.

Well seeing as you dont know anything about my financial situation ill disregard your response. To inform you, im 23, and i am also a business owner. www.wirelesstoyz.com check it out maybe get yourself a franchise. I make more than enough money for the car, the money isnt the issue. I just dont want to get stuck with a car thats gonna turn into a money pit in the long run, but also definatly do not want a civic.

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Are these cars reliable up to 100k+ miles? Or i should say, how many people on here have 100k+ miles on theirs?

The big issue i see with your situation is the final cost was about 20k and your only paying 350 a month... that means you financed it for what.. about 72 months??? WAYYYYY to long of a payment term to be paying on a used car with 50k miles....My final cost was a little less than yours and my car had a bit over 19k on the clock... but i refused the smaller payments and longer plan for a high payment, short term payment plan.. that way it will still be under the extended warrenty when its paid off. so if anything happens after, i dont owe anything and can get another car

Well the min. payment is 350, but i always pay 100 over on any loans. So my payments will actually be made for 450. But i see what your saying, because the interest is already fixed into the loan.

I agree. I was able to get my new RX8 GT at 21 because I had a credit card to build credit. If my dad/mom wanted gas...i'd go with them and put it on my card, then they would give me the money to put in my checking account. I would also buy other things...but never going past what I couldn't afford to payoff at the end of the month completely. I am now 23, and have owned a 2007 corvette, and now a 2008 corvette...both without any help from my parents, no cosign, no help with money, etc etc. It took me 2 years to go from 'you barely have the credit to finance this mazda rx8, to wham I have the credit to buy a $40,000 car.'

Right, and i know 99% would rather make min payments and take the extra money they have and Mod the car (dont say you dont fall into that catagory, cuz then you shouldnt have the 8.. hehe) Hence why i took the MAX amount i can afford and since i have a steady income im not worried about it, more money at the end of the month? mods time.

depends on the interest rate used...Low interest rate = lower payments and invest the difference (at a rate higher than the interest used). I can pay off my car loan faster but I got 1.9% financing and am easily getting over 3% just on my savings account.

Well, i think your situation is a bit different than most 23 year olds...

Don't overreach your buying power dude. If you think you can afford it, then get it. But if you have to stretch just to make monthly payments then don't do it. Sports cars are notoriously high maintenance.

Have you thought about the Civic Si? Base is $21100. Speed wise from a roll they are on-par if not a tad faster than the 8's. I raced my buddies a couple times when I had my 8...and from a roll he always won...we both had intakes.

I start building my credit when I was 17, and had my own business @ 20.

at 23, I already have more than enough credit to buy a house.

But I didnt get this Rx-8 until I reach 25 (brand new). No cosigner needed. They just give it to me straight up.

Now Im almost 28 and Im ready to pay this car off at anytime.


If money is not an issue, Why would you need a co-singer?

You dont have to get a Civic, but Im just saying it sounds like you should not get this car at all.

after the age of 18 your parents shouldn't cosign anything.

held of a year on my purchase because noone wanted to cosign with me.. but I learned alot about the car over that year as well as getting my credit up there.. 1 year later I easily got financing.

my 2 cents :)

How about from a different perspective
 

If it is going to cause strife in an important personal/familial relationship, I would suggest that you take stock of what this used car really means to you.

If you have to have a co-signer on a loan you don't want to start out stressing that relationship any further than you have to.

Good luck.

Me making good money doesnt have anything to do with a cosigner. I have credit, i have plenty of credit cards that i always make on time payments on, but i didnt start building credit til i was 21. So i only have 2 years of credit history which is why they didnt approve me for the car by myself, they told me i needed 3 years or more of credit history to qualify.

I make plenty of money to afford this car *about 1800 a month, with 4 roomies in my house makes for cheap bills...* and I required a cosigner to get it since I had only one line of credit, and that was a $1,500 loan for an 1988 RX-7. They required more credit, so they denied me, I found me a cosigner *my roommate* and I was driving off the lot with it.

So having money =/= ability to buy expensive cars with credit...

If you can, I'd get into a bit newer of an RX8 personally. I'm paying 400 a month for mine, and it was 23 OTD for an 07. Hopefully you can find one a little newer with close to the same payment range. Good luck!

The only bad parts are the ripoff warranty and gap insurance.

I got my 07 RX8 for 22,000

I didnt read all the other posts so I dont know if it was said yet. You can get a new one in your "price range." You problem is you most likely went in there discussing monthly payments to get the car you got, not the car you wanted. I sold high dollar Infiniti's for a few and you fell into car dealers dream trap. Proven because you set your goal at 300 and ended up paying 350. You need to discuss the deal of the price OTD. Dont ever buy extended warranty crap especially when a car is out of warranty. You will never get what it's worth despite what thye tell you. The dealer isnt selling you a warranty it's a sublet deal sold by a finance guy. It's crap. Discuss the price of the car OTD and nothing else. Go find your self another car. Also to get what you want you will need to walk away a few times whether it's from a Mazda lot or a Honda lot.