Parents are afraid of this camaro's payments...please help!

[SimC33]

Ok I need some major help convincing the parents why that getting this car is not going to impact my future in a negative way. Let me go down the list here. I will name their reasons and my reasons

First off parents concerns:

1. Thinks the car will be stolen (01' SS was stolen twice)
2. Thinks that my job as a server at a restaurant is uncertain of future. (me quitting)
3. Thinks that I will go in debt
4. Just got an 07' 350Z in December

Ok now my side of the story...

1. I am an honors student in college and I have all college paid for
2. I have a job at a restaurant that makes me about $700 a month
3. The camaro will have onstar so theft is not an issue
4. I love the car to death and have wanted it since 2006
5. It would help my mother out right now because she pays note and insurance on the Z right now, and me paying the note would free up some of her money...

Her concern is with my financial future and trying to make me build credit and she thinks something will happen to where I cant make a note or something...

What am I suppose to do, not to sounds conceited or spoiled but they have never really told me "no" before. I dont see what the huge deal is here so why all of a sudden are we concerned with this when I: A. can pay the note. And: B. will be helping her out free some of her money up?

Help me!!!

[avt12882]

find a rich divoriced older woman looking for a young man to keep her company once in a while and let her pay for it!

[shevyman]

ok wait so you just got the new 370z right? and you are now asking for the 2010 camaro ss, well if that is the case then you don't need it, but if the z is your moms or you plan on trading in the z for the ss then go for it. and yeah sorry 700 a month really is not alot and you need to learn to budget.

reason i say that i make about 1grand a month and i pay on two credit cards, a gas card, cell phone bill, car note, and insurance for two cars. also i do not do anything on the side for fun cause i am broke. i got the camaro as a gift from my girlfriend but i made a deal that she pays the note till the scion is payed off which is next year and i will help her.

ok enough of me but yeah think about it also try saving some money for those rainy days.

[UCI CamaroFan]

Insurance is going to be really really expensive for you. On top of that, monthly payment is going to be roughly $500? (I'm assuming you are getting an SS and will have a trade in). Do you really want to spend most of your monthly income on a car that you won't even be driving too much?

Don't let your emotions lead you to making a dumb decision.

[OUR72GTO]

Betcha your Mom thought your heart would be stolen by a girl. They hate that.

[JohnInSoCal]

hmm, well this won't sound very good but I would say your parents are correct. You already have a fairly new car so getting another one is kind of wasteful. Also can you buy this without a cosign ? How much longer until you are out of college, maybe wait until then and then get a nice car.

If your mom is already paying for your Z plus insurance that is pretty fortunate. If you get the camaro who will pay insurance ? Looks like you already have the camaro ordered though. $700 is just probably going to barely make payments depending on what you put down, not sure about insurance as well. Sounds like your parents are doing quite a bit for you which is fantastic so think hard about taking their advice on this one. In the end it's up to you.

[Q-ship]

Your Mother currently makes the payment on the 370Z you are driving? Why is she making the payment on your car and now your talking about buying another car, if you use the Z as a trade in you will lose your shirt (more like her blouse) on it. They are right to say no to you and should have said no to the 370 Z too, your an adult and should be making your own car payment along with insurance.

[UCI CamaroFan]

Originally Posted by shevyman

ok wait so you just got the new 370z right? and you are now asking for the 2010 camaro ss, well if that is the case then you don't need it, but if the z is your moms or you plan on trading in the z for the ss then go for it. and yeah sorry 700 a month really is not alot and you need to learn to budget.

reason i say that i make about 1grand a month and i pay on two credit cards, a gas card, cell phone bill, car note, and insurance for two cars. also i do not do anything on the side for fun cause i am broke. i got the camaro as a gift from my girlfriend but i made a deal that she pays the note till the scion is payed off which is next year and i will help her.

ok enough of me but yeah think about it also try saving some money for those rainy days.

Originally Posted by Q-ship

Your Mother currently makes the payment on the 370Z you are driving? Why is she making the payment on your car and now your talking about buying another car, if you use the Z as a trade in you will lose your shirt (more like her blouse) on it. They are right to say no to you and should have said no to the 370 Z too, your an adult and should be making your own car payment along with insurance.

It's a used 350Z that is a 2007 model.

But, either way, we do not know how much equity they have in that car.

Another reason not to get the car... If all your disposable income is going towards the monthly payment, where is the gas money going to come from? what about oil change money? Also, what if you decide you want to be a detail freak, and you buy a lot of cleaning products? Just saying. it's not wise to tie yourself down with 1 object... you might not enjoy the car then.

[SimC33]

Ok well I left out some details here...so I will clear this up

1. its a 350 not a 370
2. She is the one getting the loan, at 4.25% so payments are only gonna be around $450
3. Insurance is covered by my dad.
4. gas, food, clothing, rent, yada...paid...
5. We owe 15-16k and clean trade in is $17,850 so we wont be upside down
6. im paying the 5k downpayment

This is why Im asking this...because they pay for everything else, and i HAVE a job that will pay for the monthly.

I dont understand shes so worried about me quitting or not being able to pay the note when clearly everything is taken care of already?

[UCI CamaroFan]

Originally Posted by SimC33

Ok well I left out some details here...so I will clear this up

1. its a 350 not a 370
2. She is the one getting the loan, at 4.25% so payments are only gonna be around $450
3. Insurance is covered by my dad.
4. gas, food, clothing, rent, yada...paid...
5. We owe 15-16k and clean trade in is $17,850 so we wont be upside down
6. im paying the 5k downpayment

This is why Im asking this...because they pay for everything else, and i HAVE a job that will pay for the monthly.

I dont understand shes so worried about me quitting or not being able to pay the note when clearly everything is taken care of already?

Well, there is a saying... "Mother knows best". Maybe she doesn't think you can handle making the payments, or maybe she thinks you should wait until later.

[SimC33]

Originally Posted by UCI CamaroFan

Well, there is a saying... "Mother knows best". Maybe she doesn't think you can handle making the payments, or maybe she thinks you should wait until later.

Exactly what I am thinking...But I LOVE this job and can afford the note. Everything else checks out...my TPW is the 26th of this month for christ sakes and she is having second thoughts now.

I thought shed welcome the idea of me paying my own note finally.

[chappy48]

If you wanted the camaro since 2006 why did you just go out and have your parents get you the z? Doesn't make much sense to me. And you are extremely fortunate to have the parents you do.

[wullger]

You shouldn't be devoting that large a chunk of your monthly income to a car payment, period. Bad decisions like these are one of the things that got the economy into the mess it's presently in.

Bottom line: Mom is right; you can't afford this car.

..What happens if the restaurant you work in goes out of business?

As a personal example, my monthly payment amounts to 15% of my monthly income. Total expenses each month are right at 50%. Another way of saying this is that I could survive a 40-50% pay cut and still get by. I'd have to get rid of some frills, but I could still do it. You're only looking at the short term picture here, but you need to plan long term (the life of the loan).

[JohnInSoCal]

>5. We owe 15-16k and clean trade in is $17,850 so we wont be >upside down

just because she is not upside down on the car at the moment doesn't mean she wouldn't be losing a bunch with this trade in and new car transaction. She probably just had a big down payment when she bought it.

As for you paying the new camaro payment if you can afford that why not help pay now on the Z with your monthly salary ? What are you spending your monthly salary on now ? I wouldn't look a gift horse in the mouth, sounds like your parents are fairly well off and have provided quite a bit for you. This all probably sounds kind of harsh but when you are young things just seem different and you don't often realize what you have.