Yesterday you said you were 18 years old with $1000 to put down on a car and your Mom's credit was "absolute trash" (Those are your words, not mine).
Based on that, you will NOT be purchasing a new car. $1000 is not a hefty down payment, in many cases its not even adequate for someone with excellent...
Best answer: Yesterday you said you were 18 years old with $1000 to put down on a car and your Mom's credit was "absolute trash" (Those are your words, not mine).
Based on that, you will NOT be purchasing a new car. $1000 is not a hefty down payment, in many cases its not even adequate for someone with excellent credit to purchase a car. And having a cosigner with absolute trash credit won't help you, and may even hurt your chances of getting qualified (which are already basically 0%)
Nonetheless, here are the answers to your questions:
Do we have equal rights to the car, or is it solely my car? - it depends how the paperwork is done. If she is only a co-signer and the car is in your name, then she has no rights to the car. If the paperwork is written up to show you as co-owners and co-borrowers on the loan, then she has equal rights to the car as you. But remember if the loan doesn't get paid the bank will reposes the car and neither of you will have any rights to the car.
What paperwork would I have to leave her name off of in order for it to be solely my car? - just make sure she is only a co-signer, not a co-borrower or co-owner.
The title will be given after the car is paid in full, correct? What steps would need to be taken to only have my name on there? - just make it clear to the dealership that you are the sole owner, and your mom is only there to act as a co-signer on the loan. The title will have only your name but the bank will hold the title until the loan is paid. They will send you the cleared title when the loan is paid off. In some cases the bank will have their name on the title as well, so once you get the cleared title you have to go to the licensing office and get a new title in your name only. But at no point would your Mom's name be on the title if she is only a co-borrower.
• Any extra tips would be helpful! - yeah, here's a tip, buy a cheap used car, save the difference and then upgrade every 2-3 years until you own the car you really want. You aren't going to qualify for a loan on a brand new car based on the info you've posted in your last few questions.
3 days ago