Just landed a stable job and bought my first car. I make ~$3k a month - my monthly payments are around $500, and I’m still allowed to finance another car.
My dad retired from a very good position and so he has about $2k extra in pension money after spending on bills, food etc.
He asked me if he could buy a car under my name, because his current one is on its last legs and he’s not eligible to take out loans anymore (age factor).
The situation is:
- The car costs $550/mth, well within my loan ration
- He will wire the money directly to the bank every month, instead of having them take it out of my salary
- Bc of his age, he’s planning to get insurance that will pay for the car in the case of his death (i have it too but only bc it was recommended by my sales rep, so not too sure on the details)
But
- Hes been known to miss payments on our previous cars (forgot/spent money on smth else)
- I literally just got this job 3 months ago, I dont feel too comfortable having 2 loans under my name knowing anything could change
I do feel bad, having a car would help him esp since he’s been travelling to diff towns to kickstart his new business. But I just wanna get people’s opinions on it before I agree to anything.
original posted by vvhalien to r/personalfinance on Thu, 07 Mar 2024 11:47:48 GMT.