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Hello, I am 18 and just starting to establish credit. I am interested in purchasing a '98 c280. I can find them for around $14k. I have $3500 down saved. I also will be trading in a '93 J30, trade value $3500. So therefore I need a loan amt of $7k. My parents wont cosign. :(

My problem is this... what is the chance the CU will give me a loan for that amount for 48 month term with NO CREDIT, but fronting half the price of the car? Anyone have advice or experience with credit unions...?

Also... credit unions require proof of FULL Coverage Insurance. What exactly do I have to bring them that states that... or do they contact the insurer to get that information...? I was thinking I could fake a full coverage document, however still have minimum covg, therefore I wont have to pay $300 more per month than I should...! After all if I wreck it 2 years after owning it with lets say $3500 damage, i would pay out of pocket. If I paid for $400 p/mo FULL coverage, then I spent after 2 years $9600!!! I would save $6100 amazing! Who has had experience with Credit unions and this situation...? Advice is appreciated...
 

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You are asking what we think of your plan to commit a least two felonies (forgery and fraud) in order to buy a car you can't afford. What the hell do you think our responses will be? You may be eighteen, but you've got a lot of growing up to do. It sounds like your parents know what they are doing by not co-signing your loan. You are no a responsible person.

Now, go buy a $5000 car, and see if you can get a small loan on it to establish your credit record. Put the amount you didn't spend in the bank, to establish a fund to make a couple months payments if something happens, such as losing your job.

Many people get into serious financial trouble by buying car, homes, and toys they can't afford. Exercise some self-discipline now and reward yourself when you are in a better financial postion.

I'm sure the credit union will work with you if you are realistic in what you purchase. Good luck to you.
 

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Ditto what Lynn said.
Go buy something fun, but cheap. A used 96 Jetta would probably suit you better.
Also, your little scheme will get you into trouble (lose your licesne, possible jail time, fines, court costs, probation, etc.)
Slow down there chief.
 

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As a finance manager, that is perhaps the most disturbing look into a potential customers mind I have ever come across. You will go to jail for insurance fraud in most states. The dealership and the credit union will also come after you. Frankly, if you are irresponsible enough to post something like that on a open forum, you can't handle a car loan. Your parents are smarter people for not helping you.
 

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redduc said:
Your parents are smarter people for not helping you.
Actually I think his parents did help him, when they said "NO".
 
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