Right or wrong?

[kimspractice]

Let me make sure that I have this correct:

 

It is against the law to purchase a vehicle for anyone other than yourself, right?

 

The only other way you could help someone w/a car purchase would be to cosign?

 

meaning...that is is impossible to have two active car loans listed on your credit report at the same time...unless you are a cosigner on one?

[notcreative]

Not real sure on your question here... but if this helps --- i know of someone who has 4 auto loans in their name....one was bought for a daugher and one for a son -- others belong to them.

[kimspractice]

Well, I already have an active auto loan on my credit report.

My SO, whose credit is not that great, needs a car.

 

I'm not real keen on co-signing...but will explore that if no other option avails itself.

 

I was wondering, if I could just go and purchase another car, and let her basically drive the car I already have. I would continue to make the monthly payments, and she would just re-imburse me on a monthly basis.

 

I don't know the dti, nor the minimum income allowed in order to have two qualify for another car...

[MarvBear]

Let me make sure that I have this correct:

 

It is against the law to purchase a vehicle for anyone other than yourself, right? I am not aware of any Law that would limit the number of vehicles one may purchase/finance. I personally financed the 13th vehicle loan for a consumer a couple years ago. Yes, the consumer had 12 open auto loans. I made the 13th. Your limits would generally be associated with your credit file, income, and bank criteria, etc.

 

The only other way you could help someone w/a car purchase would be to cosign? It is sometimes beneficial to jointly apply with someone with limited credit, or as an alternative you could donate enough of a downpayment so they could effectively "buy" their credit.

 

meaning...that is is impossible to have two active car loans listed on your credit report at the same time...unless you are a cosigner on one? You can have as many as your credit/income/lending parameters will support

[kimspractice]

Wow...that was very insightful, beneficial, and informational.

 

Thanks Marv sweetie!