4 ms·

If you do know someone who is broke and needs transportation you can do them a huge favor - gide them through the process and help them pick a reliable car at a

If you do know someone who is broke and needs transportation you can do them a huge favor - gide them through the process and help them pick a reliable car at a fair price. Having someone along to be by their side will help keep the pretators at bay.

zachshefska 6y ago
Yes! The current car buying process takes advantage of the consumer. This is entirely why I started working on https://yourautoadvocate.com/ https://yourautoadvocate.com/ a year ago.
advisedwang 6y ago
Are you suggesting that all a broke person needs to solve their transport situation is better advice? That's kind of patronizing. They are broke - affording it is the hard part. If you really want to help co-sign on financing, lend them a vehicle, offer to car-pool etc
- benjohnson 6y ago
  Most everybody needs a buddy to help them with the car buying process to navigate car dealership tricks. Dealerships are well oiled machined designed to extract money and they have years of practice. Poor people need even more help give they have no room for error.
  - yellowapple 6y ago
    And to be clear, even if you ain't poor, and even if you consider yourself "smart" in this regard, a second set of eyes is invaluable.
- throwawayboise 6y ago
  If you're going to co-sign a loan, just plan on buying the person the car as a gift.
- lmilcin 6y ago
  Being broke is usually a symptom, frequently result of problems with making sound financial decisions. You can help somebody by explaining they will be happier with a used car rather than a new one. Is that patronizing? Maybe. But if everybody keeps to their own business we are just perpetuating the problem. Co-signing is a good way to loose friends.
- shishy 6y ago
  > Are you suggesting that all a broke person needs to solve their transport situation is better advice No. They are suggesting that one easy way you can help a broke friend out is by being there for them so they are not taken further advantage of. It in no way implies what you wrote.
- modularform123 6y ago
  Co-sign on a sub-prime? I might as well just give my money away, without paying interest!
- will4274 6y ago
  > co-sign This is terrible advice. If you want to give somebody a gift, give them a gift, don't enter into a contract where you share their financial obligations and give them a financial incentive to leave you on the hook.
  - yellowapple 6y ago
    That ain't as terrible of advice as you're making it out to be. Yes, cosigning is risky, but it also puts the other person's name on the loan, meaning they build credit as long as they're keeping up with that loan. Merely giving them a gift doesn't do that at all; after receiving the gift, the recipient is still in the exact same credit situation as before - and thus limited in choice to the same predatory practices. That is: we for better or worse live in a society where a good credit score is effectively mandatory to achieve financial independence. Helping someone build that score is risky, but is also a far greater benefit than some one-off gift; if you can afford that risk, then it's very much worth considering.
geoduck14 6y ago
>help them pick a reliable car at a fair price I work for an auto loan lender. If you want a fair price, I recommend CarMax. They are fair. You won't get a great deal there, but you also won't get a bad deal there. It is right down the middle.
deleted 6y ago
[deleted]

zachshefska 6y ago

Yes! The current car buying process takes advantage of the consumer. This is entirely why I started working on https://yourautoadvocate.com/ https://yourautoadvocate.com/ a year ago.

advisedwang 6y ago

Are you suggesting that all a broke person needs to solve their transport situation is better advice? That's kind of patronizing. They are broke - affording it is the hard part. If you really want to help co-sign on financing, lend them a vehicle, offer to car-pool etc

benjohnson 6y ago
Most everybody needs a buddy to help them with the car buying process to navigate car dealership tricks. Dealerships are well oiled machined designed to extract money and they have years of practice. Poor people need even more help give they have no room for error.
- yellowapple 6y ago
  And to be clear, even if you ain't poor, and even if you consider yourself "smart" in this regard, a second set of eyes is invaluable.
throwawayboise 6y ago
If you're going to co-sign a loan, just plan on buying the person the car as a gift.
lmilcin 6y ago
Being broke is usually a symptom, frequently result of problems with making sound financial decisions. You can help somebody by explaining they will be happier with a used car rather than a new one. Is that patronizing? Maybe. But if everybody keeps to their own business we are just perpetuating the problem. Co-signing is a good way to loose friends.
shishy 6y ago
> Are you suggesting that all a broke person needs to solve their transport situation is better advice No. They are suggesting that one easy way you can help a broke friend out is by being there for them so they are not taken further advantage of. It in no way implies what you wrote.
modularform123 6y ago
Co-sign on a sub-prime? I might as well just give my money away, without paying interest!
will4274 6y ago
> co-sign This is terrible advice. If you want to give somebody a gift, give them a gift, don't enter into a contract where you share their financial obligations and give them a financial incentive to leave you on the hook.
- yellowapple 6y ago
  That ain't as terrible of advice as you're making it out to be. Yes, cosigning is risky, but it also puts the other person's name on the loan, meaning they build credit as long as they're keeping up with that loan. Merely giving them a gift doesn't do that at all; after receiving the gift, the recipient is still in the exact same credit situation as before - and thus limited in choice to the same predatory practices. That is: we for better or worse live in a society where a good credit score is effectively mandatory to achieve financial independence. Helping someone build that score is risky, but is also a far greater benefit than some one-off gift; if you can afford that risk, then it's very much worth considering.

geoduck14 6y ago

>help them pick a reliable car at a fair price I work for an auto loan lender. If you want a fair price, I recommend CarMax. They are fair. You won't get a great deal there, but you also won't get a bad deal there. It is right down the middle.

deleted 6y ago

[deleted]