It's New to Her

Today, Morgan bought a brand, new CAR!!!

Well--it's new to her, anyway.

Morgan found a 1998 Honda Civic with 53,000 miles on it. For $6350.00. She has saved $1900 for a down payment. She is 18 and has NO Credit History at all. So we went to the Credit Union to pre-qualify her. "You need a co-signer," was the reply. Next Credit Union. "We'll only finance $4600 on that car." Well, that put us down by about $800 bucks. I figured we'd get financing from the car dealership (not my first choice). So we went and withdrew the down payment from Morgan's account. She actually has $2300! We are now $400 closer.

We went to the car lot. "How much was that listed for," he asked. $6350. "Well, really it's $5995" Close enough! He printed up a purchase order and it called for $4695. "You're going to have to drop 95 dollars," I said. "The Credit Union will only finance $4600". "OK," he says. Didn't even blink. No argument. Just--OK.

So back we go to the Credit Union. "I'm sorry, but you are going to need a co-signer."

You need to know, at this point in the story, that we had to get this deal done today. Morgan doesn't have anymore time off for two weeks and she needs this car NOW. She works 2 jobs and walks either to or from both of them. Everyday. It snowed on Tuesday. It's time to get a car. And we were fresh out of co-signers.

On to another Credit Union. "You'll have to open an account, and we'll run the paperwork for the loan past our Loan Officer." ("What if I don't qualify for the loan," Morgan says. "Then we take back your $25 and close the account," I said) Paperwork ensues. Nice lady trying to sell us on the idea of a checking account (she already has one), Credit Cards (she doesn't want one), Overdraft Protection (NO!). Sign here, initial here. "I'll go get your new account package" And then, the nice lady comes back and... "Your loan has been approved".

Morgan was quite calm while we were inside the CU. As soon as we walked out, however, there was jumping and kicking and overall exuberance!!!

Morgan's thrilled to have her car (she has always wanted a black car). I am thrilled because now she will stop driving mine.

The car is at a Tunex getting a little work done. She will have it on Monday. In the meantime, the dealership has loaned her car to drive around this weekend.

Big SMILES!!!