Is this correct?
Thread Starter
vtec ownz j00
Joined: Jun 2002
Posts: 1,511
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From: Burlington, NC
Originally posted by clickwir
Too much of an unreliable history for people under 18. sucks but it's cause of the children before you. Just don't take it personally.
Too much of an unreliable history for people under 18. sucks but it's cause of the children before you. Just don't take it personally.
w00t
Joined: Mar 2000
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Well, you don't have to have a co-signer for the car since you're paying in cash. They are not extending credit to you.
I am not sure about being able to own that car since you're under 18 though. I don't remember the law requiring you to be 18 to legally own the car if you have a license. Then again, I do not know anyone who's under 18 that can afford to pay cash for a car :dunno:
I am not sure about being able to own that car since you're under 18 though. I don't remember the law requiring you to be 18 to legally own the car if you have a license. Then again, I do not know anyone who's under 18 that can afford to pay cash for a car :dunno:
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Jimmy
Team B.O.B.™ - Ballaz on a Budget
R.I.P Huan Vo 11-19-2008
Jimmy
Team B.O.B.™ - Ballaz on a Budget
R.I.P Huan Vo 11-19-2008
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Joined: Apr 2003
Posts: 91
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From: Chicago
Well, I'm in Illinois, and as far as I can tell, there is no law requiring that one be 18 to own a car.
That said, the reason car sellers require parents to cosign for buyers who are under age 18 has do with contract law.
A "contract" is simply a court-enforceable agreement. Certain contracts are "void." For example, a contract to sell marijuana would not be enforced by a court on the ground that it is "void" as a matter of public policy. Other contracts are "voidable," such as those entered into by anyone under the age 18. In other words, a minor can void a contract at any time and get his/her money back.
So, to answer your question, yes you do need a parent to cosign if you are under 18. It has nothing to with "having the money" and everything to do with the fact that you could walk in and demand a refund at any time until you turn 18!
That said, the reason car sellers require parents to cosign for buyers who are under age 18 has do with contract law.
A "contract" is simply a court-enforceable agreement. Certain contracts are "void." For example, a contract to sell marijuana would not be enforced by a court on the ground that it is "void" as a matter of public policy. Other contracts are "voidable," such as those entered into by anyone under the age 18. In other words, a minor can void a contract at any time and get his/her money back.
So, to answer your question, yes you do need a parent to cosign if you are under 18. It has nothing to with "having the money" and everything to do with the fact that you could walk in and demand a refund at any time until you turn 18!
