auto

Son wants to saddle dad with bad loan

Dear Terry,
I am 22 years old and drive a truck that's costing me a $400 loan and $400 in insurance a month! I have a few speeding violations and an accident on my record. My truck is under my dad's name -- both loan and insurance.

I had a Chrysler Concord that died and I still owed on that loan. I had it for three months only, so the loan was still huge. So, the bank rolled the remainder of the loan into the cost and financing of the truck.

I simply cannot afford to pay $800 a month. It is causing a serious negative impact on my life. I have had to give up going to college because of this!

Because the loan is under my dad's name, I want to walk away completely, give him the truck and say "deal with it." But I don't want to have to be a villain like that -- also, could he sue me?

What am I to do? Please help. I can't survive like this.
-- Barrett

Dear Barrett,
What a fine son you would be if you stuck your dad with the truck loan. "Man up" here and face the fact that you got into this situation on your own, and you'll have to live with it until you can pay off the truck and clean up your driving record.

And yes, your dad could sue -- which I would encourage him to do if you run out on the loan.

Here are this week's reader questions:
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Should I dump my loan on Dad?
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