Sup guys. I need a favor from anyone who has their paperwork from their bank for a finished payment letter. My parents are hassling me about paying off my car for me, but they already paid the down payment of $20k for me and I don't want to take anymore of their money. They're already paying for my college education right now. If I show them that I paid the car off, they'll stop calling twice a week about how stupid it is to pay interest when they can just pay it off right now. I'll be done with my payments in about 2 years, but 2 years is a long time to hear the nagging. You can block out any personal information on it, I just need a letter that looks official. Thanks a lot guys.

 

There is one way you can find the good in this. Tell your parents that you are building a road to credit. By creating a history of purchases with the responsibility of payments in a long term setting. Tell them you want to eventually make big purchases like a House when you complete your studies. A good credit history goes a long way in securing the best available credit.

Other than that please do not mask your car payment with a fake letter. I mean come on its your family. Sit with them and talk about your concern. But I believe what I stated above is the smart and mature thing to say to them.

Good luck.

 

lol why wont you just type one up yourself and put the banks logo on top? all they really do is stamp and paid in full thing on your paper work.

 

It's really cool that your family wants to help you in this way ... many folks do not have the opportunity to know what that is like. As paivag noted, there are benefits to you if they allow you to do some of it on your own, as you seem to wish.

I would suggest, as noted in the previous post, that you discuss it with them, thank them for the other things they already do for you, but ask them to respect your wishes to do some things for yourself. Otherwise, you run the risk of damaging that relationship if they discover an un-truth related to the car loan.

 

Yeah...I've tried the building credit thing. They told me to get a credit card. Ahahaa, that 1 was funny. I think Asian parents just have a problem with paying interest on anything. They feel cheated or something.

I've really thought about this for awhile, and this is the best solution I can come up with as my parents won't budge. I only have 2 more years left, and I take care of most of my financial needs besides school, so there really isn't a huge lying to my parents factor. I just want to put them at a ease of mind since they are getting old and I'd hate to worry them.

 

Only you can judge best how to handle this one ... but the thoughts are worth consideration in your decision process.

 

You could try to convince them to pay off my car...then maybe they won't have much $$$ left and will stop nagging you

Seriously though, even if you did show them a fake statement, would they believe it? Wouldn't they start wondering how a college student acquired enough cash to pay off a car?

 

Be honest with your parents. Accept that they have perceptions about the world that may be different than yours. You are very fortunate to have them.

 

Asian parents want everything paid off!! they always save until they have enough money to pay it off. Very strict about their money! (coming from another asian ) lol

 

Wouldn't your parents then ask you where you got the money for the payoff? This would lead to another set of lies. Not good.
Compromise with your parents and let them make the payoff with the understanding that you will then pay them your current monthly payment. If they refuse to allow you to pay them back, set up a seperate savings account and deposit your current payment until it reaches the amount of the payoff.
Use this money to buy your parents a super gift or perhaps a vacation pkg.
They will not be able to refuse a gift and it sounds like they truly deserve it.