So far you've told me your son debt financed a brand new car he couldn't afford and had to sell and got in over his head, then you bailed him out so he could go into more debt and buy a house he shouldn't be able to buy and can't really afford (especially without depending on a boarder).
Right...
Whatever happened to saving ?
Uh..... no. He borrowed for a car that he could easily afford. It turned out to be a lemon. He has it for sale and has bought a demo model "sensible" vehicle. He CAN afford both of them at the moment, but once his mortgage payments kick in, he needs to expedite the selling of the first.
Please show me where we "bailed him out"????
And your idea that he should not be able to buy a house without a boarder is just ignorant. No wonder you are still renting (or living with mummy).
And I'll say it AGAIN...... are you paying attention...... he has no "savings" because he has been paying off his car at a much higher rate that if he had a "regular" loan. Had he known he would be wanting to get a loan, he could have kept his car payments at the level expected, and saved some money in a bank account.
Do you understand, or would you like me to explain it again?