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HotJewels | I let my fiance get a car under my credit. Any advice for being smart about this? |
I (24) love my fiance (29) very much and we plan on getting married soon. He has been paying $700/month (for 3 yrs) for an old car that has been a big bill for him. The other day we went to a car dealer and saw a beautiful new car that would be $320/month (for 6 yrs) under MY credit as his credit is not that great. If he did it under his credit the car would have 20% interest but under my credit he can pay only 6% interest. I was nervous about it as I do not want to ruin my credit but I decided to help him since this would save us a lot of money. He has called a credit assistant who is helping him have good credit in 8 months garanteed so that makes me happy. The thing is I love him but I do not want to be stupid. Is there any advice you can give me or let me know of your own experiences. He loves me so much and tells me the last thing he will do is make a late payment and mess up my credit. Did I make a good choice?
Additional Details
He is $4,000 in debt. |
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S P
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Assuming you are getting married and you trust him enough to make the payments, that's your choice. If it makes you nervous, when you get married will you be handling all the finances?? One sure way you'll know and rest at ease that the payments are truly happening. You have every right to be worried, it does happen, and can ruin your credit. How about saying nicely to him that even though you trust him and he's going to make the payments, it's your credit and see if he'll let you keep track of it for him. Or, does the finance company offer online payments? You could have the online payment emailed to you, so you know it's paid. Even though it's a trust issue, you still want to protect yourself. My husband needed to have his Dad co-sign for a new car, both telephone #'s are on the loan, if it's late, they will call his Dad, only happened once, but, I was able to email him the payment confirmation so he could rest assured that the payment was indeed made. Just an idea, but, you never know what will happen 6 years from now. Be careful and Good Luck! |
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dlmrgnk
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You made a dumb decision unless you have a use for his car. He has bad credit for a very solid reason and you now carry the burden. Money never solves money problems. You realize, in addition, that you are probably in an upside down position with the new car--that is, you'll owe much more than the car is worth for several years. |
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Emanon
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Stupid move! But since you already made the stupid move, you're stuck with it for now. As soon as his credit is decent he must refinance in his name. You must make the payment for him if he falls behind so your credit doesn't get ruined. |
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frank y
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don't do it. let him clean up his credit before you marry him |
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Micki
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You're going to marry him and your main worry is your credit? Seems odd to me!
It's too late to decide about the credit thing - you've already signed loan papers from what you've written. Just make sure that he makes those payments - are you two living together - perhaps saving on rent expense will help him even more. Bug him every month to make sure that those payments are made. |
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Ted
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Simple solution: he pays you and you make the loan payments. Then you know they are being made.
Note: 20% interest offer indicates that he has serious problems in his past. What is this "credit assisant" supposed to do that is going to clean this up in 8 months? Sounds like a rip off. |
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stan c
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Let me assure you this will be the biggest mistake you're making. If he is guaranteed a good credit rating in 8 months, wait it out and let him apply on his own. If has bad habits now, who makes you think they'll change after you get married? I hate to say this but in most cases where the couples are not married, the males usually walks out because he can't deal with a situation. (sorry guys). |
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Classy Granny
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There is nothing smart about this. It's never a good idea to use your credit to get such a major purchase for someone else. If you want a better car, wait until you are married and finance together. |
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Trisha
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The fact that he is cleaning up his credit shows that he's attempting to be responsible. I dont think that you should expect the worse, being that he would ruin your credit, since this should have gone thru your mind before you got the loan. The best thing to do is make sure the payment goes out on time, even if this means calling the company to make sure they receive their payment. He should be saving because he would not have $700 to pay a month like before, now he has $320 to pay a month. Just encourage him to save some. He is your fiance, dont start off by distrusting him. He said he would not make a late payment and you should be involved to see that he doesnt. My husband makes most of our payments and I ask him every month, "Hun, did you send out the mortgage check?' .....not that I distrust him, but to let him know that Im on top of things too |
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Amy
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Do NOT do it!!!
I had to repo a truck from my ex-boyfriend (oh, we lived together and we were in love...yada yada yada) after we broke up we even worked together. He did not tell me he was behind on the payments and I saw him everyday, I had a creditor call me and the account was 3 months past due!
Be smart and do NOT do it! After you get married you can refinance the car in both your names, so you have a lower interest rate.
Good Luck and Congrats on getting married! |
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Jasmine
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I think this would be a bad situation if you have only been dating for 3 months but if you guys are planning on getting married your merging finance's anyways. You know him better than anyone else. And its great! that he's trying to get his credit together I think that shows that he cares about your financial future as a married couple. And in a few months down the road you can always transfer the loan to him and that would build his credit even more. But just to be on the safe side I would have a plan b. What would happen if he could'nt pay, could you afford to pay the payment for that month? If you trust that he'll pay you monthly go for it!
Good Luck! |
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spoiledbrat788
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My suggestion to you, is wait until you are married to get the vehicle. Before then, assist him in clearing up his credit. I know that it is a bad idea before. You must think business in situations that can effect your life. If you do not get married, you are stuck and there is nothing you would be able to do but become upset if his name is not going on it at all. Even as a co-signer there are still only certain things you could do. I don't want to act as though I don't expect you to ge married and live a great life. But now it is more like business. If his credit is messed up, who is going to be financed for apartments or obtain a mortagage. You are. That means that your credit needs to remain rather good. So if he get over on you (crossing my fingers he doesn't) he will be driving around in a nice new car, and you won't be able to get anything if your own goes down, unless you're ready to pay the high interest and a high note. |
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sdcadavid
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I am afraid you are gambling a bit. I would suggest you try to get car put in both names. or just offer to have it refinanced and you will pay the difference. Explain to him that if it is refinanced it will improve his credit for the future. And most of all do not let that insurance lapse. |
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Vadalia
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Don't do it unless you can comfortably make the payments yourself should he bail out (of the loan or the relationship) You need to understand that his bad credit and debt is a red flag you should be paying attention to (by the way, credit takes more than 8 months to repair so don't count on that)
Also, if he's got that much debt he doesn't need to be buying a new car and stretching the payments over 6 years to make it affordable anyway because for about 3 years he/you'll owe more than the car is worth and if it crashes or you want a new one- you'll have to pay the difference out of pocket.
If you really love him, you won't let him be stupid or let him make you be stupid. Tell him to get a used car under a 3 or 4 year contract that's affordable under his credit. If you really believe that the credit assistant can clear his credit in 8 months, he'll be able to refinance the car loan for a lower interest rate then, however that won't be possible if it's a new car (because he'll owe more than the car is worth)
Being in love doesn't have to mean not being smart. |
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