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ƒ®îgg Üþ ©hî¢ ®™ | My credit score is 760 and my cousin recently asked me to Cosign on a car loan with her.? |
I've never cosigned for anything with anyone so I'm not sure what to do. She's asked her parents and they've said no. My mom advised me not to do it. The loan is 4000, however she can't get it on her own. I'm not sure what to do.She promised to make all the payments on time etc etc, however I'm still not too sure. I told her I'd think about it and get back to her. I take really good care of my credit, pay my bills on time etc etc and I really don't want to mess it up. She told me that I'm her last hope, and I feel bad but I"m not sure if I'm willing to risk my credit in the process.. I'm thinking I'd rather my cousin stop talking to me than my credit getting f'd up. What should I do? Is this a disaster waiting to happen? I'm curious to read your opinions on it and any horror stories if possible.. Thanks in advance everyone :). |
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Rico
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Don't do it. Even if she makes all her payments on time it will show as a debt against you and may keep you from getting a loan in the future. Worst case something bad happens to her, something out of her control and you are screwed. |
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ZoroBabel
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DON'T DO IT! Better she gets mad now than ending up on Judge Judy because she refuses to pay and you're stuck. |
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DeeDee
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DONT DO IT!
You may end up regretting it .. and even more .. paying off the debt if she doesnt pay it and forgoes on the loan.
YES, dont mess up your credit for someone else .. even if it is family etc .. you never know the consequences it may have for you future wise. |
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Vadalia
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The only time you should be willing to co-sign for anyone is if you are ready to make all the payments yourself without getting whatever the loan was to buy.
I've talked to tons of people that have horrible experiences with co-signing. One girl co-signed a loan for her boyfriend's car. They broke up, her ex didn't pay the loan, ruined her credit, and her boyfriend kept the car.
Co-signing should raise red flags for you anytime, but especially since your cousin's own parents won't co-sign for her. Advise her that you love her too much to ruin your relationship over money, so you won't be co-signing her loan. Tell her she should either buy a cheaper car she can get financing on her own or save up the money and buy the car outright. |
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vsweety
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Don't do it, I'm quite sure your cousin has the best intention in paying for the loan, but anything can happen to her later on down the road finacially and then you will be screwed. |
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Paula M
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take a look at some questions posed in the last two days from people who DID co-sign for a family member.......Don't be a co-signer......EVER......you will find yourself making car pymts on a car you don't even have possession of.
The fact that her parents won't do it is a clear indication that they anticipate her not making it a priority.
You are not her last hope - there are plenty of "in-house" financing companies that would love to loan her money......
You would be better off buying her a $1,000 clunker free and clear and having her make pymts to you......if she screws up your credit overnight - it'll take you YEARS to get it back up to 760... |
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KC
 |
DO NOT DO IT!
Obviously she has a hard time paying her bills and tracking her own money. If she didn't then she would have good credit and could get the loan herself. The chances are that you'll be making the car payments eventually. If she throws a fit then good!
NO! NO! NO!. |
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AB
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NO, NO, NO. If her parents said no, you can say no. It sounds like she is irresponsible and needs to straighten things out befores she gets a loan. It is not your obligation to do this favor for her. I guarantee it will ultimately backfire if you say yes and you could potentially ruin your great credit you have worked so hard for. One late payment will be unreversible. |
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launrider
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If you are worried, I wouldn't do it.
If she doesn't pay, you are of course responsible. If the car is repossessed it will be on your credit for at least 5 years I believe.
I have also heard on the news that if it comes to that and the case almost closed (5 years almost is up) they can send you a letter asking you to make a one time payment of whatever let's say, $200, and you send it. That will reopen that case for another 5 years.
I would truely think about it.
Maybe she should look at something more affordable. |
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faith
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I am a credit analyst..that is my job, your credit is cash to you. People do not care to pay bills if wont affect them,..........DONT DO IT........take your mom advs. |
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STEVEN F
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Vadalia's first paragraph is the best possible answer to any question about co-signing. I copied it below.
The only time you should be willing to co-sign for anyone is if you are ready to make all the payments yourself without getting whatever the loan was to buy. |
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so far north
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The fact that your friend's own parents won't even cosign should tell you something. Don't go there! |
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mm06840
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DONT do it!! My co-worker co signed a loan for a friend. It contributed to his divorce. The bank will go after the person that they think is more likely to pay the loan, regaedless of who signed first.If co sign your credit will be messed up or you will be out $4000, plus interest |
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sexytrojan
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If the bank and her parents won't do it, you shouldn't either.
If you cosign, you are ultimately responsible for the loan. If she is late or doesn't make the payments, you have to.
You don't get a score of 760 overnight. Don't ruin that because you have good family ethics.
Also, she can get a loan on her own, just not one with a good interest rate. |
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PF32
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My advice is don't do it. Your credit will be held hostage for the length of the loan (at least three years?) and it will count as debt to you. My brother cosigned with me to get my first apartment but he was off the hook after six months was up. Plus it was necessary housing and his girlfriend was my roommate. Your cousin might have to look into public transportation, getting a loan for part of the money from her parents, etc. She may not talk to you for a while if you say no, but if she messes up, she may avoid you forever. Be strong, you earned your good credit rating. |
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Marc
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It's not that hard! Look at her history of money management and make a judgement. Does she spend more than she makes? Pay her bills months late if at all? Does she keep a job, or even have a job? What is her general attitude towards spending; does she buy what she wants when she wants, or does she know when and when not she can afford things?
Short answer though is that the risks are way to high for your cousin to get a loan alone, why should you assume that risk?
In the end if you do decide to cosign, I would get some sort of collateral that means something to her or have her sign a contract with you that states that she will make payments on time and will not default on the loan. |
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Christian
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If you have a 760 score, you've obviously done some things right. Don't start doing the wrong thing now. You will be responsible for any payments she misses. Ask yourself this: At this time, can you afford to withdraw $4000 and throw it out the window? If you answer no, then you have the answer you need to tell your cousin.
If she can't afford a $4000 car, and she can't get a loan on her own, she needs to set her sights lower. She needs to save her pennies and dimes and start with whatever she can afford, like a $500 car. |
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mt
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do it |
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