 Most useful advice you've ever learned about $$$? |
This question is to fokes young and old, so please anwser? Thank you!
Additional Details
I, personally think the most useful advice i have ever learned about money was to alway balance ... |
|
 Where can I get a loan with bad credit and no home to secure the loan? |
| My credit is in bad shape due to the marriage I was in, dose any one out their know any way to get a loan with poor credit and no home to secure the loan. I want to start a new life and get my ... |
|
 How the heck do I get out of debt??!!!? |
| I don't know what to do! Any sugestions would help!... |
|
 A debt collector called today about a debt included in a bankruptcy 10 years ago. What do I need to do? |
| The collector called when I wasn't home. He answered my husbands questions about what he was calling about. They want me to call back and give the discharge # and lawyer's name. Can I be ... |
|
 What helps your credit score more? |
| Paying off collections, or opening a new line of credit? I have medical bills in collections ... but qualify for a credit card. Obviously both would help the best, but it will take me a while to ... |
|
 Is it possible to talk to my bank and ask for a lower payment in order to avoid foreclosure ?/? |
what are the odds of my bank giving me a lower payment in order to avoid going into default ??
My payments are $3100 per month, MY retirement is only $2000 per month , the money that I ... |
|
 Can i use my Dad's credit card? |
| Ok so im going to be buying a cell phone (i already have one, but i want a new one). My dad gave me his credit card to do so, as i dont want to use bills to pay for a 300$+ phone, a cc is a whole lot ... |
|
 I owe 6000.00 on my American Express Credit card and I dont have a dime to pay on it.? |
| I havent made a payment in 3 months and I dont know what to do because the money is not there to pay it. Please help. I am desperate. They are calling me like crazy and I need to know what is going ... |
|
 How can I get credit when no one will approve me for anything? |
| I can't get any loans or credit cards or anything due to lack of credit. I put down a $300 deposit on my cell phone but come to find out they don't even report good payment.... |
|
 English grammar problem, pls help.? |
Currently, I am attached to a bank as an credit analyst
or should it be..
Currently, i am attaching to a bank as an credit analyst
which 1 is correct or both of them ... |
|
 Can loan companies etc actually see your credit record? |
| Or are they only given your credit score? I know I can view my whole credit record online, but can companies you are applying for credit with do the same? Can they find out how much you owe other ... |
|
 A collection agency is threatrening to sue me over 200.00 will they sue over such a small amount? |
| i really cant pay this debt right now and i always thought they wouldnt sue over such a small amount. but they are threatening to.... |
|
 Bank of american took my visa card and i allways pay my bill is this fare? |
| ill allways paid my bank of american visa on time and in advance now there takeing my card is this fare?... |
|
 What happens to you, when you quit paying your credit cards?? |
| Hi everyone. Im 19 going on 20, and I have 14 credit cards. For a long time my ex boyfriend was paying the minimums each month and now that we have been broken up for a long time, he no longer ... |
|
 When you cancel a credit card do you need to have it paid off first? |
| I have a couple too many credit cards and I'm having difficulty keeping on top of the bills for them. If I want to cancel a couple of them do I need to have the balance paid off first or can I ... |
|
 Would you report your own mother to the authorities for identity theft? |
| my mother has open various account under my name and now they are into collections. i dont know what to to becasues i couldnt live with that in my concious all my life......but then on the other ... |
|
 I have received a letter address to my name but to the wrong address accusing me of being in debt and taking? |
legal action - the postman has given me it based on my surname - do i have to pay the debt?
Additional Details
It is not my debt - I have never been a customer of this company.... |
|
|  |
Mesosweet | Should I cosign on a car for a friend who is willing to pay me? |
A close friend asked me to cosign on 70K car for 4 yrs. And she going to pay me 3k on the day that its purchased. But Im a little worried about the deal even thou I really need the money. I know that her and her husband are financially fit job wise, but they don't have good credit. She said based on their credit score they have to put down 20K to get the car and they don't want to do that. I am just wonder is 3K a little cheap for the liability that I may face if they don't pay. Can someone help me with the pros and cons of this deal. Should I or not. Advice please...
Additional Details
Its not the ideal that they can't afford a car because they have a 30k car already, its mostly for the luxury |
 |
 
gogo7
 |
Very, Very bad idea.
cons:
- They have money and have bad credit. That means they don't pay their bills even with the financial ability to do so.
- They now want a $70,000 fun car. Not need but want.
- They don't want to part with $20,000 as a down payment. That means they don't want to put anything into the car.
- They are going to bribe you with $3000. $3000 to do something you wouldn't normally do. For a reason.
- The reason credit history is so important is that past behavior is indication of future behavior. A psychological well known proven fact. This mean they are going to trash your credit and you'll probably end up paying for their car.
- They are just using you.
- You'll end up losing friends.
- They need to stand on their own feet, so to speak. This is their marriage and their finances and I smell more trouble needing to drag someone into situations like this. They made their credit history on their own and need to live with it on their own.
- They may not have as much money as you think. A lot of people who want to "keep up with the Jone's" are really in debt and not as well off as they seem. Don't want to put a down payment may mean they just don't have it.
- Don't assume these good friends won't sell you down the river to get what they want. It's already started. Even if they don't mean to at first. This bill will come last on the list and they already have bad credit.
- I think you already know this is a bad idea.
- If the lenders don't want to take the risk on loaning them all the money, neither should you.
pros:
none |
|
Trish
|
There is a reason why they don't have good credit.
I would not do it, You will be held liable to pay if they cannot. |
|
Baker
 |
Listen to me carefully....there are absolutely no pros to this....only cons. They have bad credit...period. The first time they are late with a payment (and they will be) , you will also have bad credit. Do not do this!!!!!!!! My answer to you is an emphatic "NO, NO, NO, NO, NO!!!!!!!!!" |
|
matarc
|
Do not co-sign anything...I did that for a friend and they couldn't pay for it and I ended up with a repo on my credit and owe the bank $8k out of my own pocket. They are unable to get the loan themselves for a reason...unless you are as rich as Bill Gates and can afford to pay the loan if they can't....don't consider yourself a lending company. One way to lose this friendship is to co-sign for the car. If she walks away from you because you didn't co-sign...you got your answer....she was never your friend and it cost you nothing....later if she doesn't pay, you'll lose the friendship and owe a large amount of money you may never recover from. |
|
MissV
|
Let them get a cheaper car and you keep your credit rating and your friendship by saying no. They've obviously made unwise decisions in the past, and have no right to include you in their problems. |
|
Michael L
|
DO NOT co-sign this loan. I am not sure about your relationship with this friend but you will be liable if they default, and they have bad credit. There is obviously a reason for them having bad credit. Receiving $3,000 for this committment and being on the hook financially for $70,000 is not a good deal. This will destroy your credit so don't walk but run from this deal. There are no pros to this deal. Tell you friend you have thought about it and have decided against it.
Good luck! |
|
aimee_id
 |
I would say that it would be a bad idea. If they make late payments or stop making payments, it will destroy your credit. Money deals with friends never seem to end good. |
|
north o
|
Nopenopenopenopenopenopenopenopenope!!!!...
Regardlesss of their financial health you will be on the line for this debt if they don't pay!
Why 70k? Cripes they can budget and buy an el-cheapo used car for 1k. They're living beyond their means. Doesn't mean that you have to too.
How many friendships and family members have fought and lost loved ones because of machinations like this!! Don't go there!! If they're true friends, they'll understand.
All you have to say is simply, "I'm sorry, I'm not comfortable doing this". No matter what they come back with .. be a broken record and keep saying it. |
|
ebosgramma
|
Can you afford to pay for a 70K car that you will never drive?
If the bank won't lend the money and banks are in the business of loaning money then you would be crazy to do it.
As the co-signor you will be 100% responsible for the balance of the loan when (that is not IF it is when) your friend does not make the payments. They could get into an accident and total the car. The insurance may not pay off the entire balance owed, you will owe that. The car will get repossessed and sold at auction when your friend falls behind on the payments. You will be responsible for the difference of what is owed on the loan and what the car sells for at auction. With a 70K car it will probably sell for less than 10% of the balance owed.
Do not do it. Suggest that your friend take the $3000 and buy a used car to drive while they bank the amount they would be making in payments until they have the $20,000 in cash so they can put down their own deposit and get their own loan.
Never cosign for anyone for any reason, not even your own parent or your own child. |
|
Gage's Mommy :-)
|
Do NOT do it. There is a reason they have bad credit, and instead of getting a $70k car, they need to be looking at a car that they don't need a cosigner for. Suggest a Honda Accord or even a Civic...they might be in a good financial situation with good incomes, but obviously they aren't in a good enough financial situation to be getting a $70k vehicle. |
|
J M
|
No way. Never cosign for anyone under any circumstances. |
|
!!!
|
Being a co-signor on a loan means you will become legally responsible for paying the lender if the signor( your friend ) cannot pay the lender.
Being a co-signor means you will take the debt very seriously. Could you afford to make the monthly payments right now? |
|
Laissez-Faire Guy
|
DON'T DO IT.
There's a reason they have bad credit. Sometime in the recent past, they've either been late on payments, had a bad debt, or mismanaged their money. It can happen again.
You don't want any part of that. If they were purchasing a used Toyota or something, maybe you might take the risk. But a $70k luxury car??? It's just too risky.
Tell your "close friend" that you are sorry, but you just can't take the risk of assuming a 70k luxury car loan. They may be good for it, but for all you know, one of them might not be able to work in the next 4 years, or they might get laid off, and then you are the one stuck with the bill. And since so little is being put down, that means you'll never be able to sell the car on the open market without taking a loss, until it's nearly paid off. That's why the bank or dealer wants $20k down, so if it's reposessed, they can still re-sell it without taking the loss. |
|
Debt Slayer
|
Under no circumstances should you ever cosign. You WILL end up paying for the car yourself. |
|
| |
|
| | |
| Questions List |
Answers | Last Post
| | | |
13 | 4 minutes(s) ago
| | | |
12 | 43 minutes(s) ago
| | | |
14 | 54 minutes(s) ago
| | | |
15 | 1 hour(s) ago
| | | |
14 | 2 hour(s) ago
| | | |
14 | 3 hour(s) ago
| | | |
14 | 4 hour(s) ago
| | | |
13 | 8 hour(s) ago
| | | |
14 | 11 hour(s) ago
| | | |
14 | 2 day(s) ago
| |
|
Homepage 
Financial
Forum 
Credit 
No Spam
Adult 
Gambling
Unfinished
Deception
Plagiarism
Not English
