U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Economics > Personal Finance
 [Register]
Please register to participate in our discussions with 1.5 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Jump to a detailed profile or search
site with Google Custom Search

Search Forums  (Advanced)
Business Search - 14 Million verified businesses
Search for:  near: 
Reply Start New Thread
 
Old 01-11-2011, 10:06 AM
 
4,479 posts, read 6,116,186 times
Reputation: 3649

Advertisements

I'd be surprised if they let him co sign anyway, and they would be doing him a BIG favor.

Agree with the others - don't do it! Have her go find a cheaper car. Not to mention, Wells Fargo does not have good rates on car loans even when you have excellent credit.
Reply With Quote Quick reply to this message

 
Old 01-11-2011, 11:05 AM
 
4,876 posts, read 5,787,408 times
Reputation: 3451
Never, ever, NEVER cosign for a loan.

Thank you
Reply With Quote Quick reply to this message
 
Old 01-11-2011, 11:19 AM
 
Location: southwestern PA... where the nest is now empty!
12,142 posts, read 14,343,434 times
Reputation: 18656
Quote:
Originally Posted by WannaliveinGreenville View Post
Never, ever, NEVER cosign for a loan.

Thank you
But, but... they "live together, engaged"

LOL!
Reply With Quote Quick reply to this message
 
Old 01-11-2011, 11:58 AM
Status: "God was not in Stalingrad." (set 1 day ago)
 
13,680 posts, read 17,621,873 times
Reputation: 11873
Had at least two friends get burned by their "significant others" in this situation. Nothing like paying for a car you don't have in order to protect your credit.
Reply With Quote Quick reply to this message
 
Old 01-11-2011, 12:38 PM
 
64 posts, read 171,599 times
Reputation: 54
Quote:
Originally Posted by Pitt Chick View Post
But, but... they "live together, engaged"

LOL!
yup pitty
Reply With Quote Quick reply to this message
 
Old 01-11-2011, 01:05 PM
 
Location: Wisconsin
5,410 posts, read 3,398,470 times
Reputation: 5743
She should be buying like a $2000-3000 car and paying cash if she already has other bills. She WILL default on a $9000 loan, and if you co-sign, you WILL be liable to pay the entire remaining amount. It doesn't matter if it's "her" car.
Reply With Quote Quick reply to this message
 
Old 01-11-2011, 02:22 PM
Status: "Truthiness Forever" (set 13 hours ago)
 
Location: Chapel Hill, N.C.
26,538 posts, read 17,907,833 times
Reputation: 31735
wonder if he will listen. ahhh to be young and ignorant again...NOT
Reply With Quote Quick reply to this message
 
Old 01-12-2011, 08:19 PM
Status: "Stay in Florida, scrape ice off truck. Voila." (set 19 days ago)
 
Location: H-town, TX.
2,083 posts, read 2,479,577 times
Reputation: 1075
Quote:
Originally Posted by flyonpa View Post
... Fast Forward 1 year, CD.. My X-GF took off to take a new job in X, I just was notified by the Bank that the Car Loan I co/signed for her last year has not been paid in 6 months , They say the balance is 15K, Do I have to pay it? I Don't have 15K to pay it.


And to finish that thought--I see this kind of stuff at Yahoo! Answers all the time--cosigning gives you all the pain of owning a car (paying for it) without actually having a car to show for it.

Sounds like a pretty fresh idea IF the fiance decides that you aren't "the one" and drives off to another state for another guy with that car, but you get the bill.

(Anyway, no credit as a cosigner = no chance at loan, anyway...unless you have really magnificent income and a really low debt to income ratio.)
Reply With Quote Quick reply to this message
 
Old 01-13-2011, 10:23 PM
 
604 posts, read 1,174,780 times
Reputation: 1043
I suggest he introduce her to the dude from the thread above "should I bail out my fiance or..." they would make a lovely couple.
Reply With Quote Quick reply to this message
 
Old 01-14-2011, 11:45 AM
 
1,096 posts, read 2,499,475 times
Reputation: 1038
Quote:
Originally Posted by sp31 View Post
My Girldfiend is looking to get a 9K loan from the bank for a new (used) car. She has bad credit due ti unpaid medical bills (that's it). Noone can cosign for her. Can I cosign for her even though I don't have ANY credit? We're going to try wells fargo later today.
Watch and episode of Judge Mathis or Court Tv and you will see half of the cases resolve around this exact issue.

People have bad credit for a reason your gf may be unable to pay you just like she was unable to pay creditors unless it was the result of a medical situation in which case it was out of her control.

Your gf should get a cheaper car for lik 5k or less that she can either pay cash for or that can be paid off quickly. Also, if for some reason she doesnt or cant pay you are on the hook for a reasonable amount you can take care of.

Dont loan or cosign unless your okay with losing that money
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $84,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Economics > Personal Finance
Similar Threads

All times are GMT -6.

2005-2014, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25 - Top