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Old 01-11-2011, 10:06 AM
 
4,491 posts, read 6,340,474 times
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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.
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Old 01-11-2011, 11:05 AM
 
4,905 posts, read 6,031,202 times
Reputation: 3483
Never, ever, NEVER cosign for a loan.

Thank you
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Old 01-11-2011, 11:19 AM
 
Location: southwestern PA... where the nest is now empty!
13,018 posts, read 15,604,541 times
Reputation: 20583
Quote:
Originally Posted by WannaliveinGreenville View Post
Never, ever, NEVER cosign for a loan.

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

LOL!
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Old 01-11-2011, 11:58 AM
 
13,774 posts, read 18,688,186 times
Reputation: 12032
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.
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Old 01-11-2011, 12:38 PM
 
64 posts, read 183,946 times
Reputation: 54
Quote:
Originally Posted by Pitt Chick View Post
But, but... they "live together, engaged"

LOL!
yup pitty
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Old 01-11-2011, 01:05 PM
 
Location: Wisconsin
5,684 posts, read 3,650,612 times
Reputation: 6075
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.
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Old 01-11-2011, 02:22 PM
Status: "You are entitled to your own opinion but not your own facts." (set 6 days ago)
 
Location: Chapel Hill, N.C.
28,090 posts, read 19,219,102 times
Reputation: 33549
wonder if he will listen. ahhh to be young and ignorant again...NOT
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Old 01-12-2011, 08:19 PM
 
Location: H-town, TX.
2,197 posts, read 2,619,916 times
Reputation: 1143
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.)
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Old 01-13-2011, 10:23 PM
 
607 posts, read 1,225,400 times
Reputation: 1065
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.
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Old 01-14-2011, 11:45 AM
 
1,096 posts, read 2,599,332 times
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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
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