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Old 01-11-2011, 09:06 AM
 
4,473 posts, read 5,845,447 times
Reputation: 3629
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, 10:05 AM
 
4,872 posts, read 5,519,523 times
Reputation: 3420
Never, ever, NEVER cosign for a loan.

Thank you
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Old 01-11-2011, 10:19 AM
 
Location: southwestern PA... where the nest is now empty!
11,385 posts, read 13,041,548 times
Reputation: 16960
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, 10:58 AM
 
13,569 posts, read 16,450,984 times
Reputation: 11642
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, 11:38 AM
 
64 posts, read 158,481 times
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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, 12:05 PM
 
Location: Wisconsin
4,994 posts, read 3,063,471 times
Reputation: 5110
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, 01:22 PM
Status: "Love Wins in North Carolina!" (set 5 days ago)
 
Location: Chapel Hill, N.C.
25,326 posts, read 16,496,615 times
Reputation: 30438
wonder if he will listen. ahhh to be young and ignorant again...NOT
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Old 01-12-2011, 07:19 PM
 
Location: H-town, TX.
1,984 posts, read 2,343,560 times
Reputation: 998
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, 09:23 PM
 
589 posts, read 1,117,595 times
Reputation: 976
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, 10:45 AM
 
1,096 posts, read 2,391,159 times
Reputation: 1033
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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