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After reading all the posts I am inclined to say no, make up something.
Make up something? Just tell him that 50k is too much money for you to risk on something that will not benefit you in any way. All you are doing is promising to pay a debt- why take on risk with no reward?
OP, I'm glad to hear you said "no," because this sounds like a lot more than a bad idea - it sounds like an outright scam. And unlike some others, I wouldn't even consider helping him refi the truck, because I think he's lying to you and trying to play you for a fool. He says he needs 20K for the truck, but wants to borrow another 30 on top of that for reasons he doesn't even tell you? I almost guarantee you this guy has some other serious financial problems that you don't know about, and he needs the other 30 to keep his whole house of cards from collapsing. Nobody with any financial sense at all borrows $30,000 at 7 or 8% without some very compelling reason. He either needs that to pay off some other bad debt, or - even worse - he just wants it for walking around money, which is all the more reason to not trust him.
I wouldn't co-sign for so much as an oil change for the truck.
This is exactly what I was thinking. Co-signing is ALWAYS a bad idea, no matter how much we try to convince ourselves that our situation is “different.” The whole extra $30k really bugs me here.WTH? Sounds like someone trying to borrow themselves out of a hole, by more borrowing. It’s a temporary fix, at best.
I co-signed twice in my life, and got burned both times. I have loaned money outright a few times, and can only recall one person who paid it back (I’m talking situations where I have loaned more than maybe $50).
If OP REALLY wants to do this (and I see that thankfully he has decided to say, “no”), then just loan them $50k straight up. If that makes you feel uncomfortable (sand it probably will), then you have your answer.
As far as the impact on your credit (and I speak from experience), it will show up as a debt on your credit report, because you are just as obligated as the borrower. Second, anyxlate pakents will also reflect on your rating. Don’t do it!!!
No. And your cousin has made numerous poor financial decisions (the ones you mentioned and foolishly financing a truck that he couldn't afford . . . should've bought a car within his financial means). I am all about helping family, but I also will not unnecessarily put myself at risk for financial ruin/disaster to do so.
No. And your cousin has made numerous poor financial decisions (the ones you mentioned and foolishly financing a truck that he couldn't afford . . . should've bought a car within his financial means). I am all about helping family, but I also will not unnecessarily put myself at risk for financial ruin/disaster to do so.
dont they have parents? i figure the people most likely to ask me for money are people who should have other options before me. if their parents wont help, then it seems silly for me to.
dont they have parents? i figure the people most likely to ask me for money are people who should have other options before me. if their parents wont help, then it seems silly for me to.
That's a good question. While I can't assume that the cousin has parents/others who can help, in my experience such sob story cases have often used up any goodwill from parents and other relatives. As a result, they will keep going down the line until they get to a "yes." OP, don't be that person!
You get yourself into a big, fat financial cluster-pickle.
No one to bail you out. No easy answers. No place to hide.
Then you spend however long it takes, doing whatever it takes in finance HELL until you get the monkey off your back.
I promise, you will never forget the agony of doing something so massively stupid with your money again, and what you had to go through to bail yourself out.
You get yourself into a big, fat financial cluster-pickle.
No one to bail you out. No easy answers. No place to hide.
Then you spend however long it takes, doing whatever it takes in finance HELL until you get the monkey off your back.
I promise, you will never forget the agony of doing something so massively stupid with your money again, and what you had to go through to bail yourself out.
Painful lesson, but it will stick.
And here is how you avoid learning how to manage your money:
You find a poor unsuspecting family member who will make sure you never have to experience the consequences of your decisions, by baling you out as soon as you start to experience any hint of discomfort. If you’re really lucky, they’ll even give you access to the benefit of their own self-discipline (and sacrifice) to create new income streams that will essentially enable (intentional choice of words) you to make even more poor financial decisions. It’s a time tested model that over time has proven itself to be virtually fool proof.
And here is how you avoid learning how to manage your money:
You find a poor unsuspecting family member who will make sure you never have to experience the consequences of your decisions, by baling you out as soon as you start to experience any hint of discomfort. If you’re really lucky, they’ll even give you access to the benefit of their own self-discipline (and sacrifice) to create new income streams that will essentially enable (intentional choice of words) you to make even more poor financial decisions. It’s a time tested model that over time has proven itself to be virtually fool proof.
I agree with everything other than the statement of being fool proof. There is at least one fool, possibly two, in your explanation.
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