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OT co-signer

My boyfriend and I have been together for 1 1/2 years. He has horrible credit and has asked me to cosign for a new car for him. I am not sure if this is a good idea or not. What is your advice?

Fri. Nov 24, 8:43am

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Personally, I really, really wouldn't. I don't make assumptions about your relationship, but this sort of thing is almost always a very bad idea (and I have the assumed debt to prove it). It sounds like you know this anyway, or perhaps I'm reading between the lines a bit. I know it's hard to say "no" to someone you're involved with, but he earned that bad credit for himself.

Friday, November 24, 2006, 9:34 AM

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don't do it- from experience- nuff said

Friday, November 24, 2006, 10:58 AM

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co-sign with the knowledge that YOU will have to make the payments if he doesn't (track record not that good) and that you will be tied to him for the length of the loan, even if the relationship goes sour. OTOH, i am a formerly-bad-credit person - went thru illness and unemployment in my 20s - and my husband cosigned on my car before we were married and it was just what i needed to get my good credit back.

Friday, November 24, 2006, 11:40 AM

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Friday, November 24, 2006, 12:22 PM

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my boyfriend co-signed on a car loan for me a couple of years ago . . .and we are still together and i pay my car payment on time every month. i didn't have bad credit-i just didn't have enough credit-my boyfriend and i hadn't been together that long when he offered to do this but he trusted that i wouldn't screw him over if things went bad between us down the road. what type of person is your boyfriend? do you trust him? does he follow-thru with things? is his bad credit because of things he didn't take care of a while back or because of irresponsible behavior recently? you know in your gut what the right thing to do it. if you trust that he'll always pay then do it. if you can't trust him to even pay his cell phone bill-then don't!!

Friday, November 24, 2006, 1:59 PM

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As with the above posters, I have personal experience in co-signing for a boyfriend. I have no doubts about the strength of your relationship, but please don't confuse your relationship with the financial constraints of co-signing. He can ask a family member (and if they say no, then really, what more convincing do you need?)
You mentioned that your boyfriend has terrible credit in the first place. Well, he managed to get himself into that situation, and changing that behavior is very difficult. Your relationship will become one where you will be watching his spending very closely, and question his finances...constantly reminding him of his obligation to make the car payment, etc. Since his credit is already in the toilet, one late payment will reflect poorly on your credit.
All I am saying is that my credit went from A+++ to much less than that after co-signing for a store credit card, and that wasn't even a car loan!
One more you have the cash on hand to cover a car loan default? If not, then don't take on that responsibility.
Obviously I feel very strongly about it, and I hope that you don't ever have to give the same advice to someone else down the line.
Best of luck

Friday, November 24, 2006, 2:00 PM

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make yourself aware of a few things, such as does your boyfriend maintain friendships with previous girlfriends? does he speak about past relationships in a good way? can he afford the car? will car payments depend on his mailing out a check or will they be automatically deducted from his account? what other financial responsibilities does he currently have? is he on time with them?

also be aware that even if he is LATE with a payment, this goes on YOUR credit report. if he is late often, this could affect your chances of securing a loan for yourself for a car or home or credit card or even your auto insurance rates (some states link your credit report with the cost of your car insurance). and, this is a worst case senario, if you break up in a few months and it is nasty or he feels resentful, he could take the car, move and leave you as the responsible party. and how will this deal affect your decision to break it off with him if you find your are no longer happy in the relationship? why can't he ask someone else? isn't there someone he has known longer than he's known you that he could ask for help? i find it curious that you are his only hope....

Friday, November 24, 2006, 2:16 PM

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I would not even co-sign for a sibling, or parent, or anyone. I think it is the worst thing you could do. You need to protect your credit, and you are the only person who can do that. DON'T DO IT!

There are programs avaliable for people who have bad credit to buy a car, they may end up paying a higher intest rate, but it could help them get their credit back online. Help him look into those programs.

Friday, November 24, 2006, 2:54 PM

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Are you willing and able to pay back the loan. Why does he have bad credit. I will pray you get guidance

Friday, November 24, 2006, 8:03 PM

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Op here

He did look into a program for people with bad credit and got a used car (2000 for $15,000) the car has had major problems since he bought it. Now he either has to put $1000 into it to fix it and hope for no more problems or get a new car. His family has bad credit too, they have tried to help him in the past but their credit was not good enough. I have not decided what to do. I want to help so he will stop having to ride the bus. I think our relationship is good and strong. Even if we were not together I think he would make the payment.

Friday, November 24, 2006, 8:06 PM

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