ayjt80 Posted February 24, 2011 Share Posted February 24, 2011 ok, heres the story. One of my best friends who just forclosed on his house due to his morgage situation cant get a loan by himself. I agreed to buy the car in my name and have my friend pay me the monthly amount due, also a contact would be signed by myself and the friend that was written up by a lawyer stating at payoff i would be obligated to sign the car over to his name. Also if he were to default on the loan (at any point owe more than three months) he would break the contract and forfiet any money payed to that point. Now heres where it gets interesting. my friend told me that im no friend if i dont cosign the loan for him to buy the car in his name. I cant tell you how much this pisses me off. I told him to find someone else. Link to post Share on other sites
Art_Critic Posted February 24, 2011 Share Posted February 24, 2011 If you value your friendship then the best advice I could give you is to not do it. These things have a way of going wrong and in the end the friendships never make it. I like the idea you are doing about covering your butt with contacts but remember in the end it could very well wind up being your car and the friendship ruined.. Link to post Share on other sites
johan Posted February 24, 2011 Share Posted February 24, 2011 Actually, I don't think you should say no to him. That's what you'd say to a friend. For people like this guy it's better to just tell him when he does get a car to ram it up his a**. Link to post Share on other sites
SincereOnlineGuy Posted February 26, 2011 Share Posted February 26, 2011 my friend told me that im no friend if i dont cosign the loan for him to buy the car in his name. Common sense says that you would never cosign a car loan for a mere "friend". Link to post Share on other sites
alphamale Posted February 26, 2011 Share Posted February 26, 2011 don't do it Link to post Share on other sites
whichwayisup Posted February 26, 2011 Share Posted February 26, 2011 my friend told me that im no friend if i dont cosign the loan for him to buy the car in his name. No true friend would say this. DO NOT cosign. Link to post Share on other sites
ClevelandAguilar Posted February 26, 2011 Share Posted February 26, 2011 my friend told me that im no friend if i dont cosign the loan for him to buy the car in his name. He is being selfish, dont cosign the loan..!!! Link to post Share on other sites
kevinpeter12 Posted March 16, 2011 Share Posted March 16, 2011 I like the idea you are doing about covering your butt with contacts but remember in the end it could very well wind up being your car and the friendship ruined.. Link to post Share on other sites
missmac Posted March 20, 2011 Share Posted March 20, 2011 like water and oil - they don't mix. financial problems can put an enormous strain on a friendship - and if the situation becomes sticky - arguments over personal responsibility, and taking advantage of personal relationships - can quickly diminish once strong bonds. Unfortunately - it's one of those situations where as much as we want to help our friends when they are in a jam, as we would hope they would do for us, Money is one object that should never come in to play. Also, a real friend would not want to place such a burden on your friendship over their financial hardships. Friendships hold much higher value that any material object. A true friend would not use guilt, or question the validity of your friendship based upon your decision to loan him money. Like it or not, his finances are his responsibility, whether they are lost through a fault of his own, or something beyond his control. A good friend will help find the resources to get them back on their feet, but should not be asked to take on the burden themselves. Link to post Share on other sites
Bionic Me Posted March 21, 2011 Share Posted March 21, 2011 If you value your friendship then the best advice I could give you is to not do it. These things have a way of going wrong and in the end the friendships never make it. I like the idea you are doing about covering your butt with contacts but remember in the end it could very well wind up being your car and the friendship ruined.. If you value your CREDIT then the best advice I could give you is to not do it. Screw the friendship. Good credit takes you a long way... Link to post Share on other sites
yessy21 Posted March 21, 2011 Share Posted March 21, 2011 Hellllllll Noooooo.............. DONT DO IT!!!!!!!!!!!!!!!!!!!!!! Link to post Share on other sites
Naveed Posted March 23, 2011 Share Posted March 23, 2011 hey guys I lost my best friend due to some reason I feel very alone I will involve my self in different things I have no time for my self and other person. http://www.onlineshoppingavs.com Link to post Share on other sites
betterdeal Posted March 23, 2011 Share Posted March 23, 2011 my friend told me that im no friend if i dont cosign the loan for him to buy the car in his name. Well, that sounds like a threat. Threats are not very friendly, are they? Link to post Share on other sites
EyesWideOpen Posted March 23, 2011 Share Posted March 23, 2011 My first instinct was "don't do it". Then I read the ultimatum! Uh, yeah. Your friend is no friend for saying that. =P Really though, there's very very very few people in your life that you should cosign on anything for. Spouse. Children (provided they've proven themselves responsible enough to handle it). MAYBE siblings and other immediate family. Distant relatives - no. Friends - absolutely not! Link to post Share on other sites
2sure Posted March 23, 2011 Share Posted March 23, 2011 I have co-signed for loans. For friends and for relatives. If you co-sign a loan, or as you put it - buy the car in your name - Doesnt matter what you and he agree to or have signed : YOU are responsible to pay the loan if he doesnt. And then, you are responsible for collecting from your friend should you choose to do so. So, if paying off the loan yourself would be difficult or hurt your credit - dont co sign a loan. If you can pay it off and just be irritated if your friend or relative screws you - then sign away. Its a nice thing to do, people need help now and then. But if co signing or paying off a car is a risk and burden to you and your friend insists that you take it on... Just dont Link to post Share on other sites
EyesWideOpen Posted March 23, 2011 Share Posted March 23, 2011 YOU are responsible to pay the loan if he doesnt. And then, you are responsible for collecting from your friend should you choose to do so. So, if paying off the loan yourself would be difficult or hurt your credit - dont co sign a loan. Also, along the same lines...your friend could really damage your credit in ways that aren't super transparent. The most damage to your credit won't be if he/she defaults on the loan and then you have to start picking up the tab. It'll be if he/she pays late here and there - which will ding your credit score EVERY TIME the payment is made late. Also, you won't know this has happened (or is continually happening) unless you constantly monitor your credit. Even so, there's virtually NOTHING you can do about it after the fact. Also, keep in mind that there is a threshold on how much debt you can incur. If you plan on buying your own car or house in the near future, the friend's car payment will count against your debt to income ratio - thus reducing the amount of credit you are able to get as long the friend's loan is not paid in full. All in all, it's just not a good idea to go into debt for someone else. Link to post Share on other sites
betterdeal Posted March 23, 2011 Share Posted March 23, 2011 And, generally, they can't get credit themselves because they are too much of a credit risk. Link to post Share on other sites
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