Cherry

My H's dad asked him to cosign for an auto loan. This guy has never had good credit, doesn't have a whole lot in life and he's making my H feel guilty for saying no. My FIL knows I recently filed bankruptcy, ugh... So frustrating. My poor H... I had to firmly tell FIL that our final decision was no... He mumbled something about knowing who makes decisions in this home. Would you have considered doing it? I mean I didn't think twice... Not being in the financial mess that we're finally crawling out of.
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PBear

There's a reason why he has bad credit, and it's not because of his stellar financial decisions and management in the past. I think you're doing the right thing.

C
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that_girl

Nope.

I would never co-sign for ANYONE. Not even my children.

If they can't get it on their own, they shouldn't buy it. Live within your means, people!!

The nerve of some people. Seriously. You know you'd be stuck with that debt...he knows it too. he's not stupid asking you to sign.

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Mistys dad

No

Hell no

F*** no

Co-sign with a devoted spouse.

Co-sign for your kid's first car.

and nobody else.

However, your Husband should have been the one to tell him, serious guy etiquette breach.

__________________
The first question should always be, "If it's that bad, why are you still there?

OK, you screwed up, it happens. Now apologize. But apologize just once. Make it loud, clear, short, to the point, and directly to those you trespassed against. Then move on.

that_girl

Yea, the hubs is a puss. It's his dad! Wtf.

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Chelle D

You did right.

Don't change your mind. Hubby might feel bad for "turning down his father" with help. But, remind him that you two couldn't even help yourown selves out of bankruptcy.

Don't co sign any loans, unless 1) YOU are so rich, that you can take on all the payments yourself, and 2) if you REALLY like/want the item you are cosigning for.

Because most likely, you'll end up having to make the payments. And in my minds eye, if you make the payments, you get the crappy car.

2nd_t!me iz_best

but shes right

I'mInLoveWithMyHubby

No way no how. You did the right thing for sure!

Cherry

My H told him first... He just kept going on and on... So he handed me the phone.

Thanks, I had a brain fart for a second and felt bad for not even thinking twice, but yeah... I know darn well we'd be stuck with that debt sooner or later.
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heavensangel

Nope, Nada, Zilch, Nil, Nine

Wouldn't even do it for our kids. They'll tell you today, it was the best thing we could have ever done for them! Their credit is exactly that their credit.

NEVER, NEVER, NEVER CO-sign on any kind of loan/credit account. There is a reason he has a bad credit.....it;s because he doesn't pay his bills.....

How sad it is that a father has to come to his son to ask such a thing!

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Courage: is not having the strength to go on……..It is going on when you don’t have the strength

kindmok

Before helping someone get a loan, you should understand your obligations, and know what could be happen if the person you're helping doesn't repay the loan. You should also ask the lender about refinancing the loan to get your name on the property's title.

equipment finance | Car Finance

synthetic

It's his dad. Cosigning a loan is the least your husband can do for his father. What else does a man have in life other than his parents, wife and children?

What is this world coming to?

Before you all scream "what if he doesn't pay it?": So freaking what? Everyone suffers. That's what you do for family. SUFFER if s**t happens.

KanDo

Sorry, can't go with this. Co-signing on a loan is something you consider when you are in strong enough financial position, not when you are coming out of bankruptcy! Family or not. Hubbies first priority is his wife, children and himself.

golfergirl

Sorry - parent, child whomever - poor decisions on your part doesn't mean an emergency for me.

An adult who cannot get a car loan without a co-signer cannot afford it.
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AFEH

That would force a financial dependency of the father onto the son. Problem is it sounds like the father is truly a dependent adult instead of an independent one as he cannot finance his own life.

Best way to teach any dependent to be independent is through “tough love denial”, literally make them stand on their own two feet.

In the end it’s the far better way of doing things than what you propose because with your way all you end up with is a bunch of dependents unable to pay their own way through life.


And then of course on top of all that the guy’s son is in extremely serious financial difficulty. What sort of father is it that piles more problems on his own son?