# co-sign for a loan



## Cherry (Sep 23, 2009)

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 (Nov 16, 2010)

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 (Jul 6, 2011)

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 (Dec 2, 2011)

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.


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## that_girl (Jul 6, 2011)

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


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## Chelle D (Nov 30, 2011)

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.


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## 2nd_t!me iz_best (Feb 28, 2011)

that_girl said:


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


:rofl:

but shes right


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## I'mInLoveWithMyHubby (Nov 7, 2011)

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


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## Cherry (Sep 23, 2009)

Mistys dad said:


> No
> 
> Hell no
> 
> ...


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 (Feb 12, 2012)

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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## kindmok (Apr 9, 2012)

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


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## synthetic (Jan 5, 2012)

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.


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## KanDo (Jun 15, 2011)

synthetic said:


> 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.


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.


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## golfergirl (Dec 8, 2010)

synthetic said:


> 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.


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 (May 18, 2010)

synthetic said:


> 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.


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?


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## DanF (Sep 27, 2010)

Anytime that I loan a family member money, I consider it gone. If it comes back, fine, if not I am not going to make an issue of it.
I did cosign for one loan a few years ago if she doesn't pay, I will have to just let it go.
However, I am financially able to do this. I could not afford to lose the money, then no.


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## Why Not Be Happy? (Apr 16, 2010)

I agree with Dan. I have lent money to family but always figured it was a "gift". Co-signing is a completely different story-----no way.


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## synthetic (Jan 5, 2012)

Yeah, let's all teach Cherry's father-in-law a lesson via "tough love" and ensure he turns into a successful "young" man. We're doing this for his own good.


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