As long as u know your lover or husband makes the payments on time, would u help cosign for them?

My boyfriend never missed a payment when it came to his car. He also told me that he will have a better chance if we both went together and got the car. I had helped him before by lending him for a car in the past, which he paid for. Well, for this car he told me that he will be responsible for every single payment for the car. He was a co-sgner for someone in the past, but it hurt his credit and he had to fix it. Now he needs a co-signer if he wants to do anything. I did tell him that I don't want to sign anything that shows financial liability because he owns the car and not me. He says he will do all of that himself, so I trusted him. I was just wondering from your opinion, if you know that they will make the payments on time, would you guys prefer? Will his credit mess up too?

Cambria

Husband, yes.

Boyfriend, -NEVER-

Love my kittys

If he doesn't make the payments, they will come after you. It won't matter whether you have a vested interest in the car or not. If you are going to co sign, make sure you can afford to make the payments in case he defaults. Also, I would have him sign a contract stating that if he misses payments, that he will sign over the car to you since you will be paying for it.

Mom of 2

My husband yes but never my boyfriend. No matter how good/bad his past credit is.

Tiare

You can cosign but you must be fully willing to take on the payments in the event he does not. You are talking about a 5 or 6 yr loan here, lots of things can happen in that amount of time. This site is chock full of questions from cosigners who got nailed with the payments, so be careful. If he does not make his payments for whatever reason, they WILL come after you and you will be legally obligated to pay, it is YOUR bill. Just understand that and be willing to pay it and everything will be fine. Cosign is just like lending money to a relative, better be prepared that they will not pay you back and you will be stuck. If you can accept that, fine. I would never ever cosign for anyone except my kid cause I would be willing to pay her bills for her. Nobody else though. too much can go wrong in that amount of time.

honeybee72781

I wouldn't recommend it without your name being on it too. That way if something should happen between you two then you can either get your name removed or get the car.

__A_YAHOO_USER__

Not in a zillion years.

originata

If it were my spouse AND she proved to be reliable with decent income, then MAYBE. For anyone else, a girlfriend, friend, family member, I would never do that. It's not a wise decision at all.

Missus

NO,NO,NO!! Never for a BF.

There is a reason that people are unable to get a loan on their own.
Google a few financial pages and see how many give a resounding no to co-signing. Small amounts for children and spouses (if you can cover the cost) are ok.

If you need to get a loan in the future, having the loan on your credit history might affect your ability to get a loan yourself.

Soon 2 Be Mrs. Pumpernickle

It really depends on the status of the relationship. I would but I have been with my man for going on five years now and we are completely committed to each other. Is your boyfriend the type to want to get revenge if you two were to split? Because if you guys split up, he could let his credit go to hell to make you responsible for the car. You two might want to sit down and discuss this and all the possible outcomes.

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