Co-Sign

solefald · 03-22-2011, 04:25 PM

Quote:

Originally Posted by laperacfo

How so? Only if he doesn't pay and I don't pay, correct?

Yep. The thing is that creditors will go after YOU and your family, not the person you are co-signing for, because they already have a shitty credit.

FStop7 · 03-22-2011, 05:04 PM

Quote:

Originally Posted by laperacfo

Will co-signing for someone with terrible credit help them get a car loan?

Yes, and then it will help you get terrible credit once they default on the car loan you co-signed for.

I would look for another way to help that doesn't put your own credit at risk. If you want to help them and they're family, loan them some cash. That way if they screw you over it won't put your own credit at risk.

Trust me, credit is everything. I did a favor like this once and I got burned. It can stay with you for a long time, as in 7 years.

laperacfo · 03-22-2011, 05:31 PM

Thanks for all the input guys.

schoy · 03-22-2011, 07:05 PM

Quote:

Originally Posted by Blake

only way i'd cosign for someone is if they had an separate asset i could put a lien on, like a house. chances are if they are wanting to cosign on something smaller, they don't have any assets.

Really? You'd go through the *very expensive* foreclosure and eviction/repossession, followed by re-sale, process? On a family member/friend/acquaintance? Really?

pt · 03-23-2011, 11:55 AM

Quote:

Originally Posted by schoy

Really? You'd go through the *very expensive* foreclosure and eviction/repossession, followed by re-sale, process? On a family member/friend/acquaintance? Really?

It's not foreclosure / eviction. You slap a lien on their house and then they won't ever be able to sell it until they satisfy it.

It's easier to just not co-sign the loan if you ask me. Taking the bullets out of the gun will always hurt less than wearing kevlar when you shoot yourself.

Freakazoid · 03-23-2011, 12:02 PM

only do it if you have physical collateral. If you don't say fuck 'em. Please trust me from personal experience

laperacfo · 03-23-2011, 12:13 PM

Can someone without a driver's license cosign? This is through BMWFS. I'm thinking maybe I don't want to cosign.

CollinsE90 · 03-23-2011, 12:17 PM

Quote:

Originally Posted by laperacfo

Can someone without a driver's license cosign? This is through BMWFS. I'm thinking maybe I don't want to cosign.

you want to cosign for your brother to get a BMW? wow

NYCGP · 03-23-2011, 12:17 PM

Quote:

Originally Posted by laperacfo

I'm thinking maybe I don't want to cosign.

Smartest comment you have ever made on this site...

laperacfo · 03-23-2011, 12:20 PM

I don't want to. Out mother would like to but no drivers license.

MadDog · 03-23-2011, 12:21 PM

Quote:

Originally Posted by laperacfo

I don't want to. Out mother would like to but no drivers license.

Why do you need a driver's license to co-sign for a loan ??

NYCGP · 03-23-2011, 12:21 PM

Why a bmw? This is so absurd.... You know what I have a great solution.

Go ask a fortune teller. I heard the Asian ones are legit.

MadDog · 03-23-2011, 12:22 PM

More

anyone ??

CollinsE90 · 03-23-2011, 12:22 PM

as far as I know, you just need a SS# to cosign

Freakazoid · 03-23-2011, 12:22 PM

Quote:

Originally Posted by MadDog

Why do you need a driver's license to co-sign for a loan ??

depends on the state, in PA you would need a driver's license to be able to transfer the title to your name (as her name would have to be on the title if co-signing). passport, etc don't work. Don't ask me why.

Freakazoid · 03-23-2011, 12:23 PM

Quote:

Originally Posted by CollinsE90

as far as I know, you just need a SS# to cosign

don't forget that it goes beyond just the 'cosign' aspect of things. the title and registration and whatnot would all have to be in the other person's name as well. (I think)

CollinsE90 · 03-23-2011, 12:25 PM

Quote:

Originally Posted by Freakazoid

don't forget that it goes beyond just the 'cosign' aspect of things. the title and registration and whatnot would all have to be in the other person's name as well. (I think)

My pops cosigned to help start my credit, small loan for my car, cheap payment. All he did was sign his name and SS#, but of course the bill has both of our names on it, and he is every bit of reliable as I am for the payment.

Freakazoid · 03-23-2011, 12:26 PM

Quote:

Originally Posted by CollinsE90

My pops cosigned to help start my credit, small loan for my car, cheap payment. All he did was sign his name and SS#, but of course the bill has both of our names on it, and he is every bit of reliable as I am for the payment.

hmmmm maybe it's a state specific thing then. I'm 90% sure in PA if you cosign your name has to be on the title as well.

CollinsE90 · 03-23-2011, 12:28 PM

Quote:

Originally Posted by Freakazoid

hmmmm maybe it's a state specific thing then. I'm 90% sure in PA if you cosign your name has to be on the title as well.

I'm sure it is on the title, but it isnt paid for so i havent seen it yet to confirm

laperacfo · 03-23-2011, 12:36 PM

Bank has lien on title under Car is paid off.

double_j · 03-23-2011, 05:43 PM

Only co-sign for your offspring to help them get started with necessities (car, school loan, etc.). After all, if they didn't get the loan you'd end up paying for it somehow anyway.

Anybody else and you're asking for what you'll ultimately get. Even siblings...it's just not worth it even in the worst of circumstances. If someone I care about really needs help, I'd much rather just give them some cash outright and force them to make do with what I can give.

At least you can forget about cash after a while. With a co-sign gone bad, you'll lose the cash and hurt yourself in the long run.

ES_TRADER · 03-23-2011, 06:47 PM

If they can't make the payment couldn't they just sell the car and close out the loan? That way neither credit scores would be affected..

03-22-2011, 05:31 PM	#25
laperacfo First Lieutenant 52 Rep 372 Posts Drives: BMW Join Date: Jun 2006 Location: NY iTrader: (0) Garage List 2012 X5 [0.00]	Thanks for all the input guys.
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03-23-2011, 12:02 PM	#28
Freakazoid Captain 188 Rep 962 Posts Drives: Saturn Redline Join Date: Dec 2009 Location: Pittsburgh iTrader: (0)	only do it if you have physical collateral. If you don't say fuck 'em. Please trust me from personal experience
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03-23-2011, 12:13 PM	#29
laperacfo First Lieutenant 52 Rep 372 Posts Drives: BMW Join Date: Jun 2006 Location: NY iTrader: (0) Garage List 2012 X5 [0.00]	Can someone without a driver's license cosign? This is through BMWFS. I'm thinking maybe I don't want to cosign.
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03-23-2011, 12:20 PM	#32
laperacfo First Lieutenant 52 Rep 372 Posts Drives: BMW Join Date: Jun 2006 Location: NY iTrader: (0) Garage List 2012 X5 [0.00]	I don't want to. Out mother would like to but no drivers license.
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03-23-2011, 12:21 PM	#34
NYCGP WTF are you looking at? 257 Rep 1,560 Posts Drives: Bandwagon Join Date: Jan 2011 Location: Jungle iTrader: (0)	Why a bmw? This is so absurd.... You know what I have a great solution. Go ask a fortune teller. I heard the Asian ones are legit. __________________ "It is better to be hated for what you are than loved for what you are not." -André Gide
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03-23-2011, 12:22 PM	#35
MadDog Careful, I Bite..... 157 Rep 504 Posts Drives: 2006 325i Join Date: Dec 2006 Location: S.F. Bay Area iTrader: (0) Garage List 2006 325i [7.50]	More anyone ??
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03-23-2011, 12:22 PM	#36
CollinsE90 Where my bitches 795 Rep 1,924 Posts Drives: Cadillac coupe deville Join Date: Mar 2009 Location: street corner checking profits iTrader: (0)	as far as I know, you just need a SS# to cosign __________________
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03-23-2011, 12:36 PM	#42
laperacfo First Lieutenant 52 Rep 372 Posts Drives: BMW Join Date: Jun 2006 Location: NY iTrader: (0) Garage List 2012 X5 [0.00]	Bank has lien on title under Car is paid off.
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03-23-2011, 05:43 PM	#43
double_j First Lieutenant 86 Rep 331 Posts Drives: 2008 JB/B E90 M3 Join Date: Nov 2009 Location: Northeast USA iTrader: (0)	Only co-sign for your offspring to help them get started with necessities (car, school loan, etc.). After all, if they didn't get the loan you'd end up paying for it somehow anyway. Anybody else and you're asking for what you'll ultimately get. Even siblings...it's just not worth it even in the worst of circumstances. If someone I care about really needs help, I'd much rather just give them some cash outright and force them to make do with what I can give. At least you can forget about cash after a while. With a co-sign gone bad, you'll lose the cash and hurt yourself in the long run.
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03-23-2011, 06:47 PM	#44
ES_TRADER Colonel 352 Rep 2,927 Posts Drives: 328i, 335i, M3, 535i, X5, 36M Join Date: Oct 2010 Location: OC iTrader: (3) Garage List 2014 Ford Raptor [0.00] 2012 328i E92 [10.00] 2013 X5 [0.00] 2013 335i F30 [8.00] 1990 Toyota Previa [0.00] 1997 E36 M3 [10.00] 2011 E92 M3 [0.00] 2011 535i [0.00]	If they can't make the payment couldn't they just sell the car and close out the loan? That way neither credit scores would be affected..
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