Cosigning for a car loan

[Blast]

My youngest had just managed to destroy another car i had bought her, first one was an accident, and is currently angry with me because I will not cosign a car loan for her. This one had iron shavings in the oil, losing power, losing mileage, bent strut from hitting a curb, headlight shorting out and so on.
I'd given her advice a while back to build up a savings for emergencies but tattoos, clothes, and expensive coffee won out. She had tried everything to guilt me into doing this including, of all things, bringing up the fact that her mother had to be able to get around and since she doesn't know how to drive it falls on my daughter, which is complete bullshit that a 44 year old woman is so completely dependent on others.
Anyway, who had cosigned a loan for their kid and how did it go wrong?

[Stapes]

I would never put my credit at risk for anybody. Not that that is what your asking. Your daughter sounds like my sister's. Very irresponsible. Will sacrifice oil changes if it meant spending their own money that could go for shopping. They've done nothing but drive shit heaps their whole lives because they ruined their credit.

[QillerDaemon]

Well, maybe Mom can co-sign for that loan. Maybe if it's to haul her lazy ass around?...

To me, if your daughter is already not showing even a small amount of maturity to consider the consequences of her lack of forethought, it's time to make her suffer for them. At this point, it's not your job to keep picking up her pieces.

My son has even more in savings than I do, for a 25yo with a theme-park supervisor's job he's doing remarkably well for himself. He doesn't need to ask, but I would, knowing he'd be able to pay the amount back.

[Wut]

I would for my older daughter as I know how responsible she is. If she weren't, I might not.

[beagleboy]

Don't co-sign unless you plan on paying.

I was basically shit with money until I turned 25.

[JCW]

Don't co-sign unless you plan on paying.

I was basically shit with money until I turned 25.

Isnt that everyone? Until you do the work to earn the money, it's not even really a concept you can understand. I'm guessing OP felt bad and spoiled this kid now, surprise, shes upset the gravy train stopped. I worry about this with my own child, what is the line between giving them the things you never had, and spoiling them?

[crash273]

I have co-signed for 2 cars this year. What I did was have both my sons give me money I put into a savings account that equaled 3 months worth of payments. This showed me they could be responsible and that they could afford the payments. Now they pay me directly for their cars and I pay the note each month. The money will stay in the savings account for emergencies or if that never is needed then it will go to the next car. This way I have 90 day security on their cars and I know I could sell them in that amount of time if the money stops coming in to me for their payments. I say do it but get security.

[Blast]

Don't co-sign unless you plan on paying.

I was basically shit with money until I turned 25.

Isnt that everyone? Until you do the work to earn the money, it's not even really a concept you can understand. I'm guessing OP felt bad and spoiled this kid now, surprise, shes upset the gravy train stopped. I worry about this with my own child, what is the line between giving them the things you never had, and spoiling them?

When I got the youngest her first car my oldest was down in college and I was still married. Because ex- mrs. Blast didn't drive and I took the job up here so I needed to ensure the youngest, little miss blast, had a reliable car because I wasn't going to drive between Milwaukee and home just to run her to appointments.
The second car was the same reason. I was away to much to enforce the passing me back and after EMB and I split she just started tossing money at her. So there is some spoilage but also she doesn't think things through.

[beagleboy]

Isnt that everyone? Until you do the work to earn the money, it's not even really a concept you can understand. I'm guessing OP felt bad and spoiled this kid now, surprise, shes upset the gravy train stopped. I worry about this with my own child, what is the line between giving them the things you never had, and spoiling them?

It isn't everyone. My niece had an IRA in high school. My dad thought I'd be living month to month still to this day it was bad!

Being as my job is essentially 100% commission based - I see a lot of people in my industry who live month to month.

[PimpDaddy]

Don't co-sign unless you plan on paying.

I was basically shit with money until I turned 25.

Isnt that everyone? Until you do the work to earn the money, it's not even really a concept you can understand. I'm guessing OP felt bad and spoiled this kid now, surprise, shes upset the gravy train stopped. I worry about this with my own child, what is the line between giving them the things you never had, and spoiling them?

I am in the same situation. My wife's kids are 14 and 16, and she wants to give them everything on the planet 'because she didn't have it when she was that age'. My wife spends every cent she earns, which is plenty, and I am OK with that. I am afraid she will teach the kids that is OK, too, and they will turn into yuppy d-bags. Both kids are great and do well in school so it is hard to be tough on them. I have to look for things to bark about. The boy has 3 part time jobs for the summer and never asks for a dime. The 14 y/o girl is going to be a problem IMO. Already wants to 'buy' her friends nice b-day gifts, go shopping, go on day trips, go to Starbucks, buy/wear nice clothes and doesn't have a nickel in her pocket.

I get the 'you don't understand because she is a girl' explanation a lot.

Back on point, I like the '3 month in advance' plan mentioned earlier. As soon as maintenance is kept or payment is missed, sell the car ASAP!

[Animal]

i co-signed a note for my daughter's first car out of college. i made her set it up as an automatic withdrawal from her checking account each month and had her over draft tied to one of my accounts and warned her with her life that it better not over overdraft. And it didn't. But, she's super tight with money. It paid off a few months ago.

[WestTexasCrude]

I have co-signed for 2 cars this year. What I did was have both my sons give me money I put into a savings account that equaled 3 months worth of payments. This showed me they could be responsible and that they could afford the payments. Now they pay me directly for their cars and I pay the note each month. The money will stay in the savings account for emergencies or if that never is needed then it will go to the next car. This way I have 90 day security on their cars and I know I could sell them in that amount of time if the money stops coming in to me for their payments. I say do it but get security.

This is a great idea.

[CaptQuint]

I co signed a brand new Chevy for a girlfriend, we broke up about a year later, She made every payment on time and satisfied the loan. That is not typical.

[Gunzen]

I co signed a brand new Chevy for a girlfriend, we broke up about a year later, She made every payment on time and satisfied the loan. That is not typical.

You having a girlfriend seems the least typical part of that post.

[CaptQuint]

I co signed a brand new Chevy for a girlfriend, we broke up about a year later, She made every payment on time and satisfied the loan. That is not typical.

You having a girlfriend seems the least typical part of that post.

[beagleboy]

You having a girlfriend seems the least typical part of that post.

That dude gets a lot of pussy. Chicks go for guys who pretend to be ex-military.

[CaptQuint]

You having a girlfriend seems the least typical part of that post.

That dude gets a lot of pussy. Chicks go for guys who pretend to be ex-military.

Liar

[beagleboy]

You having a girlfriend seems the least typical part of that post.

That dude gets a lot of pussy. Chicks go for guys who pretend to be ex-military.

Liar

I know, you don't really get a lot of pussy.

[Reservoir Dog]

Chicks go for guys who pretend to be ex-military.

Really? (asking for a friend)

[CaptQuint]

You having a girlfriend seems the least typical part of that post.

That dude gets a lot of pussy. Chicks go for guys who pretend to be ex-military.

Liar

I know, you don't really get a lot of pussy.

If you need to lie to attack me then you have issues.

[beagleboy]

Chicks go for guys who pretend to be ex-military.

Really? (asking for a friend)

Immediate panty drop. Some times you have to throw in a little jargon like "you gotta come in on their six" when watching Game of Thrones to lather them all up.

Giving yourself the name "Badmotherfucker" also helps I'm sure.

[PimpDaddy]

You having a girlfriend seems the least typical part of that post.

That dude gets a lot of pussy. Chicks go for guys who pretend to be ex-military.

Liar

I know, you don't really get a lot of pussy.

If you need to lie to attack me then you have issues.

Ad Hominen Attack!!!

[CaptQuint]

You having a girlfriend seems the least typical part of that post.

That dude gets a lot of pussy. Chicks go for guys who pretend to be ex-military.

Liar

I know, you don't really get a lot of pussy.

If you need to lie to attack me then you have issues.

Ad Hominen Attack!!!

When you have nothing to contribute

[Blast]

You having a girlfriend seems the least typical part of that post.

That dude gets a lot of pussy. Chicks go for guys who pretend to be ex-military.

Liar

Which part was the lie?

[CaptQuint]

You having a girlfriend seems the least typical part of that post.

That dude gets a lot of pussy. Chicks go for guys who pretend to be ex-military.

Liar

Which part was the lie?

The whole enchilada