I did a stupid thing about 2 years ago. One of my best friends was going through a life crisis and she needed help purchasing a car. (Her own credit score was bad because an old car dealership screwed her over.) So, she asked me to co-sign on her new car purchase. I don't know how I could be so stupid as to agree to it back then, but I did, thinking I was helping out a friend who was in dire need.
Long story short, she was late three times on her payments and of course my credit score has been affected. I've had to pay for her twice so that my credit score would be protected. She has her life back together now and she hasn't been late in a while but it's still something always on my mind.
Would it be better for her to continue to keep the car and make timely payments to improve my credit score? Or should I ask her to sell the car?
Lola Rose
Talk to her about trading the vehicle in for another loan in her name only. My friend just did this last night to get her father off her loan.
1I would suggest she get a bank loan to pay off that loan...then you would be off of it. If she won't, I don't know what you could do.
2Oh man, that's terrible! Then again, things like this happen. My boyfriend asked me to co-sign a loan with him because I had good credit. It took me a while to come to a decision. I trust him, but I felt really weird putting my name on a loan for something that wasn't for me -- even if it was my boyfriend's, someone I'm in a committed relationship with. I ended up saying no & I feel like a huge weight has been lifted from my shoulders! At least now you can be prepared for next time. It's nice of you to try to help her out. You are a good friend!
As for what to do, I agree with books and shoes. You need to tell her your concerns because it affects you & your financial situation. Good luck!
3You are a good friend, not everyone would do this, and whats happening to you is why.
Good Luck.
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4"The years, No doubt, Have changed me"
That stinks. A friend of ours co-signed on another friend of ours car loan and they didn't make the car payments and it ended up get repo'd! Good luck!
5Hi mcreverie-
I answered your question on SavvySugar today — here's the link http://savvysugar.com/1011005. Hope it helps and good luck!
xo,
6Savvy
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