Ok...so I know this kid who is 26, still lives at home, barely could hold down a job most of his life, and is asking his sister to co-sign for him so he can get a new BMW 325i. This kids credit is soooooo screwed up also because he never paid any of his bills in the past. His sister has perfect credit, and she's someone very close to me. She has another year before her current car is paid off, and she wants to get something new. I just told her that if she co-signs for him, then thats 5 years worth of payments that he has to have on time, or else her credit will be screwed up. Not to mention that when banks see that she's a co-signer for a $25,000+ car, its going to be difficult for her to get a new car after a year when her current loan is paid off.

I told her to think it through more. If her brother wasnt such a deadbeat and paid his SH*T on time, then maybe I wouldnt tell her to think twice. But like I said...this kid is living at home still, jumps around between jobs (although he has been working as a cable install technician for the last few months and seems to stable at that job), and his own parents wont even help him. Sucks that he has to lurch off his sister who is a really kind and kick ass individual.

I really hope she doesnt go through with it. disappointed.gif fire1.gif

 

I hope she's horny, cause she's about to get fvcked!

 

It's kinda funny that most of us know a person just like the guy you're talking about. In fact, the guy that I know was the same way with bouncing around jobs and getting his parents to co-sign on a car. He bought a 98 BMW 7 series last year (which wrecked once so far for $5000 in damage)...

Boo to deadbeats... Yeah for nice people who don't support deadbeat behavior! banana.gif

 

So yeah....I just got off the phone with her. She's going to do it and instead of co-signing, just put the loan in her name completely. Its going to be almost a $400/month payment for the Beamer, and her brother told her that after one year, he'll have it so that the loan is taken out of her name and put into his. I told her that he seems to think that its that easy and its not. He barely even has the credit now to get the loan in the first place. What makes him think that in a year, he'll be able to transfer a $25,000+ loan into his name?


Another thing that really urks me on this is that my dream car is an M3. I was planning on buying a brand new one within the next 3-4 years If they're still making them at that time). I have the credit, and I make enough to afford a car like that, but I'm saving a large chunk to put as a downpayment.

It really pisses me off how someone like me has to save up and do things the RIGHT way when I want something, where as people like her brother can coast through life, mooching off of others and never have to worry about being responsible. mad.gif


I hope this doesnt come back to bite this girl in the ass because she really is a great person and she doesnt deserve to have her life (or her credit) ruined because of her idiot brother. rant2.gif

 

<div class='quotetop'>QUOTE(Visionz @ Mar 8 2006, 05:47 AM) </div><div class='quotemain'>So yeah....I just got off the phone with her. She's going to do it and instead of co-signing, just put the loan in her name completely. Its going to be almost a $400/month payment for the Beamer, and her brother told her that after one year, he'll have it so that the loan is taken out of her name and put into his. I told her that he seems to think that its that easy and its not. He barely even has the credit now to get the loan in the first place. What makes him think that in a year, he'll be able to transfer a $25,000+ loan into his name?
Another thing that really urks me on this is that my dream car is an M3. I was planning on buying a brand new one within the next 3-4 years If they're still making them at that time). I have the credit, and I make enough to afford a car like that, but I'm saving a large chunk to put as a downpayment.

It really pisses me off how someone like me has to save up and do things the RIGHT way when I want something, where as people like her brother can coast through life, mooching off of others and never have to worry about being responsible. mad.gif
I hope this doesnt come back to bite this girl in the ass because she really is a great person and she doesnt deserve to have her life (or her credit) ruined because of her idiot brother. rant2.gif</div>

Unfortunately, it sounds like that is precisely what is going to happen. I'd be getting on the phone with her agai ASAP bro, and do whatever it takes to get her not to do it. smack.gif

 

Yeah, this almost never goes well.

If she wants to get the loan for the car that means she'll be the registered owner too, so if he gets a red light ticket, or does something illegal and gets the plate reported, she gets the ticket in the mail or the cops showing up at her door. She will have to get a lawyer and prove it wasn't her, often even if the brother claims it was him. It's a really bad idea even beyond the probable credit implications. I know being blamed for a hit and run fatality accident that I was no part of doesn't sound fun to me at all. I can see helping a family member that's less than responsible buy a new Accent to drive if he's trying to turn his life around, but a 325i? An irresponsible person in that car is nothing but trouble.

He's got a good chance of totalling the car, and missing his $300/month insurance payments (estimated based on car, driving record, credit score and age) and leaving her stuck with paying for the damages he does and the remainder of the loan.

 

Well, she got the loan and everything for him. He picks up the car tomorrow. The loan payment is $411/month (4 year loan and he traded in his Pathfinder). The kid does have a decent job though now (he's a cable tv/roadrunner installation tech for Time Warner).


I think what also bugs me is the fact that I'm 28 and I moved out when I was 18 and have been supporting myself day after day. I busted my ass to get through college, get my degree, get a decent job, and now making really good money with great benefits. While her brother is 26, still lives at home, and mooches off of everyone. OH...and supposedly after a year, he's going to get another loan, pay off the car loanthathis sister got for him, and then have it all in his name. I asked his sister what happens if he doesnt get the loan. She told me that her father will get it then. mad.gif Thats what I mean by this kid mooches off of everyone. But at least no matter what....it will be out of her hands within a year though and it will show on her credit that she paid off a $25,000 car loan within a year. So I guess thats good in a way. But I just have a feeling he's going to default on it and its going to get repo'd.

 

lol hate doing this, but im bored at work and gonna be a grave digger on this post haha

how did this end up? did the dead beat brother get the loan? did he default? just curious... bump.gif


dance.gif dance.gif dance.gif dance.gif dance.gif dance.gif dance.gif dance.gif dance.gif dance.gif dance.gif dance.gif dance.gif

 

Oh I dont know....she moved away, and I never talk to her anymore. laugh.gif I'm pretty sure he defaulted on the loan, but who knows.

 

LMAO... I saw Mechanix's post and was like "WOW! HE'S BACK!!!" then looked at the date.