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<blockquote data-quote="GoingNorth" data-source="post: 314413" data-attributes="member: 1963"><p>My dad co-signed on my first car. Actually, he bought the car and I paid him the monthly payment.</p><p></p><p>Dad was a travelling salesman and he drove a fleet car. After a year in the fleet, these cars were turned in and sold at auction.</p><p></p><p>I was only sixteen and not old enough to get a loan on my own. I was also on the family ins policy and paid for that monthly as well.</p><p></p><p>Never missed a payment, and I had a really nice Chevy Impala to tool around in.</p><p></p><p>My big turn off on co-signing came a few years later when husband co-signed for his difficult child brother and got left holding the bag on the deal. he was just trying to help out, but in all actuality shouldn't have been approved as a co-signer. He didn't have the cash inflow nor the credit to have been approved.</p><p></p><p>brother in law left us with a payment we simply didn't have the wherewithal to make. husband wound up turning the car back into the dealer and took the hit on his credit report.</p><p></p><p>Since then? Yeah. When times were good for us, we did help out with groceries or checks written directly to utility companies and the like, but no more taking responsibility for other peoples' debts.</p><p></p><p>The dumbest thing any of them did was when a friend of mine co-signed with a bail bondsman to get a friend out of jail. The so-called friend promptly disappeared leaving my friend with a thirty five hundred dollar bet.</p><p></p><p>She had no idea her friend had skipped until the bond company landed on her doorstep</p></blockquote><p></p>
[QUOTE="GoingNorth, post: 314413, member: 1963"] My dad co-signed on my first car. Actually, he bought the car and I paid him the monthly payment. Dad was a travelling salesman and he drove a fleet car. After a year in the fleet, these cars were turned in and sold at auction. I was only sixteen and not old enough to get a loan on my own. I was also on the family ins policy and paid for that monthly as well. Never missed a payment, and I had a really nice Chevy Impala to tool around in. My big turn off on co-signing came a few years later when husband co-signed for his difficult child brother and got left holding the bag on the deal. he was just trying to help out, but in all actuality shouldn't have been approved as a co-signer. He didn't have the cash inflow nor the credit to have been approved. brother in law left us with a payment we simply didn't have the wherewithal to make. husband wound up turning the car back into the dealer and took the hit on his credit report. Since then? Yeah. When times were good for us, we did help out with groceries or checks written directly to utility companies and the like, but no more taking responsibility for other peoples' debts. The dumbest thing any of them did was when a friend of mine co-signed with a bail bondsman to get a friend out of jail. The so-called friend promptly disappeared leaving my friend with a thirty five hundred dollar bet. She had no idea her friend had skipped until the bond company landed on her doorstep [/QUOTE]
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