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Speaking of Cars
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<blockquote data-quote="Tanya M" data-source="post: 643525" data-attributes="member: 18516"><p>Never Ever, I repeat Never Ever co-sign a loan for anything!!! You are putting your credit on the line and if she doesn't make the payments you are stuck with them.</p><p></p><p>When my difficult child was married they needed a car. If it would have just been the two of them I would not have helped but I was concerned about my granddaughter. I knew better than to co-sign a loan so I purchased a modest used car for $4000.00 I wrote up a legally binding loan agreement, my difficult child agreed to it and signed it. He was to pay $100 a month and I carried the insurance. I got one payment. In the end, he wrecked the car, not bad just body damage but the icing on the cake was when he got behind on his rent he gave the car to his landlord to cover the back rent. I could have gone to court but would have had to spend more money only to get a car back that was no longer worth anything. I knew going into it that I may never get my money back.</p><p></p><p>If you must, buy her a modest used car and have her make payments to you but do not co-sign a loan. Only do this if you are willing to basically throw the money away.</p></blockquote><p></p>
[QUOTE="Tanya M, post: 643525, member: 18516"] Never Ever, I repeat Never Ever co-sign a loan for anything!!! You are putting your credit on the line and if she doesn't make the payments you are stuck with them. When my difficult child was married they needed a car. If it would have just been the two of them I would not have helped but I was concerned about my granddaughter. I knew better than to co-sign a loan so I purchased a modest used car for $4000.00 I wrote up a legally binding loan agreement, my difficult child agreed to it and signed it. He was to pay $100 a month and I carried the insurance. I got one payment. In the end, he wrecked the car, not bad just body damage but the icing on the cake was when he got behind on his rent he gave the car to his landlord to cover the back rent. I could have gone to court but would have had to spend more money only to get a car back that was no longer worth anything. I knew going into it that I may never get my money back. If you must, buy her a modest used car and have her make payments to you but do not co-sign a loan. Only do this if you are willing to basically throw the money away. [/QUOTE]
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