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PrincessP
Big sister!!!!!!!!!!
Member since 12/05 17450 total posts
Name:
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co-signer
I was just looking for some opinions. Is it nervy to ask an aunt or uncle to cosign on a lease of a car? I feel terrible doing this but my student loans from my masters made it that I cant lease my car. My mom cant sign as she has to take care of finding out whats what from my dads funeral expenses.
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Posted 12/28/05 6:37 PM  |
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DjPiLL
Member since 5/05 3664 total posts
Name:
Richard
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Re: co-signer
I don't think its that nervy... but there is another issue here.
You can't get a car loan anywhere? Car loans are very easy to get in general.
If you owe that much in student loans that you can't get a car loan... then maybe you shouldn't buy a new car and just buy a used beater to get from point A to B.
Co-Signing in general is very bad... ESPECIALLY on car loans. If you get into an accident... and injure someone... that person can not only sue you... but they can sue your aunt.
If your aunt owns a house... that can lead to big trouble.
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| Posted 12/28/05 6:56 PM |
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mrswask
Pookie Love
Member since 5/05 20229 total posts
Name:
Michal
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Re: co-signer
I agree with Pill (imagine that) in that co-signing a car loan can end up being tricky. My dad got burned years ago after co-signing a car loan for someone.
Didn't you say there wasn't much wrong with your car but you felt like getting a new one? Maybe you should just get your current car repaired?
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| Posted 12/28/05 7:10 PM |
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BaroqueMama
Chase is one!
Member since 5/05 27530 total posts
Name:
me
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Re: co-signer
If you shop around, you should be able to get a loan without a cosigner. You'll probably pay a lot more in interest, but at least it's all on your shoulders. I think you have an easier time without a cosigner if you finance the car and not lease it, although I could have that backwards.
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| Posted 12/28/05 7:25 PM |
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PrincessP
Big sister!!!!!!!!!!
Member since 12/05 17450 total posts
Name:
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Re: co-signer
Posted by DjPiLL
I don't think its that nervy... but there is another issue here.
You can't get a car loan anywhere? Car loans are very easy to get in general.
If you owe that much in student loans that you can't get a car loan... then maybe you shouldn't buy a new car and just buy a used beater to get from point A to B.
Co-Signing in general is very bad... ESPECIALLY on car loans. If you get into an accident... and injure someone... that person can not only sue you... but they can sue your aunt.
If your aunt owns a house... that can lead to big trouble.
I leased a bunch of cars and never had this problem until today. I am trying to turn in my lease early bc the mileage is getting close. I am not sure I consider the debt TOO much but it definately passes my yrly income. Thats what they told me they are looking at.
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| Posted 12/28/05 7:31 PM |
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PrincessP
Big sister!!!!!!!!!!
Member since 12/05 17450 total posts
Name:
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Re: co-signer
Posted by mrswask
I agree with Pill (imagine that) in that co-signing a car loan can end up being tricky. My dad got burned years ago after co-signing a car loan for someone.
Didn't you say there wasn't much wrong with your car but you felt like getting a new one? Maybe you should just get your current car repaired?
its a lease that I dont really have a choice of keeping unless I go over my mileage.
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| Posted 12/28/05 7:32 PM |
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DjPiLL
Member since 5/05 3664 total posts
Name:
Richard
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Re: co-signer
Posted by PrincessP
Posted by mrswask
I agree with Pill (imagine that) in that co-signing a car loan can end up being tricky. My dad got burned years ago after co-signing a car loan for someone.
Didn't you say there wasn't much wrong with your car but you felt like getting a new one? Maybe you should just get your current car repaired?
its a lease that I dont really have a choice of keeping unless I go over my mileage.
This is one of the many reasons why leasing is bad in general.
I would buy a beater car and start driving that in the interim since you don't have any miles left on your current car.
Don't trade the lease in to a new car because you are going to get raped at the dealer (no matter how much they try to sugarcoat the trading in process).
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| Posted 12/28/05 8:17 PM |
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sunny
Life is good!
Member since 5/05 8369 total posts
Name:
Stephanie
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Re: co-signer
I think it depends on the relationship with your Uncle.
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| Posted 12/28/05 9:56 PM |
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PrincessP
Big sister!!!!!!!!!!
Member since 12/05 17450 total posts
Name:
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Re: co-signer
Posted by DjPiLL
Posted by PrincessP
Posted by mrswask
I agree with Pill (imagine that) in that co-signing a car loan can end up being tricky. My dad got burned years ago after co-signing a car loan for someone.
Didn't you say there wasn't much wrong with your car but you felt like getting a new one? Maybe you should just get your current car repaired?
its a lease that I dont really have a choice of keeping unless I go over my mileage.
This is one of the many reasons why leasing is bad in general.
I would buy a beater car and start driving that in the interim since you don't have any miles left on your current car.
Don't trade the lease in to a new car because you are going to get raped at the dealer (no matter how much they try to sugarcoat the trading in process).
You are right because I noticed they upped my payments by 30 bucks a month telling me they were taking back my car but yet I am really paying for my car with the 30 dollars times 12 months. Someone told me to park my car in the driveway and forget the deal. I can always use my dads car. Its a 94 corolla and it can take me to and from work. Thanks everyone for your advice.
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| Posted 12/28/05 11:13 PM |
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