Co-Sign

laperacfo · 03-22-2011, 01:57 PM

Will co-signing for someone with terrible credit help them get a car loan?

jlspeed29 · 03-22-2011, 01:58 PM

generally speaking yes..assuming you have good credit and the balls to sign for someone wh bad credit

i wouldnt

NYCGP · 03-22-2011, 01:58 PM

inb4terribleideacomments

infinitekidM2C · 03-22-2011, 01:59 PM

do it lol

Blake · 03-22-2011, 02:01 PM

Quote:

Originally Posted by NYCGP

inb4terribleideacomments

Quick6EF · 03-22-2011, 02:04 PM

Only if the co-signer has strong enough credit to get approved themselves.

They have terrible credit for a reason though, so don't do it!

coh4777 · 03-22-2011, 02:09 PM

Hope you are at least getting the p*ssy payments in return...

laperacfo · 03-22-2011, 02:14 PM

LOL @ at p*ssy payments.

Anyways, so it is possible?

Would you do it for your brother?

KingOfJericho · 03-22-2011, 02:15 PM

If they don't pay, you'll have to. It's not a good idea.

CollinsE90 · 03-22-2011, 02:15 PM

Quote:

Originally Posted by laperacfo

LOL @ at p*ssy payments.

Anyways, so it is possible?

Would you do it for your brother?

fuck no, family would be the first to fuck you because they knew you would let it slide

fun ticket · 03-22-2011, 02:20 PM

Like others said, they have bad credit for a reason. I might do it for a son or daughter to help them get started but thats about it. Many things can happen in a co-sign and 90% of them are bad. Be careful (unless you are wealthy and have the bank).

Blake · 03-22-2011, 02:23 PM

only way i'd cosign for someone is if they had an separate asset i could put a lien on, like a house. chances are if they are wanting to cosign on something smaller, they don't have any assets.

Feyd · 03-22-2011, 02:26 PM

Tangent

infinitekidM2C · 03-22-2011, 02:28 PM

only under these conditions

- bro needs a car for work or school
- monthly payments are very low
- you are prepared to pay the monthly payments if he stops-and he will

JayKay335i · 03-22-2011, 02:30 PM

doooooo it

MarkR171 · 03-22-2011, 02:30 PM

Do they have terrible credit because of bad decisions in the past? Or terrible credit because of a lack of history?

How much do you trust your brother, and how responsible is he?

My father co-signed for me on my first car loan simply because I didn't have the credit history to get approved on my own (age 19.) After I paid that car off, my credit is basically flawless and had no problem getting approved for my 135i on my own.

persian54 · 03-22-2011, 02:54 PM

well if the payments are say, $200/ month

then just make sure you can take his camera, laptop, watch, gf, etc if he stops paying

or have him give you a year or so in advance

Bobble · 03-22-2011, 02:59 PM

Short answer yes as long as their credit is above ther kenders certain level. I did this for my daughter four years ago to help her start getting credit, along with a significant down payment, when she moved one payment was missing/late and they did contact me about as the consigner. She made the payment everything was fine but they will come after you if they don't pay. Did he have credit issues or just does not have any credit?

solefald · 03-22-2011, 03:02 PM

Quote:

Originally Posted by laperacfo

Will co-signing for someone with terrible credit help them get a car loan?

yes. it is also a sure way for you to get terrible credit too.

laperacfo · 03-22-2011, 03:14 PM

Quote:

Originally Posted by solefald

yes. it is also a sure way for you to get terrible credit too.

How so? Only if he doesn't pay and I don't pay, correct?

infinitekidM2C · 03-22-2011, 03:16 PM

thing is you probably won't know he hasn't paid till its too late

laperacfo · 03-22-2011, 03:23 PM

can't I request a statement mailed to me also?

03-22-2011, 01:57 PM	#1
laperacfo First Lieutenant 48 Rep 372 Posts Drives: BMW Join Date: Jun 2006 Location: NY iTrader: (0) Garage List 2012 X5 [0.00]	Co-Sign Will co-signing for someone with terrible credit help them get a car loan?
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03-22-2011, 01:58 PM	#2
jlspeed29 Major 491 Rep 1,389 Posts Drives: F80 SO ZCP CCB Join Date: Aug 2007 Location: Somewhere along PCH... iTrader: (0) Garage List 2008 335 coupe [8.00]	generally speaking yes..assuming you have good credit and the balls to sign for someone wh bad credit i wouldnt __________________ A fisherman always sees another fisherman from afar
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03-22-2011, 01:58 PM	#3
NYCGP WTF are you looking at? 232 Rep 1,560 Posts Drives: Bandwagon Join Date: Jan 2011 Location: Jungle iTrader: (0)	inb4terribleideacomments __________________ "It is better to be hated for what you are than loved for what you are not." -André Gide
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03-22-2011, 01:59 PM	#4
infinitekidM2C Major General 4207 Rep 5,729 Posts Drives: 2019 M2 Competition Join Date: Nov 2007 Location: Orange County, CA iTrader: (4) Garage List 2019 M2 COMPETITION [9.50] 2008 135i (my old car) [7.39]	do it lol
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03-22-2011, 02:04 PM	#6
Quick6EF Lieutenant 84 Rep 489 Posts Drives: E92 Space Gray Join Date: Apr 2010 Location: Boston iTrader: (0)	Only if the co-signer has strong enough credit to get approved themselves. They have terrible credit for a reason though, so don't do it! __________________
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03-22-2011, 02:09 PM	#7
coh4777 Lieutenant 29 Rep 533 Posts Drives: 07 BMW 335i Coupe Join Date: Jul 2009 Location: Vegas iTrader: (0)	Hope you are at least getting the pssy payments in return... __________________ COH4777* 2007 335i Coupe - Jet Black / Coral Red / Aluminum Trim / 6MT / Sport / Premium / CA / Navi / iPod + USB
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03-22-2011, 02:14 PM	#8
laperacfo First Lieutenant 48 Rep 372 Posts Drives: BMW Join Date: Jun 2006 Location: NY iTrader: (0) Garage List 2012 X5 [0.00]	LOL @ at p*ssy payments. Anyways, so it is possible? Would you do it for your brother?
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03-22-2011, 02:15 PM	#9
KingOfJericho Major General 2452 Rep 7,341 Posts Drives: Yes Join Date: Aug 2007 Location: CT iTrader: (1) Garage List 2010 135i Coupe [5.26]	If they don't pay, you'll have to. It's not a good idea. __________________ The views and opinions expressed in this post are those of the author and do not necessarily reflect the official policy or position of Bimmerpost. 2018 Jeep Grand Cherokee High Altitude Hemi \| 2010 S4 Sold \| 2010 BMW 135i Retired \| 2006 Lotus Exige Sold
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03-22-2011, 02:20 PM	#11
fun ticket Private First Class 143 Rep 129 Posts Drives: 2017 Ford Raptor Join Date: Oct 2009 Location: Tampa, Florida iTrader: (0)	Like others said, they have bad credit for a reason. I might do it for a son or daughter to help them get started but thats about it. Many things can happen in a co-sign and 90% of them are bad. Be careful (unless you are wealthy and have the bank).
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03-22-2011, 02:23 PM	#12
Blake Banned 757 Rep 4,649 Posts Drives: Chevy Aveo Join Date: May 2008 Location: Parent's Basement iTrader: (7)	only way i'd cosign for someone is if they had an separate asset i could put a lien on, like a house. chances are if they are wanting to cosign on something smaller, they don't have any assets.
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03-22-2011, 02:26 PM	#13
Feyd Major 348 Rep 1,288 Posts Drives: a DEEZZULL Join Date: Aug 2007 Location: Chicago, IL iTrader: (2)	Tangent
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03-22-2011, 02:28 PM	#14
infinitekidM2C Major General 4207 Rep 5,729 Posts Drives: 2019 M2 Competition Join Date: Nov 2007 Location: Orange County, CA iTrader: (4) Garage List 2019 M2 COMPETITION [9.50] 2008 135i (my old car) [7.39]	only under these conditions - bro needs a car for work or school - monthly payments are very low - you are prepared to pay the monthly payments if he stops-and he will
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03-22-2011, 02:30 PM	#15
JayKay335i Banned 189 Rep 5,046 Posts Drives: ///M323 DCT Join Date: Apr 2009 Location: North Dakota; its best DUHHHHHH iTrader: (1)	doooooo it
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03-22-2011, 02:30 PM	#16
MarkR171 Lieutenant Colonel 102 Rep 1,552 Posts Drives: '19 M2C \| '20 100AE ND2 Join Date: Dec 2009 Location: Phx, AZ iTrader: (0) Garage List 2019 BMW M2C [0.00]	Do they have terrible credit because of bad decisions in the past? Or terrible credit because of a lack of history? How much do you trust your brother, and how responsible is he? My father co-signed for me on my first car loan simply because I didn't have the credit history to get approved on my own (age 19.) After I paid that car off, my credit is basically flawless and had no problem getting approved for my 135i on my own. __________________ 2019 M2C - Alpine White - 6MT 2023 Supra 6MT - Deposit and Wait
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03-22-2011, 02:54 PM	#17
persian54 Lieutenant General 923 Rep 15,818 Posts Drives: M760/G83M4 Join Date: Jun 2009 Location: The Valley, SoCal iTrader: (298)	well if the payments are say, $200/ month then just make sure you can take his camera, laptop, watch, gf, etc if he stops paying or have him give you a year or so in advance __________________ From E93 335i to E89 Z4 to E93 M3/E89 Z4 to E350/SL550
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03-22-2011, 02:59 PM	#18
Bobble Major 56 Rep 1,232 Posts Drives: Whatever POS the wife leaves Join Date: Oct 2008 Location: SoCal iTrader: (1)	Short answer yes as long as their credit is above ther kenders certain level. I did this for my daughter four years ago to help her start getting credit, along with a significant down payment, when she moved one payment was missing/late and they did contact me about as the consigner. She made the payment everything was fine but they will come after you if they don't pay. Did he have credit issues or just does not have any credit?
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03-22-2011, 03:16 PM	#21
infinitekidM2C Major General 4207 Rep 5,729 Posts Drives: 2019 M2 Competition Join Date: Nov 2007 Location: Orange County, CA iTrader: (4) Garage List 2019 M2 COMPETITION [9.50] 2008 135i (my old car) [7.39]	thing is you probably won't know he hasn't paid till its too late
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03-22-2011, 03:23 PM	#22
laperacfo First Lieutenant 48 Rep 372 Posts Drives: BMW Join Date: Jun 2006 Location: NY iTrader: (0) Garage List 2012 X5 [0.00]	can't I request a statement mailed to me also?
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