She wants to send me the money for the down payments and have in financed under my name is this a good idea? will this help or hurt my credit ? is this legal to do? and What should I be aware of before doing this because I have 2 car notes in my and my husband name?
Thanks
2006-10-19 08:22:18 · 8 answers · asked by terica20042000 1 in Business & Finance ➔ Credit
First of all you should never sign for any more than you can afford to pay> chances are you're goning to have to pay the car off. next all the finance comapnies i have dealt with require the car to be in the usa and the insurance company that insures the car demands it be in the usa. You have to have insurance on the car to get the loand and the insurance has to notify the finance company if the insurance lapses. Now doe it sound like a good ideal to sign for someone to have a carout of the usa. i don't think so because how you gonna get the car back if and when you pay it off?
2006-10-19 08:30:45 · answer #1 · answered by roy40372 6 · 0⤊ 0⤋
It is you sis-in-law, not your sis? It depends on how well you know her and trust her. Your inner judgement is your guide.
At the outset, let me tell you: when it comes to money, people's personality changes so rapidly that it makes your head spin. You are sticking your neck out ...in the sling... It is a great risk.
Looks like you feel obligated just because she asked. This is wrong.
The best way to ruin a good friendship or family relationship is to involve money. Don't touch it even with a ten-foot pole. Stay clear.
Tell her: you are overstretched. Leave it at that.
.
2006-10-19 15:32:33 · answer #2 · answered by Nightrider 7 · 0⤊ 0⤋
I would be VERY wary of this. If she misses payments it effects your credit negatively...and the car would have to be in your name, which means if her insurance lapses or if its not enough coverage, they can go after you if there is a wreck.
2006-10-19 17:15:48 · answer #3 · answered by Anonymous · 0⤊ 0⤋
HELL NO, why can't she come up here to get the car herself. her credit must be missed up. why can't her husband do it. don't do it because family members will miss over u just like my grandmother got a foreclosure on my credit report ex got a phone bill also on my report i haven't even got a chanes to miss up my credit report myself for them.
2006-10-19 15:32:45 · answer #4 · answered by hotty69@sbcglobal.net 1 · 0⤊ 0⤋
I wouldn't do it. It doesn't matter if she is your sister in-law or not. If for what ever reason she stops paying you......you.....you will be on the hook to pay off the loan and that can hurt your credit. DON'T DO IT
2006-10-19 15:27:34 · answer #5 · answered by danzka2001 5 · 3⤊ 0⤋
NO!!!! DO NOT SIGN ANY PAPERS!!!!! This happens all the time: people help someone that they think they can trust buy something expensive and they always turn their backs on them and don't pay them back!!! I know someone who got in huge debt for doing that!!!
2006-10-19 15:26:14 · answer #6 · answered by AndyMan 3 · 1⤊ 0⤋
NO! Never a good idea to get into a situation like this (family or NOT),
2006-10-19 15:30:10 · answer #7 · answered by ach*tx 2 · 1⤊ 0⤋
if shes a kewl sister-in-law, id say do it. good karma.
2006-10-19 15:30:52 · answer #8 · answered by thekid3477 2 · 0⤊ 2⤋