Should i cosign for a car for my 18 year old son who keeps hounding me?

Question

I helped buy him 2 used cars already. He works a full time job, but refuses to go to college. I'm not very comfortable. I told him to wait a year.

Answer 1

then tell him in order for you to do anything else, he needs to show you that he's trying. tell him if he goes to college, then you'll start thinking about cosigning. if he doesn't or throws a fit, then just buy him a bike. gotta put your foot down sometime.

Answer 2

Hmm..seems like two separate issues here. If he feels he's not ready (or right) for college, at least at this time and he's working full time, then he should be able to own a car. I have a feeling his not being in school is an issue between the two of you.
About co-signing. He already has a car, right? So that probably means that he wants something like an Evo or some other youth -marketed car.
If I'm right, then I don't recommend your cosigning. These vehicles are nothing but money pits which the kids quickly tire of..

Answer 3

I think you are right. Working for a year and saving his money for a down payment in a year willl end up teaching him so much! Does he live at home and work full time? If so, he will be able to save even more, unless you're also charging him r/b as well. Good luck - the goal is to teach responsiblity and maturity. I have an 18 year old too. His car needs lots of repairs and he has to pay for his own insurance. He balks like crazy because we live in affluent community where the dads buy the kids really nice new cars and pay for the insurance to boot! Alot of these kids have gotten tickets, drink and drive and are basically irresponsible because everything is handed to them. My son complains alot, but I know he's maturing and becoming resp. in the process. Good luck!

Answer 4

No way! He needs to learn to make adult decisions, and this is one of them. You can advise him on making a good car choice, like making sure he checks with auto insurance people before buying (that sports car may not be expensive until he tries to get auto insurance for it!)

You want to do things to help him, but let me put it to you this way: Isn't it a nice feeling to buy something that's completely your own? Would you deny him the chance to buy the car on his own?

If he wants more money (which is what he's really asking for), tell him to go work harder, or start school again so he can get a better paying job. In the meantime, you can hound him about being an adult and finding his own place to live - even though he can always come over for Sunday dinner whenever he asks.

Answer 5

Since he has a full time job, let him save up the money long enough so he has enough for a sizable down whereas he won't need a cosigner. In other words, don't do it. If you give in you will not only be sorry, but you will end up paying for the car that he drives. This decision calls for tough love and stubborn reserve. In the long run, you and he both will appreciate the decision........

Answer 6

IF YOU ARE NOT COMFORTABLE, DO NOT DO IT.

Why in God's name has he already run through two cars in only two years??? Why does he refuse to go to college?

Until he starts taking some MAJOR responsibility for his life and its direction, I strongly support your desire to hold off on this loan. Especially because IF anything happens, YOU are on the line for this. If you cannot afford that, you should not sign the loan.

Kudos to you for being a supportive yet disciplinarian parent and trying to keep him in line.

Perhaps you two could work a compromise -- He waits six months BUT for those six months he pays YOU the monthly payment of the car he wants. You keep those payments set aside IN CASE OF EMERGENCY ONLY so that you aren't completely screwed if he welches and he proves to you that he is responsible and can afford the payment.

Answer 7

If he's not going to college then you should send him off on his own. Or tell him you will help him with the car if he does take classes. He will not have an easy time in the job market if he does not go to college or some type of trade school

Answer 8

If he is responsible and you trust him to keep his word. Then why not?

BUT if he is not or you are unsure then do not do it. My parents got duped into buying my sister's car's because their names were on the title and therefore it was their credit on the line. My friend recently did the same for her daughter and her kid took off across the country and won't pay.

More often then not the best answer is "wait til you are 18 and get one yourself then. Save your money and work hard and you will appreciate it more."

It is true. They will.

Answer 9

Nope. Go with your gut instincts on this one. We did a similar thing for my step-daughter..and I...not wanting to be the wicked step-mom kept voting "yay" on the loaning of the money.
Now it is a few years later and not only is our loan unpaid...but it seems she and her husband have a very cavalier idea about money especially with respect to entitlement and gratitude.
That is not to say that we gave it to her so that she would kiss our dirty sneakers every day..but it does seem that some effort on their part would have been made to become more financially responsible. As far as I can gather, loaning money to someone you already suspect is financially immature encourages them to continue to be financially immature.
He won't die or be in any kind of real discomfort if he works for this on his own.
Waiting a year is perfect. By then he should have been able to set aside 10% of his income every pay check to help himself buy a newer car...and he will be happier with himself for it. (he just doesn't know that yet)

Good luck!

Answer 10

No, no, no and no. Did I remember to say NO? Let him earn money for a car. If he defaults on payments, you will be responsible for paying off the car. If you want, you can make him a loan and make him sign a promissory note. If not, no deal. He has to learn to depend on himself. You have done enough.
By the way, tell him that you really mean NO and if he keeps hounding you he will no longer be welcome in your home. Tough love. Try it. It works.

Answer 11

It's obviously a personal decision, but 2 cars already (!) should be quite enough. At his age he should understand that he needs to concentrate on building up his future as a professional / worker (this may include serious thinking about going to college or not). Then, start to do things on his own, such as buying his own car.