2007-01-30 23:03:43 · 16 answers · asked by Anonymous in Cars & Transportation ➔ Buying & Selling
No its not a good idea unless you want to ruin your credit and make payments when your neighbor fails to and when something goes wrong, like he misses payments, decides not to pay or your neighbor gets hurt and can't work guess who the financial responsiblity falls on....and chances are your neighbor would register the car in Their name so it legally is there car but you are liable for the payment!!! Don't do it!!! Don't!! There is probably a reason why they need a co-signer.....the reason is most likely BAD CREDIT!!! Don't let them sweet talk you, trick you, or give you the....I Promise I wouldn't miss a payment deal.....
2007-01-30 23:10:15 · answer #1 · answered by Joseph O 1 · 0⤊ 0⤋
Unless you have the most trusting relationship with your neighbor, I wouldn't advise it. If he cannot get his own car, chances are his credit is bad. And if he has not paid his previous debts, then what makes you think he's going to pay you for a car that you're on the hook for? If he decides he does not want to pay you, there is nothing you can do about it. To the loan companies, YOU are responsible for the payments. If that would be a financial burden on you, then I would suggest that you tell your neighbor to find another way to get a car.
It's just not a good or a smart thing to do.
2007-01-30 23:12:32 · answer #2 · answered by C J 6 · 0⤊ 0⤋
NO!!!!! If you don't mind buying your neighbor a car go for it. By cosigning you and your credit will be responsible for the loan.
2007-01-30 23:14:19 · answer #3 · answered by Lou S 2 · 0⤊ 0⤋
Don't do it. If he/she doesn't pay and skips off.....your left with the debt............Just say you are hesitant at cosigning for the car because you have done it b4 and had to pay for someone else's credit card or phone bill.
2007-01-30 23:07:50 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Only if you're prepared to pay for the car if he doesn't! And you're prepared for it to show up on your credit report.
I won't co-sign for my kid; a neighbor has NO CHANCE!
Short answer: No, it is not OK!
If you can't bring yourself to just say "No!" tell him that you'd like to help but your credit won't support co-signing for anyone.
2007-01-30 23:29:50 · answer #5 · answered by Bostonian In MO 7 · 0⤊ 0⤋
properly you may not squeeze blood from stone so there extremely isn't something you may do except you opt on to sue your son in small claims courtroom. i'd not do this both yet i ought to verify he will not in any respect get yet another dime out of you for something else of your existence and that incorporates the perfect will and testomony. this style of days he will come to you for something he needs and also you get to look him contained in the eyes and tell him no way.
2016-12-03 06:47:26 · answer #6 · answered by ? 4 · 0⤊ 0⤋
Run Forest! RUN!...no No NO and HELL NO! You will get burned! Your credit rateing wil go in the crapper...you will regret it. (Just think about it, why do they need a co-signer in the first place!)
2007-01-30 23:10:03 · answer #7 · answered by MC 7 · 0⤊ 0⤋
it's fine as long as you don't mind paying the loan when he runs off
2007-01-30 23:07:37 · answer #8 · answered by Anonymous · 0⤊ 0⤋
well if he doesnt make the payments you will have to or it will ruin your credit. i would only do it for family members and really good friends that i know are financially responsible.
2007-01-30 23:09:01 · answer #9 · answered by askmike 5 · 0⤊ 0⤋
Only if you know this person well and implicitly trust him.
If you have to ask this question, the answer is no.
2007-01-30 23:08:49 · answer #10 · answered by Anonymous · 0⤊ 0⤋