Ziay!

Bailey B · 05-06-2008, 10:31 AM

car loan? My brother -- the one with terrible credit -- wants me to co-sign for a car loan. I know he will not repay the loan on time. He isn't even making the payments on the vehicle he is trying to replace. I've never been late or missed a payment in my entire life. I'm trying to avoid being the bad guy by not co-signing.

Union_Dooz · 05-06-2008, 10:32 AM

Say too bad you made your own bed now lay in it .

fisherwoman · 05-06-2008, 10:33 AM

You are not a bad guy just because you refuse to put yourself in financial debt. When cosigning a loan, you are actually applying for the loan, so by doing this, you put yourself in the position of having less credit available to you, and as you have said, your brother is a poor risk. You don't have to be responsible for him, if he isn't making payments on the current vehicle, what makes you think it will be any different if you cosign. Just flat out tell him "no, you are not interested in increasing your debt". If he begs and whines and tries to make you feel guilty, then that intuition you have should be all you need to walk away.

Clayton J · 05-06-2008, 10:36 AM

Coach the person to improve their own credit. It takes six months. The process is educational and enriching. Teach them to fend for them self. Setting a good example often means saying no.

mccoyblues · 05-06-2008, 10:39 AM

One simple word. No.

Followed by "You don't need another car. Fix the one you've got." You can't afford it and you are in no position to go further in debt.

That should do it. Tough love sux but it's necessary some times.

Adam D · 05-06-2008, 10:39 AM

Just be honest with him. But do not get too detailed. Say that you do not feel safe being a co-signer of anything to anyone, not just him.

snoopysmaster_001 · 05-06-2008, 10:40 AM

Begin with a "N" and end with an "O" NOOOOOOO!....lol

Pedro S · 05-06-2008, 10:43 AM

why would not loaning your brother money [ and it will be a loan if he misses payments] make u a bad guy?? just say no...

XUSAAAgent · 05-06-2008, 10:48 AM

There is a saying out there. If you loan a person $20, and you never see them again, that was a small amount to pay to get rid of them.

Of course that is a little extreme, of course you do not want to be rid of your brother. I would just say no. If he wants and explanation, be nice, but make it clear he made this bed and he can lie in it. Credit history and credit scores are just too important. Blame it on "the man" if need be. Maybe create an "E-card" and email it to him. Suggested titles:

-Hell no!
-Sorry you did not get the loan
-I can hook you up with a scooter
-Maybe next time pay your bills...
-Shouldn't I be mooching off you by now?
-attached is a lottery ticket, this has higher odds than my co signing
-Mom may have loved you more, but I have a better car..

All of this is in good fun of course. Just be honest and do not compromise. Sorry man, can't do it.

Lil' Bear · 05-06-2008, 06:17 PM

Tell him straight out that you don't trust him since he has a bad records and he hasn't been paying on it yet. If you are married,, tell him you discussed it with your wife and the two of you have agreed that it would be a bad idea.

05-06-2008, 10:31 AM	#1
Bailey B Junior Member Join Date: May 2008 Posts: 1	What is the best way to tell a family member that you will NOT co-sign for a car loan? My brother -- the one with terrible credit -- wants me to co-sign for a car loan. I know he will not repay the loan on time. He isn't even making the payments on the vehicle he is trying to replace. I've never been late or missed a payment in my entire life. I'm trying to avoid being the bad guy by not co-signing.

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05-06-2008, 10:32 AM	#2
Union_Dooz Junior Member Join Date: May 2008 Posts: 1	Say too bad you made your own bed now lay in it .

05-06-2008, 10:33 AM	#3
fisherwoman Junior Member Join Date: May 2008 Posts: 1	You are not a bad guy just because you refuse to put yourself in financial debt. When cosigning a loan, you are actually applying for the loan, so by doing this, you put yourself in the position of having less credit available to you, and as you have said, your brother is a poor risk. You don't have to be responsible for him, if he isn't making payments on the current vehicle, what makes you think it will be any different if you cosign. Just flat out tell him "no, you are not interested in increasing your debt". If he begs and whines and tries to make you feel guilty, then that intuition you have should be all you need to walk away.

05-06-2008, 10:36 AM	#4
Clayton J Junior Member Join Date: May 2008 Posts: 1	Coach the person to improve their own credit. It takes six months. The process is educational and enriching. Teach them to fend for them self. Setting a good example often means saying no.

05-06-2008, 10:39 AM	#5
mccoyblues Junior Member Join Date: May 2008 Posts: 4	One simple word. No. Followed by "You don't need another car. Fix the one you've got." You can't afford it and you are in no position to go further in debt. That should do it. Tough love sux but it's necessary some times.

05-06-2008, 10:39 AM	#6
Adam D Junior Member Join Date: May 2008 Posts: 1	Just be honest with him. But do not get too detailed. Say that you do not feel safe being a co-signer of anything to anyone, not just him.

05-06-2008, 10:40 AM	#7
snoopysmaster_001 Junior Member Join Date: May 2008 Posts: 1	Begin with a "N" and end with an "O" NOOOOOOO!....lol

05-06-2008, 10:43 AM	#8
Pedro S Junior Member Join Date: May 2008 Posts: 1	why would not loaning your brother money [ and it will be a loan if he misses payments] make u a bad guy?? just say no...

05-06-2008, 10:48 AM	#9
XUSAAAgent Junior Member Join Date: May 2008 Posts: 1	There is a saying out there. If you loan a person $20, and you never see them again, that was a small amount to pay to get rid of them. Of course that is a little extreme, of course you do not want to be rid of your brother. I would just say no. If he wants and explanation, be nice, but make it clear he made this bed and he can lie in it. Credit history and credit scores are just too important. Blame it on "the man" if need be. Maybe create an "E-card" and email it to him. Suggested titles: -Hell no! -Sorry you did not get the loan -I can hook you up with a scooter -Maybe next time pay your bills... -Shouldn't I be mooching off you by now? -attached is a lottery ticket, this has higher odds than my co signing -Mom may have loved you more, but I have a better car.. All of this is in good fun of course. Just be honest and do not compromise. Sorry man, can't do it.

05-06-2008, 06:17 PM	#10
Lil' Bear Junior Member Join Date: May 2008 Posts: 1	Tell him straight out that you don't trust him since he has a bad records and he hasn't been paying on it yet. If you are married,, tell him you discussed it with your wife and the two of you have agreed that it would be a bad idea.

Ziay!

What is the best way to tell a family member that you will NOT co-sign for a

What is the best way to tell a family member that you will NOT co-sign for a