07-20-2010, 07:36 AM
|
#21
|
Lieutenant Colonel
Drives: 2018 M2 + Spur, DB11, F12, X5
Join Date: Jul 2009
Location: VA
|
Quote:
Originally Posted by Money2536
You should never, ever ask anyone to co-sign for you, relative or not. Anyone naive enough to co-sign for someone is not sophisticated enough to make such a decision. She obviously has no idea what she's getting into despite your hopefully good intentions. If are unable to pay, she will most likely not be able to afford a $1,000-$1,200/month payment. With $80,000 in income, she will take home less than $5,000 a month. That would mean her potential car payment will be approximately 25% of her income. Why put a member of the family in a situation to ruin their credit?
If you need a co-signer, you should not be buying the car. Don't buy things based solely on a monthly payment.
|
+1 Well said.
|
|
|