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Why You Should Never Co-Sign

Discussion in 'Economy' started by ethics, Mar 11, 2015.

  1. ethics

    ethics Pomp-Dumpster Staff Member

  2. Copzilla

    Copzilla dangerous animal Staff Member

    My wife and I agreed to finance a motorcycle purchase for some kids that are very close to us. They almost immediately started to default, but we had an ace... We had ourselves listed as lien holders on the title. We had authority to go repo it. And we would goose them once in a while that they needed to come see us with some cash. They eventually paid it off.
     
    ethics likes this.
  3. ethics

    ethics Pomp-Dumpster Staff Member

    Wow, that's actually smart way to go about it. Can't pay? Hand it over.
     
  4. Copzilla

    Copzilla dangerous animal Staff Member

    DMV sent us the blue title, and sent them a pink title too. It was all very much like a bank would do. We even had a spare key.

    And I told them up front, look, it ain't personal. You come to us to help you buy, and we won't be sticklers like a bank might be, but we WILL protect a $4000 purchase.

    When they paid it out, we signed the release on the blue title, handed it to them, all exactly the same.
     
    Allene, SixofNine and ethics like this.
  5. ethics

    ethics Pomp-Dumpster Staff Member

    YOu are a good AND smart man. :)
     
  6. Allene

    Allene Registered User

    Agree! It reminds me of the poster that used to hang in the IT department at the last library I worked in. One of the ITs was from San Antonio--the only female in that department. The poster? "Don't mess with Texas!"
     
    ethics likes this.
  7. dsl987

    dsl987 Member

  8. Allene

    Allene Registered User

    What a nightmare!
     
  9. dsl987

    dsl987 Member

    It's something that few of us would probably ever think of, but if you're going to co-sign on a massive loan you might want to buy some term life insurance on that person. It's about $11/month to insure a person in their 20's for $100K for 10 years
     
  10. MemphisMark

    MemphisMark Old school Conservative

    Proverbs 17:18, "One who has no sense shakes hands in pledge and puts up security for a neighbor."
     

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