should i co-sign his auto loan?

[Anonymous]

i've been working on re-building my credit - all accounts in good standing.

i currently have:

one auto loan

two student loans

one open credit card

one closed credit card

if i am a co-signer for his auto loan, how will it affect my score?

thanks!

[cobra19]

It won't. Unless he defaults or falls behind on the loan. Then, you'll be left holding the bag. IMO, co-signing a loan for anyone (even a family member) is a baaaaaad idea.

Stuff happens.

[Miner]

Who is he?  If he isn't your hudsband, then the answer is always no.  Co-signing usually leads to trashed credit and sharing credit with someone is a bigger commitment then getting married.  just read all the threads here about how ex-this or ex-that trashed my credit.  Now if he is your hudsband, then the question is, could you make his payment if he is out of work?  If the answer is no, then don't do it. 

When you co-sign a loan, you are promising to make the payments if the primary applicant can't.  If you can't afford to do this, then you should never co-sign.

[Anonymous]

As a lender, I would never co-sign for anyone on a loan.  I've seen it go bad too many times.  As a co-signer you assume all the risk and get no reward.  Unless you have the financial capacity and willingness to make all of the payments on this loan in a timely manner, I wouldn't do it.

[Anonymous]

NOOOOOOO is probably the response you will see the most.

Yes it will affect your credit, or a better way of saying it is that this will affect your ability to get new loans of any type because his monthly payment will also show on your report and be considered your obligation even if you are just the cosigner.

[MattH]

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Seriously, if you want to help somebody get a car, buy it yourself, keep the title and one set of keys, and have them sign a rent-to-own deal that basically says, when all payments have been made you'll sign over the title, but in the meantime any missed payment means you can take the car back and sell it.