Question About co-signee

Anonymous · ‎01-12-2017

Friend of mine that is awesome offered to may cosign for me. He wants 1k deposited into his account before he will even will. This would cover 2 to 3 months car loan payments. Questions him and me both have is 1 he lives out of state how would paperwork get signed? 2. He's needing vehicle now as well he has credit score of 72X give or take. I have from discover and sync about 591 to 598. I can't get approved on my own unless I go through roadloans eww. Would he be able to get his car and cosign one for me he has the income as do I. Would the banks allow it is what I'm wondering.

Sorry on my cell.

creditgambler2018 · ‎01-12-2017

If I ever was to remotely even think about co-buying a vehicle with anyone else and they keep the vehicle at their address I WILL AT ALL TIMES HAVE A WORKING KEY AND DRIVE THE CAR OFF/TOW IT IF THEY ARE LATE. BECAUSE I AM ALSO THE REGISTERED OWNER. THE way you are describing the deal is that your friend will also buy the vehicle. Whoever decides to make the payments is not the banks business, they just want to get paid.

IF A BANK CANNOT APPROVE YOU BY YOURSELF, THEY KNOW YOU CANNOT PAY IT BACK BASED ON RISK. ADDING A COBUYER TO THE DEAL WILL NOT CHANGE THE FACT THAT YOU ARE A HIGH RISK TO NOT BE ABLE TO PAY IT BACK. DO NOT DO THE DEAL. YOU CANNOT PAY IT BACK.

What if your friend randomly decided to take possession of the vehicle? then what? it would be legal because he/she is also the owner.

StartingOver10 · ‎01-13-2017

If I were in your shoes, I would thank your friend for the very generous offer and then DECLINE his offer. Do this especially if your friend is a very good friend and you want to keep them that way.

It is possible that your friend may not qualify for a new vehicle + be a co-signer on your vehicle. We don't know anything about your friend's qualifications at all and you didn't provide income information for either of you. The lender will run his credit and calculate his ratio based on the debt load he is carrying right now. It would be a shame if he couldn't get his vehicle because he co-signed on your vehicle.

Why don't you take the time to improve your score before you purchase a vehicle so you don't need a co-signer?

Visit the rebuilding forum and see what you can do to move your scores into the mid 600s right away. Some people have been able to do it relatively quickly depending upon the items on their CR.

Anonymous · ‎01-13-2017

Only reason my credit is bad is because high utilization. Mother passed away in November and had to take a month off work lived off credit cards. Payed all bills with credit cards. I'm currently paying 50 to 100% more than the minimums on them currently. One I even outright paid off. She had very slow death and I was with her for every bit of it as she wished.

I make about 35 to 40k a year buddy makes about 50 to 60k a year. He has 3 credit cards all with 100 dollars reporting on them. Yes I can make car payments. Non-issue there. Just need a car asap.

Anonymous · ‎01-13-2017

Also my total credit card debt is about 12 to 13k. I got new appliances so that's whyone is almost maxed out. Bought new appliances 4 or 5 months. Ago. So used 5k on that alone. I racked up about 6 to 8k in cc debt. While mother was in hospital plus she didn't have life insurance. So guess who paid for that just me out of 5 siblings.

StartingOver10 · ‎01-13-2017

@Anonymous wrote:
Also my total credit card debt is about 12 to 13k. I got new appliances so that's whyone is almost maxed out. Bought new appliances 4 or 5 months. Ago. So used 5k on that alone. I racked up about 6 to 8k in cc debt. While mother was in hospital plus she didn't have life insurance. So guess who paid for that just me out of 5 siblings.

I am very sorry to hear about your Mother.

Pay down your current debt before you buy a vehicle and you won't need a co-signer. I am in paydown mode myself right now before I buy my next vehicle. Taking on a long term loan at a high interest rate doesn't make sense when you can easily pay down or pay off the maxed out cards* to get a much lower interest rate on your vehicle loan. Plus you will be able to then get the vehicle without a co-signer. It really isn't fair to your friend to tie up his ability to get a vehicle. His income is not really all that high and he may not qualify for both payments. If he does qualify, his interest rate is likely to be higher due to the hit to his credit for your vehicle. It really is a bad situation for him. And, last thing, if you are late or miss a payment, his credit is negatively affected immediately.

*If you can't easily pay down or pay off your maxed out credit cards right now, then this is definitely not the time to take on additional debt. Paying small amounts over minimum helps but isn't the solution. Large lump sums to get your debt in line + getting CLI's with soft pulls should get you into the mid 600's or more very quickly.

Anonymous · ‎01-13-2017

Quick Question I got a Pre-approval from Chrysler Capital. Is it legit? Will they deny me after I go through everything? I have been turned down before not from them though. Pre Apporval is for Up to $ 31,465. Something seems like this is a way for me to waste more time. Any Help would be greatly appreciated thanks in advance.

Anonymous · ‎01-13-2017

Also try Carvana they will preapproval based on a Soft Pull only and will tell you your guaranteed rate! It is a no lose situation.

Anonymous · ‎01-13-2017

@Anonymous wrote:
Also try Carvana they will preapproval based on a Soft Pull only and will tell you your guaranteed rate! It is a no lose situation.

Tried them then checked reviews they seem fishy to me.

Anonymous · ‎01-13-2017

@Anonymous wrote:
@Anonymous wrote:
Also try Carvana they will preapproval based on a Soft Pull only and will tell you your guaranteed rate! It is a no lose situation.
Tried them then checked reviews they seem fishy to me.

What do you mean by fishy? Other members have purchased with them before they seem to be okay...