guppie01 0 #1 September 27, 2006 I just co-signed on a loan for my nephew... http://www.mitsubishicars.com/MMNA/jsp/lancer/06/index.do I NEED a drink! g"Let's do something romantic this Saturday... how bout we bust out the restraints?" Raddest Ho this side of Jersey #1 - MISS YOU OMG, is she okay? Quote Share this post Link to post Share on other sites
skydemon2 0 #2 September 27, 2006 Do you need a co-signer for that? Wow you must really trust your nephew.Beauty is only skin deep, but ugly goes clean to the bone! I like to start my day off with a little Ray of Soulshine™!! Quote Share this post Link to post Share on other sites
jmp2liv 0 #3 September 28, 2006 Well, if you ever need a repo man... or collection agent... Looks like a pretty nice car, though. At least it wasn't for a new corvette or something. Quote Share this post Link to post Share on other sites
cocheese 0 #4 September 28, 2006 Whew!, I thought you sneezed. Quote Share this post Link to post Share on other sites
guppie01 0 #5 September 28, 2006 His credit is shot.... too long of a story. He is a pretty good kid (adult - 23) and like a son to me (I practically raised him). The contingency is if he is late for one payment the car goes BYE BYE! g"Let's do something romantic this Saturday... how bout we bust out the restraints?" Raddest Ho this side of Jersey #1 - MISS YOU OMG, is she okay? Quote Share this post Link to post Share on other sites
guppie01 0 #6 September 28, 2006 QuoteAt least it wasn't for a new corvette or something. Or a Mustang! g"Let's do something romantic this Saturday... how bout we bust out the restraints?" Raddest Ho this side of Jersey #1 - MISS YOU OMG, is she okay? Quote Share this post Link to post Share on other sites
quade 4 #7 September 28, 2006 QuoteI just co-signed on a loan for my nephew... http://www.mitsubishicars.com/MMNA/jsp/lancer/06/index.do I NEED a drink! g Are you certain you know what you were co-signing for? Are you certain that his "Lancer" isn't an "Evo"? http://www.mitsubishicars.com/MMNA/jsp/evo/06/index.do Pretty big difference. One is pretty sedate, the other . . . uh . . . in the hands of a 23-year-old . . . ticket city.quade - The World's Most Boring Skydiver Quote Share this post Link to post Share on other sites
SkydiveStMarys 0 #8 September 28, 2006 You need more then a drink!!!! BobbiA miracle is not defined by an event. A miracle is defined by gratitude. Quote Share this post Link to post Share on other sites
Icon134 0 #9 September 28, 2006 Quotehttp://www.mitsubishicars.com/MMNA/jsp/evo/06/index.doNow that is a nice car... Livin' on the Edge... sleeping with my rigger's wife... Quote Share this post Link to post Share on other sites
skydemon2 0 #10 September 28, 2006 And what you make the payments? The cosigner of a loan agrees to be responsible for a loan’s repayment if the borrower defaults on the payments. With most cosigned loans, the lender can request payment from the cosigner at any time, whether or not the debtor is actually in default on the loan. This is in contrast to a guaranteed loan, where a lender can go after the guarantor only after the debtor has actually defaulted. A cosigner will in most cases also be responsible for any late charges, penalties and legal fees associated with a default. The lender can: Sue you and get a judgment against you Make you disclose your assets, and In extreme cases force the sale of property you own to pay the debt In addition, if the debtor defaults, you may end up with a black mark on your credit history. And your future creditors will probably take the amount of the debt into consideration when determining how much money they’re willing to loan you. For all these reasons, it’s important that you not cosign a loan unless you have the financial means to pay the entirety of the loan should the primary debtor default. If you can’t afford to repay the loan with your own money, you shouldn’t volunteer as a cosigner. I hope he knows what a huge favor you did and doesnt mess up! Beauty is only skin deep, but ugly goes clean to the bone! I like to start my day off with a little Ray of Soulshine™!! Quote Share this post Link to post Share on other sites
lawrocket 3 #11 September 28, 2006 Brand new? Here's the problem as a cosigner: Assuming the car was $16k, the car is worth around $12k now. He misses December's payment, there is now $15,600 to pay on the car. If it is repossessed and sold, they'll get $10k-$12k dollars for it. You and he are on the hook for the balance. You BETTER make sure he pays up. My wife is hotter than your wife. Quote Share this post Link to post Share on other sites
squirrel 0 #12 September 28, 2006 Quote The contingency is if he is late for one payment the car goes BYE BYE! g and so does your credit score. ________________________________ Where is Darwin when you need him? Quote Share this post Link to post Share on other sites
bob.dino 1 #13 September 28, 2006 QuotePretty big difference. One is pretty sedate, the other . . . uh . . . in the hands of a 23-year-old . . . ticket city. Seconded. Quote Share this post Link to post Share on other sites
squirrel 0 #14 September 28, 2006 you should listen to Dave Ramsey...or get a copy of "Financial Peace" I feel you just made a 15K mistake. What the hell is wrong with driving a used car..!?! I do, and I make 6 figures a year. sounds like someone is a spoiled brat. ________________________________ Where is Darwin when you need him? Quote Share this post Link to post Share on other sites
VanillaSkyGirl 6 #15 September 28, 2006 QuoteWhew!, I thought you sneezed. Quote Share this post Link to post Share on other sites
skydemon2 0 #16 September 28, 2006 The 2 figures after the decimal point dont count!! Beauty is only skin deep, but ugly goes clean to the bone! I like to start my day off with a little Ray of Soulshine™!! Quote Share this post Link to post Share on other sites
squirrel 0 #17 September 28, 2006 QuoteThe 2 figures after the decimal point dont count!! ok...8 figures and I still drive a beater. hell, my subs have better rigs than me ________________________________ Where is Darwin when you need him? Quote Share this post Link to post Share on other sites
skydemon2 0 #18 September 28, 2006 "hell, my subs have better rigs than me" That has a odd sexual tone to it.... Beauty is only skin deep, but ugly goes clean to the bone! I like to start my day off with a little Ray of Soulshine™!! Quote Share this post Link to post Share on other sites
squirrel 0 #19 September 28, 2006 Quote"hell, my subs have better rigs than me" That has a odd sexual tone to it.... if you had ever seen the guys i hire....no sexual tones here!!!!! yikes ________________________________ Where is Darwin when you need him? Quote Share this post Link to post Share on other sites
