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Thread: Co-Signing for a Car..with Bro

  1. #1
    madmaxine
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    Co-Signing for a Car..with Bro

    My brother and I have discussed buying a car together- I have a good credit rating and he has a regular job. Also, to all it would appear as if we are a couple purchasing a vehicle (we're half-siblings & do not look alike.)
    The up side is between us, we could pay it off quickly and split the expenses. The down side is the liabilty.
    Have you done this with someone, and how was the outcome? Any advice welcome. Thanks!

  2. #2
    God/dess Bunny's Avatar
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    Default Re: Co-Signing for a Car..with Bro

    I actually cosigned my brother's car and then ended up with it a couple years later myself when he didn't want it anymore. We both have good driving records and trust each other so it worked out fine. Both of our names are on the registration for the car. When he first bought it it was for him but I had more established credit so I cosigned. Then he quit his job and I filed bankruptcy so it worked out for both of us when he didn't want it anymore and I got a nice car at 4.9% interest by just re-registering it in my name. If you trust your brother and he trusts you it could work out well but just remember if one of you gets sued or something the other one could be also.

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    Banned Katrine's Avatar
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    Default Re: Co-Signing for a Car..with Bro

    My brother is a punk-ass bitch. Even from not knowing all the information, I advise against it. Use your income records before trying to split the cost with a "good credit" holder. Just my initial opinion. Interest rates are still decent, you can do it yourself! Besos..

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    Default Re: Co-Signing for a Car..with Bro

    I co-signed an auto loan for a relative once. Every 3 months or so the bank would be up my butt about late payments. Several times I was forced to 'spot' the relative some cash to bring the payments back up to date to avoid my own credit rating being hurt.

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    Banned Katrine's Avatar
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    Default Re: Co-Signing for a Car..with Bro

    Eureka! Mel and I agree! ; I think.......

    "Have you ever been to American wedding? Where is the vodka, where's marinated herring?" - GB
    "And do the cats give a shit? No, they do not. Why? Because they're cats."-from The Onion

    Quote Originally Posted by Mia M
    If a cupcake was tossed at me... well, I'd only be upset if it missed my mouth

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    God/dess montythegeek's Avatar
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    Default Re: Co-Signing for a Car..with Bro

    Nothing spoils a good family more than debt, sharing a bathroo0m, or sharing a car.

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    Default Re: Co-Signing for a Car..with Bro

    I co-signed for a loan for one of my kids a number of years ago. He didnt tell me that he had a pending bankruptcy. Even at my income level it damn near screwed up my credit rating. I had to call in the influence of my company's private banker to straighten it out.

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    Once again I have embraced my addiction and have put off the moral dilemma to another day.

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    God/dess Bunny's Avatar
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    Default Re: Co-Signing for a Car..with Bro

    Yes, you do have to be very careful doing something like this. My brother is the only person in this world that I would EVER do it for. In fact, since I've had the car he had to pay the payment on it once for me so I know he wouldn't screw me but I know him well enough to know he's really responsible. So it just boils down to how you think your brother will be about it.

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    Featured Member scorpio's Avatar
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    Default Re: Co-Signing for a Car..with Bro

    and what would happen if he couldnt pay for it? What if he lost his job or something? If you arent prepared to make up the slack then dont do it.

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