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Thread: Co-signer rights

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    Default Co-signer rights

    I'm not entangled in a co-signer mess (thank god) but I've heard plenty of horror stories, especially one last night on some Suze financial show. A lady co-signed for a car, isn't on the title, and if the owner doesn't make payment she's stuck and can't do crap. Why don't they invent some laws to protect co-signers, or would that kind of nullify the point and power of having one?

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    God/dess Emily's Avatar
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    Default Re: Co-signer rights

    well, the better question is why would anyone co-sign? And what kind of idiot woman would co-sign on a car that wasn't in her name (I know, dumb question!)

    There is no good that can come of it. My dad gave me this huuuuuge lecture when I asked him to co-sign on a student loan for me. He signed it, but I definitely learned my lesson after he made me feel horrible for even asking. There's a reason they can't get a loan on their own!

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    Featured Member Vamp's Avatar
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    Default Re: Co-signer rights

    Co-signers are co-owners of the loan itself.

    They hold equal liability and responsibility for what happens on the loan. If her name isnt on the title it is because she didnt make sure of it.

    I agree with Emily there is a reason why they can't get a loan of their own. They need to take responsiblity to clean up their credit. They shouldn't try to be conning people into co-signing loans.

    Don't sign anything for anyone else and you dont have to worry about it.

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    Default Re: Co-signer rights

    Well there are times such as student loans, like Emily said, or when the person just had no credit due to age, but yeah, I agree.

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    Default Re: Co-signer rights

    agreed that being a co-signer is the worst of both worlds ... essentially all risk and no rights. Thus agreeing to be a co-signer is doing someone a BIG FAVOR !

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    God/dess Emily's Avatar
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    Default Re: Co-signer rights

    that's the only case, imo, that someone should co-sign for a loan....parent co-signing for a student loan (which is why my dad did it.)

    or for a car for their deadbeat boyfriend

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    Default Re: Co-signer rights

    Quote Originally Posted by Emily
    that's the only case, imo, that someone should co-sign for a loan....parent co-signing for a student loan (which is why my dad did it.)

    or for a car for their deadbeat boyfriend
    Oh yes, the deadbeat BF is the BEST person to invest finances and trust in.

  8. #8
    madmaxine
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    Default Re: Co-signer rights

    A person can't win in America these days. The whole game of selling big-ticket items is to find an angle to extract maximum profit out of every potential customer, whether that customer is some struggling kid or a rich couple with a house, car & boat. "With much patience, the elephant f*cked the flea."

    Do you know many salespeople would crap their pants if most of the population drove cars they could pay for in cash on the spot, shopped at discount stores & thrift stores, and went to Ebay or the classifed section to look for anything they needed before buying at retail prices....?

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    God/dess Deogol's Avatar
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    Default Re: Co-signer rights

    Quote Originally Posted by madmaxine
    A person can't win in America these days. The whole game of selling big-ticket items is to find an angle to extract maximum profit out of every potential customer, whether that customer is some struggling kid or a rich couple with a house, car & boat. "With much patience, the elephant f*cked the flea."

    Do you know many salespeople would crap their pants if most of the population drove cars they could pay for in cash on the spot, shopped at discount stores & thrift stores, and went to Ebay or the classifed section to look for anything they needed before buying at retail prices....?
    My ex was horrified we went to a Good Will store to buy some dishes (the movers hadn't gotten the "real" dishes to us yet.) You should have seen her "kept" mother's reaction.

    There was no way in hell I was going to buy new dishes when I already had em!

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    Default Re: Co-signer rights

    I take the bus to get to the airport unless someone can drive me. I refuse to pay $40 for a cab, or an equally obscene amount for parking. My SO somehow CANNOT deal with this if we're together. Just will NOT. So HE pays about $40 to save maybe 20-30 minutes. I don't get it. Most people don't agree with me, I know.

    If you're in a high tax bracket, a penny saved is TWO pennies earned, basically.

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    Featured Member Vamp's Avatar
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    Default Re: Co-signer rights

    I dont think it is just companies that are preying on people.

    In America everyone wants the Big Better Deal, the latest trends, and everything has to be brand new all the time. If you not keeping up with the Jones then there is something wrong with you. They make it easy for companies to do what they do.

    If you dont think for yourself, if you dont take control of your own life, and you just follow everyone else there is no one to blame but yourself.

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    God/dess Emily's Avatar
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    Default Re: Co-signer rights

    what's wrong with wanting nice, new things if you can afford them?

    We're talking about co-signing a loan, right? All that means is that someone has bad/no credit.

    I can shop solely at Goodwill and still have bad credit. And I can get a brand spanking new car ever 2 years and have awesome credit. The two are not related.

    Financing is only a bad thing if you're buying more than you can afford, and that's not retailers' (or lenders or advertisers or the Joneses) faults.

  13. #13
    madmaxine
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    Default Re: Co-signer rights

    The "if" part of affording nice things is where people get caught. I had great credit (earned on my own) until a couple unfortunate things happened & I was barely able to keep up with the payments I promised to make. I take full responsibility for that. I have talked to many people who filed for bankruptcy & not all of them are "stupid" people who tried to snatch more than they "deserved." Sh*t happens.
    My aunt & I talked about living in wealth versus poverty, & she pointed out the people who committed suicide when the stock market crashed in 1929 (causing the Great Depression) did so because they were too scared to be poor. Poor people just trudged along. Life didn't change for them much. (My aunt knows what she's talking about- she was raised in a Ozarks-like region of Mexico.)
    OK I'm getting all tangental but I'm saying my lesson in losing my credit has made me more determined to withhold my money from all the world- anything I'd have to finance is nothing I really need.

    PS Had to add this- a couple of my boyfriends got bitchy at me because I would do things that smacked of cheapness- like wearing thrift shop clothes in college or only ordering cheap things on the restaurant menu. BUT these dudes were broke-ass too.......they were just too embarrassed to do what I did. My point is that a lot of our spending habits/problems start in the head, like Vamp pointed out.
    There's nothing wrong with having nice things if one can afford them....but do you really need them?
    Last edited by madmaxine; 10-30-2006 at 11:45 AM.

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    Default Re: Co-signer rights

    ^^^ this is particularly the case today where so much 'credit' is subject to economic / tax conditions which are subject to abrupt change i.e. union paychecks, adjustable rate mortgages, floating credit card interest rates, declining home equity, proposed elimination of home mortgage deduction, rising state and local tax rates etc. Very few Americans even considered the possibility that when they entered into a 5 year auto loan or a 30 year ARM that the underlying financial assumptions regarding their future income potential, their future cost of taxes, their future cost of interest payments etc. which made such loans possible / manageable could be subject to a ton of variables (most of them being negative) which could quickly make such loans unmanageable (and refinancing impossible).

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    Default Re: Co-signer rights

    When I cosigned my brother's car I was automatically on the registration right under his name.

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    Default Re: Co-signer rights

    My Grandmother co-signed for my first new vehicle when I was 20yrs old I just didnt have credit at the time . The main thing was she could afford to do it if we failed to pay she had enough dough to make the payments . I was the only relative who payed off my entire debt without any lapse on payments . I later went to her for 10k for a dwn payment on my first home ( how times have changed 10k for a down payment ). I also payed her back that money with interest - she turned around and wrote me a check for the entire balance when i had paid it off and said you are the first one who actually payed his debt off . It was nice to get the 10k extra at the end . I miss my Grandma for many reasons besides this .She would never lecture you much but man she had that look that would let you know hey you f- up this time . I only got that look a couple of times thank god .

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    Featured Member Katherine's Avatar
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    Default Re: Co-signer rights

    My mom co signed my last car and it was actually addressed to her every month!

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    Default Re: Co-signer rights

    Quote Originally Posted by FrustratedBunny
    When I cosigned my brother's car I was automatically on the registration right under his name.
    Registration... or TITLE ... two VERY different things....

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    Default Re: Co-signer rights

    I don't have the title yet since I'm still making payments on it. It's my car now. So when it's paid off I'll see what name is on the title. And my brother is the ONLY person I would EVER cosign for EVER. And he'd do it for me too. What is funny is I had great credit when I cosigned the loan and now my credit sucks. He just didn't have a lot of credit so I helped him get a lower interest rate.

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    Default Re: Co-signer rights

    ^^^ that's another aspect as to why co-signers get the worst of both worlds. The loan they have co-signed for is included in all calculations for co-signer creditworthiness as if it is their loan - because legally they ARE obligated to make all of the loan payments if the nominal borrower doesn't. In many cases this financial obligation will impact the credit rating of the co-signer - as no distinction is made whether or not the nominal borrower is keeping up with the payments.

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