Cosigning for a car - Dealer wants odd info?
Thanatos0320
Posts: 577 ✭✭✭
My brother asked me to cosign on a car he wants to lower his interest rate, so I said yes. The dealer called me and asked how much money I make and asked for my social security number. Before we got off the phone, the dealer also said he needs some other things from me and that he will email what he needs. I received an email a few hours later and opened it.
Because I've never cosigned for a car, the additional information needed from me in the email confuses me. The dealer now needs:
Because I've never cosigned for a car, the additional information needed from me in the email confuses me. The dealer now needs:
- The vin number on my car. What does my car have to do with cosigning?
- A picture of my odometer. Again, what does my car have to do with cosigning?
- He needs me to add the car that my brother is trying to by to my insurance. This doesn't make sense because my brother is going to get his own insurance on the car. Why do I need to add his car to my insurance? That'll just increase my insurance.
- A picture of the front and back of my license
0
Comments
-
I co-signed for my daughter, and had to put it on my insurance, then she paid me the cost. I was confused like you, but evidently that is a requirement. I live in Connecticut. Don’t recall them ever asking about my cars, but it’s been a while. She’s 37 now.0
-
First never consign anything you don't fully intend on paying. Lower interest rate? What one or two points? Tell him to find a credit union to get the full loan. Second having spent a long time in the auto industry, do not send that in an email! Call and ask why, also what state is this, you are probably being scammed!"We make a living by what we get, but we make a life by what we give". Winston Churchill.
MOW badge received.3 -
My understanding is that as "co-signer" you are essentially taking the loan out in your name, with your collateral. Just allowing another party access to make payments for you."Cooking isn't about struggling; It's about pleasure. It's like sǝx, with a wider variety of sauces."
At any given time the urge to sing "In The Jungle" is just a whim away... A whim away... A whim away...2 -
They want to add your car as collateral.
There is no reason for them to add your vehicle information, unless they are using it in the loan. Not good.
Read the contract thoroughly. Make sure that any reference to you or you property is understood.In Fumo Pax
Money can't buy happiness, but it can buy cigars and that's close enough.Wylaff said:Atmospheric pressure and crap.2 -
I say steer clear of the whole mess. Even when it comes to family, maybe especially when it comes to family, 'neither a lender nor a borrower be.' There's just too much that can go wrong, too many potential pitfalls on the downside, and very little upside. Patrick hit the nail on the head. All the risk falls on you, and for what? How much will the payment be reduced because of the lower interest? Why shouldn't your brother be the one to deal with the consequences of his credit rating? In the long run, his credit rating will be better if you let him stand on his own two feet."I could've had a Mi Querida!" Nick Bardis5
-
It is my experience that people who can make this statement are happier than people who cannot make this statement.Thanatos0320 said:"I've never cosigned for a car"4 -
I co-signed for my idiot son's truck and I have made 4 payments, so far.
I told him last month, if I make another payment, I'm driving it to work everyday.
As was said, if you co-sign, be prepared to make the payments.
In Fumo Pax
Money can't buy happiness, but it can buy cigars and that's close enough.Wylaff said:Atmospheric pressure and crap.5 -
People only need help with a cosigner if they are bad at money management and have poor credit, or no credit at all. I would steer clear in both situations unless you can afford to pay the entire loan yourself. I would also not do that for family... money arguments are what ruin family relationships.Despite the high cost of living, it remains popular.5
-
My wife and I used to watch Judge Judy, I think, one of those shows while we ate lunch on my days off. This reminds me of a show we saw where a woman who had co-signed for her sister was then suing the sister to help with paying off the loan. The sister, who'd 'bought' the car had wrecked it, and stopped making payments. The judge asked her why she refused to make any further payments. "I ain't got no car, why should I make payments?" She said. When the judge followed up that she should make payments 1st because she owed the money, and 2nd because the burden now fell to her sister who was kind enough to co-sign her reply was "She should have known better than to co-sign for me."
People get really screwy when it comes to money. And nobody will screw you over faster than family, 90% of the time.
Just something to think about.
"If you do not read the newspapers you're uninformed. If you do read the newspapers, you're misinformed." -- Mark Twain4 -
OK, this is weighing on me. I think you need to hear the short answer.
JUST SAY NO.
"If you do not read the newspapers you're uninformed. If you do read the newspapers, you're misinformed." -- Mark Twain3 -
I'm not worried about my brother not paying.. anyway, I found out that the dealer was trying to get me to put my car up as collateral. Forget it, I'm not cosigning anything anymore.8
-
Anyone who has ever consigned was not worried about the person making the payments, until they stopped making the payments. Good decision on your part."We make a living by what we get, but we make a life by what we give". Winston Churchill.
MOW badge received.4 -
My brother asked me to do the same about a month ago. I told him I couldn’t do that. I had loaned him 3,000$ to get into an apartment he wanted. He paid me back in monthly payments. But then a couple weeks ago he had to move because he couldn’t afford the rent anymore.1
