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[prytania3]

So Prylet is working in CT. He seems to have lost interest in underwater welding, but he loves welding in general.

He has a pretty good welding job close to home, so he doesn't have the arduous commute that he had, but he wants to work some on the side. This requires getting his own welder and a truck to carry it on--along with other tools and so forth.

Evidently he has a limited credit history, but he does have something *bad* on it. He went to a dealership today, and I don't know if they gave him a thumbs down or just offered an outrageous rate. He says he doesn't want the truck right now, but in two or three months, but he wants me to co-sign for it, so a) he can get the truck, and b) he can get a reasonable rate.

He's peaved at me because I wouldn't give him a commitment. I think he needs to take some responsibility for his credit report, but he said the bad thing will be gone in 2013. I told him that in a few months, I would be in a better position to help him with a truck. Not that I intend to pay a dime for it, but if I co-sign, I'm responsible, but I also told him, there was no way I was going to help him unless he made some effort to get the credit report straightened out.

This seemed reasonable. I know at 21, even if he takes care of the bad credit thing, he's still going to get stuck with a huge interest if I don't co-sign. Then again, maybe I'm crazy to co-sign. Then again, I have a few months to think about it.

So what say ye forumites? To sign or not to sign, that is the question.

Oh-there's another option. He sells his car, I sell him my truck, and I get a new vehicle--but my truck is paid for...

[clean]

ummm. ... No. 
Hell no.
Fvck no.
no way in hell.
Is there any doubt about the word "N" "owe"

Never Co Sign for Anything for Anyone Ever.

IF the bank wont give him money why should you, even though he is your ONLY Child!  (And is that not a card being played?)

[ursula]

What clean said.  There's good reason why people who know about these things won't give him money.

My sister and her sleazeball husband once had the nerve to ask me to co-sign a truck loan for them.  I was amazed that they thought I was that stupid.

[clean]

Six months ago the world would be great if only he could weld under water.  Now, not so much.  Now he wants to get YOU into debt for the next round of 21 year old wonder-ideas.  

Do you have the money to buy a truck?
Why does he need a truck new enough to finance?
Wont any truck hold a welder?  Why not buy a trailer (pick one up at Lowes for a grand)?  

Dont they have places that will let you rent equipment like welders?  Let him rent til he can buy his own.  That way he only 'pays' for it when he is using  it.  IF he (and you) finance a truck to haul this welder (and assorted tools), then you pay for it, and insure it, and depreciate it every second of every day!  

Is he going to weld on Christmas?  He will pay interest that day!  

Let him save the money.  

Really, Do YOU have the money?  Once you sign the line, it is YOUR debt!  

Can YOU afford to buy a truck now.... You are not even certain that you will have a job!!

Maybe if your options trade come through you can pay cash.  Otherwise, there is a wonderful place to go when you are broke... to work.

[prytania3]

I could afford it in a few months.

Then again, I could be president of his welding company, and write it off on *my* taxes. That's before AGI.
He, of course, would get clobbered.

It's true he lost interest in underwater welding, but he has not lost interest in welding...

[spork]

Pry, you know the answer -- it's what clean said. The issue is not what you can afford at what time, it's what's financially prudent for Prylet. He should be saving up to buy a used vehicle for cash.

[clean]

If you have to finance it, you can not afford it.  

IF you have the cash to be able to Give him the truck that is one thing.  IF you have to borrow the money, then you can not afford it.

What specifically is he looking to buy (make model year)?

Are there any welders 'going out of business' that he can buy from?

Other than the philosophy of save up and pay cash you claim, "

Insert Quote
I could afford it in a few months.

So at this instant, this is a non issue.

What is he bringing to the table other than good looks and charm?


The right answer is to not put yourself in financial danger.  Trucks do not go up on value.  Financing depreciating assets is nuts.  Cosigning for the ride is insane.   You have always struck me as rather sane (mostly).

[prytania3]

Oh s***. Is this going to be one of those threads where everyone agrees?

But Clean, I respectfully disagree with your idea of financing vehicles. If I never financed a vehicle, I'd still be riding the bus.

[spork]

Yes.

[clean]

But Clean, I respectfully disagree with your idea of financing vehicles. If I never financed a vehicle, I'd still be riding the bus.

No you wouldnt.  You would have saved up and paid cash. You may have started with an older car and eventually moved up.  And you would have paid a lot less money!  It may not have been as 'easy' as riding the bus and all, but there is a reason that 'convenience' stores chard $3 for a loaf of bread.

[clean]

But Clean, I respectfully disagree with your idea of financing vehicles. If I never financed a vehicle, I'd still be riding the bus.

Oh, and when you did finance it, did you get a cosignor?



I think that there are lots of alternatives to financing a truck. 
Really, what about a trailer? 
Hell, he is a WELDER ... BUILD a trailer!!!

[hegemony]

I'm agreeing with everyone too.

Refusing to sign will: a) help him learn how to manage finances in adult life, b) keep you from having to pay for a truck you personally have no use for, c) keep you from strangling him over the fact that you are paying for his truck after he defaults on the loan.

"Lending" (aka involuntary giving) anyone money is a recipe for resentment and hard feelings, which are best avoided at all times, but especially with family.  And he really will value the truck the appropriate amount if he works to buy it.

[prytania3]

But Clean, I respectfully disagree with your idea of financing vehicles. If I never financed a vehicle, I'd still be riding the bus.

Oh, and when you did finance it, did you get a cosignor?



I think that there are lots of alternatives to financing a truck. 
Really, what about a trailer? 
Hell, he is a WELDER ... BUILD a trailer!!!

No, I had no co-signer, but the units did buy me two or three cars in my younger years, but there was no co-signing pretense. I was spoiled.

I like that building a trailer, but his car really isn't big enugh to pull a trailer. Actually I was looking at truck prices, and if he saved his money, and used his income tax refund, he could get a truck.

But you know, he gets these ideas, and he gets all excited, sucks me in, and the next thing you know, I've got a sink hole.

He needs to this for himself. He'll feel better about himself, and if he wants his own business, then he needs to figure out a way to do it--although--I could justify it in tax savings.

[spectacle]

Pry, on one of the other things you mentioned: when I was in my early 20s, I had some craptacular things on my credit - some of them were the results of bad decision-making on my part, but others weren't (there were errors - including a utility bill at my address that was from a previous tenant but that I ended up getting screwed on).

A kind friend sat me down and walked me through how to contact each of the three reporting agencies to correct/addend the errors and other dings, and it helped me a) pay a LOT more attention to my credit and b) understand how to counter some of the negativity in my report. My credit rating improved much more quickly than it would have otherwise.

If any of the things on his report might be softened by an addendum, encourage him to contact the agencies to clarify them.

[prytania3]

Pry, on one of the other things you mentioned: when I was in my early 20s, I had some craptacular things on my credit - some of them were the results of bad decision-making on my part, but others weren't (there were errors - including a utility bill at my address that was from a previous tenant but that I ended up getting screwed on).

A kind friend sat me down and walked me through how to contact each of the three reporting agencies to correct/addend the errors and other dings, and it helped me a) pay a LOT more attention to my credit and b) understand how to counter some of the negativity in my report. My credit rating improved much more quickly than it would have otherwise.

If any of the things on his report might be softened by an addendum, encourage him to contact the agencies to clarify them.

I'm pretty good at cleaning up a credit report, and I offered to help him, but he got all frustrated.

But if he's not willing to work on getting his credit straightened out--then that should be a really good sign that I should not co-sign for a truck.

But if he's ultimately looking to get in business for himself, he really needs to get down with the credit game. You can't have a business without decent credit.