cosigned for my mom.....biggest mistake

munchiaz

munchiaz

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I'm writing this because my stress levels are through the roof right now. So about 4 years ago my mother needed a car, and she wasn't able to get one with her credit alone. Me being the foolish, caring son I am, I cosigned for her, and its been nothing but a roller coaster ever since.

Of course I should have never done it, but i can't go back now. Shes really poor with money and also keeping a job. shes hit me up on numerous occasions to borrow money,and i just can't deal with it anymore.

I really don't know what to do. Is it best to just let the car get reposessed. Do I take the car from her and try to sell it on my own. Do i just take the credit hit?
 
WoodyXP

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Take the car and sell it. Then pay off the loan and be done with it.
 
S

sr20det510

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How much is owed on the car?
If it's a small amount I'd say pay it off, and let her know that you will no longer be able to loan her money.
 
cdamm

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sr20det510 said:
How much is owed on the car?
If it's a small amount I'd say pay it off, and let her know that you will no longer be able to loan her money.
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thats the answer.

don't take the credit hit. a repo is especially rough on your score.

It's really tough since it's your mom, but good lord she seems to be killing you with this. Worst case: take possession, sell it, and buy her something cheap in cash that will just keep going (like an older civic). 'Im only thinking that because it's 4 years in and you shouldn't owe that much on it by now (assuming it's not a nuts level car).
 
Neodogg

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Came here thinking you were finally agreeing that you were your mom's biggest mistake...a little disappointed...
 
LoneSage

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Why the fuck do poor people buy new cars? Ridiculous. Intervention time my man. Sit her retarded ass down like a child and tell her you've had it with her shit.
 
HornheaDD

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LoneSage said:
Why the fuck do poor people buy new cars? Ridiculous. Intervention time my man. Sit her retarded ass down like a child and tell her you've had it with her shit.
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I work in lending, and I can't seem to fathom this either. Im not an underwriter, but Im a loan processor and I dont understand how these people get any kind of approval.

We got people coming in with 550 credit scores wanting to buy 2019 loaded-the-fuck-out Chevy/ford/dodge trucks. What in the fuck dude, you work at mcdonalds, makin 3 bucks a week with a shit tanked credit score and you wanna buy a 75k truck? You're gonna afford a 1200/mo car payment at fucking 13% apr?

Then that same dumbshit comes in 6 months from now buying a 2020 version, rolling in like 8k negative equity, AND buys a new warranty and all the shit. Then when they try to get a signature loan to 'build their credit' they get all pissed that they're declined.

FUCK people can be stupid.
 
WoodyXP

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HornheaDD said:
FUCK people can be stupid.
Click to expand...

That's the American Dream, own a bunch of shit you can't afford. Down where I live I see guys driving $70K trucks with tiny tires because they can't afford to replace them with the stock size.
 
greedostick

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Ugh.. that sucks, sorry man. It's usually the other way around. It's a tough situation because it's moms, and she raised you.

You might have to sell it, and have "The Talk".

I personally make it a point to not purchase any vehicle for more than 4k, and still manage to run them for years. On year 3.5 of my $1500.00 2001 Ford Ranger purchase.

I don't know what's up with new car people either. That extra 100k you spend through your life on a vehicle, could be used for retirement. Just buy a POS and put some money in it when needed. Tell mom she's getting a classic Ford Escort with all the trimmings. Cassette player and all.
 
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Gaston

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LoneSage said:
Why the fuck do poor people buy new cars? Ridiculous. Intervention time my man
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Some people need to be protected from themselves. In this case you need to protect your mother from making silly decisions. Take ownership of your moms finances if she's struggling that much (unless you suck at it too) and get her back on track.
 
LoneSage

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Gaston said:
Some people need to be protected from themselves. In this case you need to protect your mother from making silly decisions. Take ownership of your moms finances if she's struggling that much (unless you suck at it too) and get her back on track.
Click to expand...

Good things are coming to you soon.
 
ShootTheCore

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I have a similar situation with my dad - he can't keep a job to save his life, and when he loses a job, he burns as many bridges as he can on his way out the door. My brother and I cover his bills enough to keep him from being homeless, but it's frustrating as hell.

The rule I've learned on cosigning is - if the bank runs the numbers and knows that they aren't going to be able to make their payments, who are you to argue with them? Don't cosign unless you're prepared to make every payment yourself.
 
joe8

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LoneSage said:
Why the fuck do poor people buy new cars? Ridiculous. Intervention time my man. Sit her retarded ass down like a child and tell her you've had it with her shit.
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Nobody should buy brand new cars, IMO, no matter how rich they are. There would be exceptions to that though, mainly for tax reasons. You lose some of the car's value just by driving it off the lot, and you're paying for the dealer's costs (rent, advertising, taxes). Even if you get a second hand car that's a couple of years old, you don't pay for all that. But I suppose it might be difficult to get finance on a used car. In general it's better to avoid buying things on credit. But you have to have bought a couple of things, and paid them off, to have a meaningful credit rating at all.
One of the exceptions is when you buy a new car for the tax breaks you get, for example, a company car. That changes the situation, financially.
Also, it's generally not a good idea to pay extra for more warranty, but it depends on the situation.
 
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theMot

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You might need to pimp your mom out until the debt is repaid.
 
HDRchampion

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meh, one of the greatest honor is to take care of your parents. Yall are some low life kids. If you can afford it, you should help them out.
 
munchiaz

munchiaz

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I think the reason poor people end up getting new cars is basically this exact situation. They can't get financing on something used, they don't have enough money saved to buy a used car outright, so the dealership basically ties you down with payments for the rest of your days. My mom still owes like $16k on this car, and the kicker is between jobs and for extra cash she has been doing uber for the past few years. Which is all fine and dandy, expect shes put a lot of miles on the car. I checked the value via kelly blue book, and maybe i can get $5-$7k for it.

So the plan is to contact the finance company, see what the lowest amount is they are willing to take, and hopefully I can rid myself of this problem sooner rather than later
 
jeffkun34

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Yikes, that sucks. A good friend of mine got the mortgage for his Mom's house because she could not get qualified herself. He said she has basically run the house into the ground in under 10 years and there is no way anyone would touch the place now. With 20 more years of payments to go he is pretty much stuck keeping her from being homeless because I don't think her current job brings in much.

I usually hate to make this argument, but it could be much worse.
 
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