cosigned for my mom.....biggest mistake

munchiaz · Dec 14, 2018

So i called the finance company, and there was a bit of good news I guess. I forgot that my mom filed for bankruptcy. So the finance company said I can do a voluntary surrender of the car. They flip it, and the remaining balance is not owed to me or my mom. That seems like the best way to rid myself of this issue. Any further insight on this guys?

norton9478 · Dec 14, 2018

On a per-month total cost basis, I probably pay less to drive a new car than to buy a used one with under 100,000 miles.

I would love to be able to pick up a $2500 4 door civic with 140,000 miles on it and fix issues at they come up. But the thing is that I can't have my car in the shop at any time. I've got places to go and people to see. I'd need two beaters in order to have something to drive.

SouthtownKid · Dec 14, 2018

munchiaz said:
So i called the finance company, and there was a bit of good news I guess. I forgot that my mom filed for bankruptcy. So the finance company said I can do a voluntary surrender of the car. They flip it, and the remaining balance is not owed to me or my mom. That seems like the best way to rid myself of this issue. Any further insight on this guys?

You should talk to DDR Champion. If he would be willing to forego 10% of his monthly budget for retarded oversized mismatching statues that he's using to plug the empty hole inside himself that in a normal man would be filled with love for his family, he could easily buy your mom's car for her outright and pay both your rents from now until mid-2024. Food and utilities would still be on you, though.

wyo · Dec 14, 2018

munchiaz said:
So i called the finance company, and there was a bit of good news I guess. I forgot that my mom filed for bankruptcy. So the finance company said I can do a voluntary surrender of the car. They flip it, and the remaining balance is not owed to me or my mom. That seems like the best way to rid myself of this issue. Any further insight on this guys?

Voluntary surrender will still impact your credit. There's no difference between a voluntary surrender and a surprise repo in the middle of the night as far as your credit goes.

Better option would be to sell the car yourself and eat the difference if you owe more than the car's value.

neo_mao · Dec 14, 2018

What is your mom going to do with no car?

Won’t that be a bigger headache for you - driving her around everywhere...

WoodyXP · Dec 14, 2018

munchiaz said:
Any further insight on this guys?

Refer to post #2 in this thread.

SouthtownKid · Dec 14, 2018

neo_moe said:
What is your mom going to do with no car?

Won’t that be a bigger headache for you - driving her around everywhere...

Bigger headache than bad credit? haha no. Not even in the same ballpark.

LoneSage · Dec 14, 2018

HDRchampion said:
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.

Your mom buys a new car even though she can't afford it. I'm sure if you didn't buy dolls every month then you could take over her payments. Many people aren't as lucky as you though.

You forget the role of parent to take care of their kids, and OP's mom is failing by being a financial burden for frivolous purchases.

neo_mao · Dec 14, 2018

Cars are getting expensive. I was looking at getting a Honda Civic hatchback when the new style launched a little while ago and was like $27k+ I think. Even the base model model was like $20k probably.

I remember a time when new civics where like $12k...

norton9478 · Dec 14, 2018

neo_moe said:
I remember a time when new civics where like $12k...

Long live the DX!!!!

Features
https://en.wikipedia.org/wiki/Honda_Civic_(fifth_generation)

Driver's side door mirror
Front chin spoiler/lip
Rear defroster
Power brakes
Power steering (with AT only)

Dr Shroom · Dec 14, 2018

SouthtownKid said:
You should talk to DDR Champion. If he would be willing to forego 10% of his monthly budget for retarded oversized mismatching statues that he's using to plug the empty hole inside himself that in a normal man would be filled with love for his family, he could easily buy your mom's car for her outright and pay both your rents from now until mid-2024. Food and utilities would still be on you, though.

Savage.

ShootTheCore · Dec 14, 2018

munchiaz said:
So i called the finance company, and there was a bit of good news I guess. I forgot that my mom filed for bankruptcy. So the finance company said I can do a voluntary surrender of the car. They flip it, and the remaining balance is not owed to me or my mom. That seems like the best way to rid myself of this issue. Any further insight on this guys?

Don’t do it-just follow through on this to the end. Knuckle down and keep making the car payments. Let your mom keep driving the car until it’s all worn out. Don’t let her trade it off on something else.

Viewpoint · Dec 14, 2018

HDRchampion said:
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.

That's only if your fucking parents arn't stupid with how they handle their money. No kid should have to take care of a parent's stupid debts if it's something that could have been prevented by using fucking common sense.

Lets Gekiga In · Dec 14, 2018

I cannot help but think of people calling into Dave Ramsey when I hear about your mother’s situation. I’d do as others have suggested and make the payments, don’t take the credit hit.

NeoSneth · Dec 14, 2018

Lets Gekiga In said:
I cannot help but think of people calling into Dave Ramsey when I hear about your mother’s situation. I’d do as others have suggested and make the payments, don’t take the credit hit.

Dave is not infallible. That guy 100% has an agenda.

famicommander · Dec 14, 2018

norton9478 said:
On a per-month total cost basis, I probably pay less to drive a new car than to buy a used one with under 100,000 miles.

I would love to be able to pick up a $2500 4 door civic with 140,000 miles on it and fix issues at they come up. But the thing is that I can't have my car in the shop at any time. I've got places to go and people to see. I'd need two beaters in order to have something to drive.

That's what I do. I have a 2005 Altima I paid around $2000 for as my primary car, and then a 1995 Camry I paid $200 for as a back up. Works out pretty well, actually.

The Camry is pretty hilarious. All the engine mounts are broken and I would have to re-case the whole thing to fix them, so instead I jacked the engine back up and bolted a metal bar across the bottom of the frame to keep it in .The mechanic said it wouldn't last a week like that, but it's been three years and the fucker keeps on chugging along. Coming up on 300,000 miles.

lithy · Dec 14, 2018

munchiaz said:
So i called the finance company, and there was a bit of good news I guess. I forgot that my mom filed for bankruptcy. So the finance company said I can do a voluntary surrender of the car. They flip it, and the remaining balance is not owed to me or my mom. That seems like the best way to rid myself of this issue. Any further insight on this guys?

As already mentioned, this will still impact your credit. That might be worth it, since you currently owe 16k on a car worth 5k.

Also, make sure you have anything agreed to in writing before beginning the process because I'm honestly not sure why your mom having already filed for bankruptcy would effect a current loan.

Has your mom been paying on time because if not, she's been affecting your credit anyway. Obviously seems like you realize this already but you made a big mistake since as far as the creditor cares, there is no such thing as a co-signer, there are only signers.

munchiaz · Dec 14, 2018

lithy said:
As already mentioned, this will still impact your credit. That might be worth it, since you currently owe 16k on a car worth 5k.

Also, make sure you have anything agreed to in writing before beginning the process because I'm honestly not sure why your mom having already filed for bankruptcy would effect a current loan.

Has your mom been paying on time because if not, she's been affecting your credit anyway. Obviously seems like you realize this already but you made a big mistake since as far as the creditor cares, there is no such thing as a co-signer, there are only signers.

So if i look at my credit report for this car, they haven't reported anything on it for the past few years. So as it stands it hasn't actually affected my credit yet. I don't know if they haven't reported due to the bankruptcy, or because my mom has been working on payment plans with them.

HDRchampion · Dec 14, 2018

LoneSage said:
Your mom buys a new car even though she can't afford it. I'm sure if you didn't buy dolls every month then you could take over her payments. Many people aren't as lucky as you though.

You forget the role of parent to take care of their kids, and OP's mom is failing by being a financial burden for frivolous purchases.

That would be more on the OP. If he knew his mom wasn't able to make payments he should have opted to get a more affordable car that he knows he would be able to pay off in case shit happens.

You have $16,000 left and been paying for it for 4 years? What car did you buy? How much was the downpayment?

Does your mom live with you at your home or vice versa?

If you can afford to help, its better to do it.

munchiaz · Dec 14, 2018

HDRchampion said:
That would be more on the OP. If he knew his mom wasn't able to make payments he should have opted to get a more affordable car that he knows he would be able to pay off in case shit happens.

You have $16,000 left and been paying for it for 4 years? What car did you buy? How much was the downpayment?

Does your mom live with you at your home or vice versa?

If you can afford to help, its better to do it.

Super bad choices were made to get here. She had a car from a buy here pay here, that she traded in to get this car. Which is a Nissan Sentry, not the type of car that should have a payment of over $400 a month.But because her credit and such it turns our that way. Of course if I could go back I would have not cosigned. So now i'm trying to figure out whats best to fix this issue. She does not live with me, and I can take care of my bills, but i have student loans I'm paying off as well, and my extra money is ging towards paying that stuff off. So i don't have tons of extra income here

awbacon · Dec 14, 2018

parents messing your credit up is a disaster...I'd know. My father took out five credit cards in my name when I was 18, maxed them all out, never paid a cent

Took 5 years of court cases and battles to get my credit back up to perfect. Upside is I defended myself in court twice and beat lawyers so...that was fun!

Rot · Dec 14, 2018

awbacon said:
Took 5 years of court cases and battles to get my credit back up to perfect. Upside is I defended myself in court twice and beat lawyers so...that was fun!

Where were you when Bibliophile needed you?.... EH!!!!

xROTx

ShootTheCore · Dec 14, 2018

munchiaz said:
So if i look at my credit report for this car, they haven't reported anything on it for the past few years. So as it stands it hasn't actually affected my credit yet. I don't know if they haven't reported due to the bankruptcy, or because my mom has been working on payment plans with them.

Then step back and let your mom keep working out payments with the bank on her own. Check back with the bank every six months to make sure they're still happy and your credit isn't getting dinged. Put a little cash away on the side here and there so you can cover a missed payment for her if you have to.

munchiaz · Dec 14, 2018

ShootTheCore said:
Then step back and let your mom keep working out payments with the bank on her own. Check back with the bank every six months to make sure they're still happy and your credit isn't getting dinged. Put a little cash away on the side here and there so you can cover a missed payment for her if you have to.

Yeah, that seems to be the best course right now. She just paid me back the money she owed, and I'm hoping my seriousness and all that is enough to make her change her ways. I told her that I want a list of all her bills, and stuff. I need to follow her money to see why shes fucking up so much.

HDRchampion · Dec 14, 2018

munchiaz said:
Yeah, that seems to be the best course right now. She just paid me back the money she owed, and I'm hoping my seriousness and all that is enough to make her change her ways. I told her that I want a list of all her bills, and stuff. I need to follow her money to see why shes fucking up so much.

You seem like a good son munchiaz...Dont be too hard on your mom, do what you can to help her out. Its only money, you can make that up later on in life. Dont let it destroy your relationship with your mom.

cosigned for my mom.....biggest mistake

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