question here.

my friend calls me today and asks me if i can help her out by co-signing with her so she can lease a car. i guess she said it would be better for her if she had someone to co-sign becuase she is already paying off one car loan, cuz after she leases this car she will have 2 cars.

in your opinion, would this be a good idea for me to help her with or would you not do it? how would it, if at all, affect my credit?

 

As good as a friend that you are. I don't think that I woud do it. Take for example:

This kid I know had his GF co-sign his loan for his Mustang Cobra. They break up, things are okay, then he stops paying the payment. His ex-gf is now stuck with the payment while he still drives the car. She does this cause she has to save her credit...up to you benzino

 

Well after frustrating over continuous research of credit and the way its works in search of info on how to build my own credit, I have a good amount of "crediTbility". hehehe

Co-signing on your friends lease application will legally bind you to be mutually financially engaged in the lease contract with the leasing co. Meaning, you are legally responsible for making the payments as she is. This does NOT mean you have to pay half every month or something, but it does mean that were she NOT to pay and default on the lease, both yours and her credit will be negatively affected. Also, were you to apply for some sort of credit wether it be revolving (credit card), or a loan of some sort, creditors WILL see this lease on your credit report.

When creditors look at your history, one thing that determines if you get approved or not and the interest rate you are eligible for is the amount of credit burden you are currently carrying. Co-signing on this lease will only add to your list of credit.

Not worth it bro, maybe you want to help her out but what if she loses her job? Be ready to have to pay for her or suffer major credit problems.

I say no.

 

I say no. If she fuks up even a little...there goes your credit. You have to take over her payments and take care of your credit.

Its good to help out friends and all, but this is something I wouldnt do.

 

a true friend wouldnt ask inthe first place h:. dont do it man.

 

 

Don't do it. Have her parents co-sign with her instead.

 

her parents live in Thailand


but yah...from the responses i'm gettin from ya'll... i dont think i will do it. i feel bad that i cant help her out, but i gotta watch out for myself, right right?

 

Joey is listening to B-Witched - Mickey :nervous:

 

oh mickey you're so fine