How to tell a friend you dont want to co-sign for them?

[djman37 5,000+ posts]

One of my closest friends hit me up a week or 2 ago about co-signing an auto loan for him. I told him then that I would have to think about it.
Now, he is calling me and texting me about if I have made a decision yet.

I am not going to so-sign for him for some personal reasons.

1) I am just starting to build my own credit.

2) If he doesn't pay I don't want it to ruin our friendship.

I know he would not intentionally screw me over, but he hasn't had the best reputation for paying things on time.

I have been avoiding his question, because I know it will kind of disappoint him if when I tell him no.

How should I go about telling him that I don't want to cosign without hurting his feelings?

Don't do it. Tell him. "I cannot risk my credit so you can drive a car." Have him save up a down payment and use that to help secure a loan.

 

[djeazie 10+ year member]

Tell him your looking into purchasing a home and the Mortgage company doesnt want you to have anymore extended credit.

 

[qtipextra 5,000+ posts]

Tell him your looking into purchasing a home and the Mortgage company doesnt want you to have anymore extended credit.

I don't want to lie.

 

[dragnix 5,000+ posts]

just be honest about it, if he's a real friend he wouldn't bitch and moan about that shit.

 

[Annnarbor84 5,000+ posts]

I wouldn't have the balls to ask somebody to cosign, with the economy the way it is. To much uncertainty. My boy got a good *** job about 6 months ago, with in 3 months of being there. He went out and bought a brand new Audi. I told him he was ****ing crazy, now his job is gone, the car is gone, and his credit is crippled:crap: I would tell your friend no way, there is to much uncertainty

 

[CRXBMPN 5,000+ posts]

yeah just tell him 'my credit is maxed out and the debt to income ration is too high and its just not legitamitely possible in this economy.' then be like 'yeah i looked in to it'... lol

 

[orangecounty1 10+ year member]

I don't want to co-sign for you. /thread

x2

 

[djeazie 10+ year member]

just be honest about it, if he's a real friend he wouldn't bitch and moan about that shit.

troof.

 

[qtipextra 5,000+ posts]

From the suggestions I received, I just made up a text and shot it his way:

"Hey man, I can't cosign for you, I just don't feel conformable with it where the economy is and everything"

 

[jco1385 5,000+ posts]

just be honest about it, if he's a real friend he wouldn't bitch and moan about that shit.

word. and if he does tell him to **** a cawk and stop trying to use you for your credit.

if i was him and you said no i'd be like "alright, i understand that you are not in a situation where you can help"

cuz i'm not a joo

 

[Ken448 10+ year member]

wtf just tell him no. Does he not have parents that can co sign for him? As stated previously.. In this economy, Id NEVER co-sign fora friend, let alone anyone right now.

 

[jco1385 5,000+ posts]

From the suggestions I received, I just made up a text and shot it his way:
"Hey man, I can't cosign for you, I just don't feel conformable with it where the economy is and everything"

way to make it george bush's fault.

i can dig it

 

[fbi90909 5,000+ posts]

quit making excuses.. tell him the truth. you don't feel comfortable putting your life(credit) in someones hands. apologize and tell him it's the way it's going to be.

i myself wouldn't even co sign my brother, and he makes just as much as i do and goes to work every day.

if he wants a car bad enough he can get it by saving up. after i lost my peice of shit town car that cost me 350 bucks i ended up saving all the money i could for 3 months that i had left over from rent, bills and cheap food i had to eat to save 3 grand and get myself a car.

 

[Lugnutz 10+ year member]

I'm glad my sister lends me money unlike all you selfish bastards.

 

[jco1385 5,000+ posts]

I'm glad my sister lends me money unlike all you selfish bastards.

i lend and even give my sister money.

but she's no where on my credit //content.invisioncic.com/y282845/emoticons/fyi.gif.9f1f679348da7204ce960cfc74bca8e0.gif