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

[Louisiana_CRX 5,000+ posts]

no one has ever co signed for me...but I have for others in the past and got screwed over so never again ....I had to build up my credit on my on and keep it up....it is the only way you will learn if the person financing don't have faith in him neither should you...your not a bank and can't afford the loss....

 

[Lugnutz 10+ year member]

//content.invisioncic.com/y282845/emoticons/wink.gif.608e3ea05f1a9f98611af0861652f8fb.gif


^yes

I cosigned a car for my brother in law once.

He swore up and down that everything would be ok

A month later he was full of bars and wrecked into a ditch and totaled the car.

Guess who payed for it?

NEVER cosign for anyone. If they need a cosigner, it proves they are not yet responsible for their own welfare

The insurance company should've paid for the car since you would need full coverage to get an auto loan.

 

[qtipextra 5,000+ posts]

Didn't read the thread, but did he ask his parents?
Hell my parents won't co-sign shit for me because my credit sucks, but that is who he should be asking, not a friend.

His parents wont cosign for him either. //content.invisioncic.com/y282845/emoticons/crap.gif.7f4dd41e3e9b23fbd170a1ee6f65cecc.gif

 

[dragnix 5,000+ posts]

His parents wont cosign for him either. //content.invisioncic.com/y282845/emoticons/crap.gif.7f4dd41e3e9b23fbd170a1ee6f65cecc.gif

doesn't that tell you something?

 

[qtipextra 5,000+ posts]

doesn't that tell you something?

Yeah, exactly. This thread wasn't "should I or should I not" - I already knew I wasn't going to cosign for him. I just didn't know the best way to tell HIM that.

 

[dragnix 5,000+ posts]

"NO!!!" would've been a good idea

 

[qtipextra 5,000+ posts]

"NO!!!" would've been a good idea

I should have been like this:

"NO YOU SON OF A BITCH GTFO AND QFT!"

 

[WhoSayWho? 5,000+ posts]

Yeah, exactly. This thread wasn't "should I or should I not" - I already knew I wasn't going to cosign for him. I just didn't know the best way to tell HIM that.

Just explain to him that it will show up as debt on your credit report. Therefore your credit score will be lowered regardless of whether he pays on time or not.

 

[dragnix 5,000+ posts]

Nukka fuck you, i ain't your daddy

 

[Lugnutz 10+ year member]

Just be honest with him. Tell him you are a shitty friend and won't help him.

 

[1rockford1 5,000+ posts]

or less your ****** my cawk im doin nothin for u. so yea im not signin nothing

 

[JamesKarr 10+ year member]

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

QFT. Its not that hard

 

[quest51210 10+ year member]

just found out my girl has 792 credit...

 

[donpisto 5,000+ posts]

Quit being an ashole and sign for your friend. You can rebuild your credit, this is not losing a good friend over.
I can't understand people who put money ahead of family and friends.

Greedy bastard.

So looking out for your own good is being selfish? Well yes, but you're saying it's better for one person to possibly suffer and be stuck with a shitty credit? C'mon. Do you know how long it takes to rebuild credit?

Having credit is not just about making payments on time, so that's not going to fix it. Major purchases have a large effect. For example, if you pay off a car that you financed say 15k for, your credit score will go up. Consequently, if you can't pay it off and fall behind and whatnot, it will really screw you over.

OP, just tell your friend you are sorry but you are unable to do it. If they really are your friend, they would understand. You don't need to provide an excuse, it's your choice.

And for anyone who keeps saying, oh c'mon, it's your friend, well guess what...I've seen this happen to a friend and since he cosigned, he had a lawyer on his ***. Thankfully, he knew where the guy's dad lived since the guy moved and they were able to track him down. My friend got lucky; others may not be as lucky.

 

[IDSkoT 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?

Tell him flat out. If he's a close friend, he'll understand. Might be mad, but he'll get over it.