I know this isn't exactly the same thing but a few years back, a nephew of mine (age 22, single, with slightly better than minimum wage job)asked me if I would co-sign for a new car loan. I asked all kinds of interesting questions as I have had little association with him. First, it was a sports car, second, he could not insure the car without help (which he assured me that he would get with his Mom's help since she didn't have a car & would be using it too), third, he really did need transportation. After serious consideration, I decided to GIVE him my old "put around town" car (I have a much newer truck that I could use) and delay his NEED for a new car until he could save up more money to get around the co-signer issue. I KNEW my family dynamics well enough to know that he didn't have any money sense (none of us learned anything other than lots of debt & living pay check to pay check). He was grateful & delayed his new car purchase....until he ran the car I gave him into the ground! After hitting my mother up for the co-sign thing & rigging the insurance up under her policy, he proceeded to wreck the car, and lose his job. Let's just say that Mom was PO'ed and I have yet to say "I told you so" because she already knows that this family is full of deadbeats by her past experience. I'm glad that I had the commom sense to add numbers and know that this was not a good thing. I would have no problem loaning money to my mother, my youngest sister (we live in the same town & I know her money habits), my SO, & my best friend, but that's IT! I'm much wiser having gone through the experience of getting my own credit card debts paid down through diligent budgeting & hard work. It's no fun in the beginning but it sure is worth effort. I can bet that I won't be making the same mistake again. If you'd like some budgeting help, email me at firstname.lastname@example.org
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