A friend of mine is having a baby and need to get a car. He has had two repos and have his baby around. He needs a co-signer and I feel bad because he has been for me and his credit score is 490th Would anyone even think to do this, or am I just a bad person. I know how it is with bad credit. I dont plan to make it? Does anyone know where he could go it $ 5,000 Cash
Best Answer: I hope you are keeping track of what is going on in case you find yourself needing to sue them. You can report them to the labor department if they are not paying you.
If you are hourly, I would also keep track of your hours to make sure they are not shorting you — seen this happen.
As for what to do find a job first… then quit. You don't want to have nothing and you don't want to find yourself with out health insurance.
good luck
Reply:He should buy what he can with the $5000 cash. Taking care of a baby is expensive, and not having to worry about a car payment or possible repossession will be nice. If he does go for the $8000 car (which won't be much nicer than a $5000 car) and puts $5000 down, they will be itching to repo it because it could almost make more money than waiting for the payments to come in.
Reply:Your friend should certainly be able to find decent transportation for 5K, AND if your friend wanted something a bit more expensive a 5K downpayment would get your friend approved for financing depending on the credit situation, but maybe not at the best of terms.
Reply: IMO…i would tell him to take the 5,000 and buy a car for cash.. he can get a decent car for 5,000. i personally wouldn't do it. As i have been going down the road of Credit repair ups and downs, i have seen how i damaged my own credit, without the help of someone else. i would hate to see you get in a situation where you have to repo the car from your friend for not making the payments. I think that would put a bigger strain on a friendship than you being open and honest with him, telling him that you are not in a situation where you can help him at this time.
OTOH, have him take his 5,000 to a dealer and look for a used car, say for 6 or 7,000, give his 5,000 as a down pmt, and he will probably get financed, and the loan will help him to rebuild his credit.
best of luck to you!!
Agreed!
Reply:Yes, NEVER involve money between TRUE FRIENDS…
That WILL be the end of your friendship.
It always turns to how YOU feel, as the other person will feel the same… you might as well just say goodbye now…
Reply:Good point. Look for a good used Toyota Corolla or Honda Civic for 5k.
Reply:Good looking out you are right he needs to take his $5K and get a car in cash.
Reply:IMO…i would tell him to take the 5,000 and buy a car for cash.. he can get a decent car for 5,000. i personally wouldn't do it. As i have been going down the road of Credit repair ups and downs, i have seen how i damaged my own credit, without the help of someone else. i would hate to see you get in a situation where you have to repo the car from your friend for not making the payments. I think that would put a bigger strain on a friendship than you being open and honest with him, telling him that you are not in a situation where you can help him at this time.
OTOH, have him take his 5,000 to a dealer and look for a used car, say for 6 or 7,000, give his 5,000 as a down pmt, and he will probably get financed, and the loan will help him to rebuild his credit.
best of luck to you!!
Reply:Thnx for the Reply it was so hard to fix my credit. I cant imagine having bad credit again Im gonna pass its not worth it.
Reply:Remember if you co-sign and he doesn't make payments, your screwed.
BUSINESS IS BUSINESS, NEVER PERSONAL.
You seem to have a good heart, people with good hearts get screwed on earth.
Unless you really, really, really know this person, I would pass.
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