Co signer left holding the bag after car wreck !! Need advice please!! - Page 5 - Mercedes-Benz Forum

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post #41 of 62 (permalink) Old 03-26-2009, 05:41 PM
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I am disappointed this thread has fizzled without any suggestions for Cascade other than just filing bankruptcy.
The woman agreed to abide by the terms of a contract with a lending institution, assuring payment on a loan made in good faith. She should keep to her word, and not look for a way to renege on her promise. The end.

"If spending money you don't have is the height of stupidity, borrowing money to give it away is the height of insanity." -- anon
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post #42 of 62 (permalink) Old 03-26-2009, 05:41 PM
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I am disappointed this thread has fizzled without any suggestions for Cascade other than just filing bankruptcy.
Gee. I feel for you. Well, not really. Why don't you come up with something other than just filing for bankruptcy? Now, you providing some helpful suggestions, well, that would be a new one....

I actually think we have pointed out something fishy has gone on, and he should recommend the cosigner try to understand how the insurance was changed by someone who did not own the car, and how the change in status, if was made legally, was not made known to the owner, the bank, and the cosigner if the cosigner is supposed to now be liable if there is a loss, such as has been described. Like I said, seems fishy.

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post #43 of 62 (permalink) Old 03-26-2009, 05:43 PM
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The woman agreed to abide by the terms of a contract with a lending institution, assuring payment on a loan made in good faith. She should keep to her word, and not look for a way to renege on her promise. The end.
And recoup her costs by selling the worthless daughter into white slavery....

Jim
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post #44 of 62 (permalink) Old 03-26-2009, 05:43 PM
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I'm shocked Jim, shocked, that you would imply any embarrassing or incriminating details would have been omitted by the storyteller.
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post #45 of 62 (permalink) Old 03-26-2009, 05:44 PM
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tits or fuck off
fail.
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post #46 of 62 (permalink) Old 03-26-2009, 05:47 PM
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I'm shocked Jim, shocked, that you would imply any embarrassing or incriminating details would have been omitted by the storyteller.
It's the young, likely dumb blond with a short red dress thing, "Ah pleads insanity! Ah'm juss crazy about that stuff!" Especially without panties.

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post #47 of 62 (permalink) Old 03-26-2009, 05:47 PM
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And recoup her costs by selling the worthless daughter into white slavery....

Jim
I hadn't thought of that. That's why you get the big bucks, Jim.

But seriously, I wouldn't consider co-signing for any loan that I didn't intend to pay off. I might keep my fingers crossed and hope the primary signee makes good, but it's folly to count on it.

"If spending money you don't have is the height of stupidity, borrowing money to give it away is the height of insanity." -- anon
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post #48 of 62 (permalink) Old 03-26-2009, 05:49 PM
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I guess the moral of the story is don't cosign a loan that somebody needs you to.

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post #49 of 62 (permalink) Old 03-26-2009, 05:51 PM
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Or consider it a gift and hope for the best.

"If spending money you don't have is the height of stupidity, borrowing money to give it away is the height of insanity." -- anon
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post #50 of 62 (permalink) Old 03-26-2009, 05:57 PM
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I hadn't thought of that. That's why you get the big bucks, Jim.

But seriously, I wouldn't consider co-signing for any loan that I didn't intend to pay off. I might keep my fingers crossed and hope the primary signee makes good, but it's folly to count on it.
I basically agree, GS. I would word it "I woudn't co-sign for any loan I was financially comfortable paying off. I would also not co-sign for any loan if I was not convinced the person I was entering into this arrangement to enable going into debt was not financially capable of paying the loan off by themselves." Because I co-signed a loan for my daughter, who has a good job and can afford her car, but got a significantly better interest rate by exploiting my credit rating. In that case she already qualified for a loan, at a higher monthly payment. I saved her gas money and then some by co-signing. I would never have considered enabling her to get further into debt than her income could handle and had no qualms about helping her keep some of her money instead of giving it to the bank. Two years, so far so good. No short red dresses in the plan, yet.

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