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  1. #1
    Join Date
    Oct 2013
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    Default Car Loan Co-Signer Agreement

    My bf of 2 years, would like i signed as co-signer for a car. I would like to make him signed an agreement between us. Would you have any sample agreement that can help me. I trust him, that he can pay, but i just want to save me from Trouble.

  2. #2
    Join Date
    Sep 2005
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    98,846

    Default Re: Co-Signer Agreement

    If you don't trust that your boyfriend is good for the money, don't cosign. No agreement is going to save you from the consequences of his default.

  3. #3
    Join Date
    Oct 2013
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    3

    Default Re: Co-Signer Agreement

    i trust that he will pay...is just that, i want to have a signed agreement between us, in case he doesnot pay, agreemt can say that i can possess the CAR for trade for full payment on the car loan.

  4. #4
    Join Date
    Jan 2006
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    38,867

    Default Re: Co-Signer Agreement

    Quote Quoting kirita76
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    i trust that he will pay...is just that, i want to have a signed agreement between us, in case he doesnot pay, agreemt can say that i can possess the CAR for trade for full payment on the car loan.

    walk away.

    just walk away.




    everybody that co-signs trusts the other person. That trust is often not deserved.

    Beyond that, if you should break up, you are still stuck on the loan as co-signer. If he doesn't pay, they are coming after you and you won't be able to whip out the rolling pin and whack him and make him go pay the loan because you won't live together.



    Thinks about this a llllooooooooonnnnnnnggggggggg time before doing it. Then, say no regardless of what came from thinking about it.

    to this:

    agreemt can say that i can possess the CAR for trade for full payment on the car loan.
    Not sure I understand what you are saying there. You will still owe whatever is on the loan (along with him) to the bank regardless of what you do with the car. Additionally, you are not going to be able to sell the car until you pay off the existing lien.

  5. #5
    Join Date
    Oct 2013
    Posts
    17

    Default Re: Co-Signer Agreement

    Quote Quoting jk
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    Thinks about this a llllooooooooonnnnnnnggggggggg time before doing it. Then, say no regardless of what came from thinking about it.
    VERY sound advice!!

  6. #6
    Join Date
    Mar 2013
    Posts
    18,340

    Default Re: Co-Signer Agreement

    I agree with the others.

    Do not do this.

    You are not smarter than the banks that won't lend him the money.

    I can't tell you how many thousands of tales of woe on these legal websites start with "I trusted."

    There is no paper on earth that will protect you when the relationship breaks up and he has the car and you get stuck for the loan.

    Guaranteed.

    If you do it, you'll be back here in a while, whining "What are my rights?"

    Try this: Tell him no. He'll probably break up with you. Then you'll know why he's kept you around.

  7. #7
    Join Date
    Oct 2013
    Posts
    3

    Default Re: Co-Signer Agreement

    thanks everyone for your reply... i appreciated!

  8. #8
    Join Date
    Mar 2013
    Posts
    18,340

    Default Re: Co-Signer Agreement

    Quote Quoting kirita76
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    thanks everyone for your reply... i appreciated!
    I bet you'll do it in spite of all our admonitions.

    Oh well.

  9. #9
    Join Date
    Oct 2006
    Posts
    16,474

    Default Re: Car Loan Co-Signer Agreement

    Quote Quoting kirita76
    View Post
    My bf of 2 years, would like i signed as co-signer for a car. I would like to make him signed an agreement between us. Would you have any sample agreement that can help me. I trust him, that he can pay, but i just want to save me from Trouble.
    Do not do this unless 1) you absolutely can pay off the car on your own without it causing you any financial hardship, even if you never see the car again.
    2) It is important enough to you that he have separate transportation that you are willing to put yourself at financial risk and 3) unless you can keep track of the loan balance and be fully aware if it is not paid on time and can immediately pay it yourself.

    And...if you are financially solvent enough for that, then make sure that any vehicle obtained for him is the least costly vehicle needed.

  10. #10
    Join Date
    Nov 2013
    Posts
    1

    Default Re: Car Loan Co-Signer Agreement

    Dear: Kirita76

    I took out a car loan with my then boyfriend on the title. I have learned a good lesson, which is never sign for anyone for a car loan which you will be liable to pay if he doesn't. Save yourself the trouble and don't do this.

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