Family Feud!

[JazzMama]

Saturday afternoon, I got a phone call from my younger brother (18) which was unusual, because he never just calls out of the blue. So, we start talking, and then he drops that he's gone and looked at motorcycles. No big whoop - he's always finding cars, motorcycles, etc. to go look at. HOWEVER, he's found a few that he really, really, really likes, BUT he would need someone to co-sign. This is when I clue in "is that why you callled?" Due to circumstances, my parents cannot co-sign for him, so of course, he turns to his older, dependable sister for help.

So, I tell him I'll talk it over w/ hubby and we'll see. Hubby of course says it wouldn't be a good thing for numerous reasons. I then agree and call him back to tell him that I think it would be best if I didn't. Here are the facts (1)He's going to graduate from high school next week (2)No savings/checking account (3)Only been on his job 2 months (4)See above-he always finds something he wants (5)I can guaranty that when he starts college in the fall, he's going to end up wanting a new vehicle (6)He's got a spotty driving history and I don't want to contribute to any more accidents.

Here's the sitch: My mom's okay with the decision; my brother AND dad are (on the other hand) infuriated. Which is really unusual b/c he was the one who said my brother would never get a motorcycle??? My other point is that I have two sets of grandparents w/ spotless credit, and yet, noone (that I know have) has asked either of them to co-sign and that's BECAUSE THEY KNEW THEY WOULD SAY NO!!!

I just hate being in the middle b/c my dad wants to blame hubby (like I have no mind of my own) - main reason hubby co-signed for his parents' vehicles simply b/c they did not have any means of transportation...totally different situation, since my brother already has a vehicle.

Sorry so long, but this has just been bugging me all weekend!!

[Dizzyontheweb]

Good for you. Sounds like you feel he could not be responsible enough. I am very against motorcycles since I am disabled because of a motorcycle wreck. People do not respect them. Stick to your guns, it is your credit on the line.

[justinenycole26]

I don't care what ANYONE thinks, I would not co-sign for ANYONE period. If thy don't like your decision, too freakin bad. You are dealing with your credit, it is not something to put in someone else's hands. And by co-signing, that's exactly what you are doing. A few late payments can cause your credit card interest rates to be raised, possibly your mortgage interest, and the list goes on. Protect your credit like it is your life, because esentially it is.

[Quaker_Parrots]

Not only that, but even though you are just co-signing, it will change your credit rating. the more credit you take out, the lower your rating(in other words, by doing it, you won't have as good a rating as you did, before you co-signed, even if he pays everything on time)...Hope I am explaining it well...

[DivineMsDi]

Your brother is not ready to "own" anything. He doesn't have a savings account. He only has had a job 2 months. What is he actually putting toward this bike?
He's trying to squeeze you into a corner.

I have only owned one car on my in my life. I was 22 before I had it. I had to save $3,000. My dad then helped me with a little, and I had to take a loan out on my own for rest.

Kids today have it too easy. I would go running from this situation! He needs to prove himself a bit more.

Wish I could have a car of my own again...and I'm 38!

JMO...

[justinenycole26]

Not only that, but even though you are just co-signing, it will change your credit rating. the more credit you take out, the lower your rating(in other words, by doing it, you won't have as good a rating as you did, before you co-signed, even if he pays everything on time)...Hope I am explaining it well...

Co-signing will not lower your score by itself. However, if you are attempting to finance something, the lender may look at the overall debt to income ratio. This is not calculated into your score though.

[freeplease]

Little brother needs to get some more hours at work and save up for this bike. No way would I co-sign for him. You & hubby are completely right to refuse. And if dad is so mad, he should find him a co-signer.
Look at it this way, the longer they stay mad, they more free time you have without them. My motto is "how can I miss you if you won't go away?" ;) Can you tell I have family issues? lol

[llbriteyes]

You made the right decision. Based on facts. Stick by it. Everyone else will just have to get over themselves.

Linda

[Tasha405]

I don't blame you because I wouldn't have done it either. :)

[schsa]

He has all summer to work and save his money. Then come fall, if he can afford it, he can buy his own vehicle and get the insurance for it. You don't need to be co-signing anything. Plus if he wrecks it and is hurt and can't work, you will be paying the bill.

Come August, if he works hard, he should have enough money to buy what he wants.

[Shann]

That's really sad that your bro and dad do not understand YOUR decision to not put your info down. I think they need to get over it and your bro needs to start working more and saving up for this since he's the one that wants it. Hopefully he can afford the insurance for it too...