Bob04

There are people in my life that I would co-sign for, according to the need. A new BMW doesn't qualify as one of those needs.

mmarshall

What I did for my brother was another option....IMO, in some circumstances, a better one. I helped him get his Kia Sportage by simply writing a personal check to the dealership (which they accepted) for the balance of what he didn't pay. That way, the vehicle is paid for, there are no credit-problems/issues, it can't be repossessed, there are no liens, the title is in his name instead of the bank's, and he simply writes me a check each month for what he can afford. He's always been honest, has a reasonably good job, and sometimes even ups the amount he sends me each month. Helps both his needs and mine at the same time. I also made sure, of course, that I could easily eat the loss if, by a small chance, any problem did happen. But I've done this for him more than once, and everything always works out fine.

I also owe a lot to my brother. He gave me invaluable help, support, and transportation when I had surgery and couldn't drive.

Irobot67

Yes you are totally liable, it happened to a friend of mine. Doesn't pay to be nice especially on a big loan
it will take a hard hit on your credit and may hurt you if you want to get another vehicle. If the car gets damaged with no insurance they will come after you for repairs this is an all too familiar story with my friend. He will never do it again he said I don't blame him

GLCmichael

Anytime you co-sign or become a co-guarantor, you are responsible for anything that happens to the vehicle. So if payments are late or unpaid, it is likely that the bank will contact you if they do not get in touch with the original leasee. Also it will impact you credit background as well!

osebastian

I think Judge Judy is a liberal so I would never watch her show. LOL

lexusrus

I second that!!

Even in the medical field, one would think his/her "job" is secure. Not the case. At any time, some "manager" or higher up "CEO" needed to make cuts in order to maintain "their" bonuses (THEIR BONUSES are often tied into their bottom line. How much is left at the end of day/month/quarter/year. So more for THEM). So as soon as THEY find "cheaper labor" to replace, it's DONE!!! EXCEPTION is "unions" like the nurses union in California where it's better for the nurses with patient to nurse ratio, mandatory breaks, overtime pay, employee benefits, and etc. Never mind quality or safety, whatever cheaper will work mentality at work in a lot of cases. Believe it or not, some of the crazy things that you see on popular TV shows like The Resident actually happens in real life.

So yes, sometimes crap happens not due to that person's fault. I really hope everything works out for the OP and his friend. One thing though, his "friend" SHOULD have told him as soon as he lost his job so they can BOTH figure out what to do next. Time buys you more options.

LexusPV

If you do not get insurance, BMW will and tack it on to what is owed. The insurance will cost a lot more as well! I can sympathize with your situation. I co-signed for my oldest daughter and had to cover a number of her payments during the last couple of years of the loan. In addition, 4 months before the end of the loan, I got a surprise call from Honda finance that the payment was 60 days past due because my daughter had "reversed" the payments at the bank (don't ask me how she was able to do that!). The call was a surprise because I communicated to Honda Finance multiple times to contact me at least a week before a payment hit the 30 day missed mark so I could pay it. Killed my credit score and took almost a year to fully recover! Lesson learned- Never, ever, never co-sign for ANYONE! When my teenage daughter is ready for a car, I will buy it and have her pay me

09chaplak

I have made this mistake once before except I financed a car for a friend thinking this would have to get him on his feet, he can't complain about transportation, can't complain about not having enough for a down payment, if **** goes south it's in my name and I know where the car is, etc. NOPE. This was a really good friend (so I thought) up until then, we grew up together. Some people just think differently. Take this guy, he thought that hanging out and telling people I was a good guy crossed out the fact that he stopped paying me for the car, lost his job and racked up about $250 in parking tickets in my name and not telling me about it until I got court notices. He couldn't understand the fact why I was mad and would keep saying I'll get you the money just let me keep the car. Eventually I had to literally go find where the car was parked and take it back with the spare key I had without him knowing. Got ****ed for that one when I eventually got rid of it but lesson learned, never trust anyone to do anything financially. Just the fact that they asked or allowed it to happen is a red flag.

Try going to your local carmax for a trade in quote, you might be able to get out of it even or at a slight loss. Either way it's better than trying to figure out what to do with it in the meantime and paying insurance for a sitting car.

Good luck, wish you would've posted this before making the decision to co-sign for your friend. We could've warned you.....

mmarshall

She is very conservative when it comes to personal responsibility and morals. In fact, she spend a good part of her time on the show castigating people from the bench when she thinks they are lazy, incompetent, or don't fulfill their responsibilities.

AJT123

Off topic but you do know that her show isn't real court, right? She's still a judge but that is not a court of law.

The show pays for everything. When she rules in someone's favor, the show pays the money owed to the plaintiff or defendant.

The audience are "actors" paid to be there, and some are hopefuls to get on her show. If you notice, most of the audience is young.

I can't stand her because she gives nobody any respect from the start.

tex2670

I'm pretty sure that I read that BOTH parties end up getting paid by the JJ Show.

These TV "court" shows are essentially like taking your dispute to arbitration instead of going to court.

AJT123

Maybe--I never heard that. I just know that whatever judgements, the money doesn't come from the people on the show--the show pays for it.

I like the People's Court judge (can't think of her name).... she's nice and even funny. Not a raging B- like Judy is.

davidcvigi

Absolutely - and probably the best answer to this post! In my estimation, the best evidence that the "friend" os no friend at all He has only two good words in parting, "goodbye" and "good luck."

tex2670

Well that fake TV persona has made JJ worth $420 million.

AJT123

Yes I know, she makes $55MM a season. Flies her private jet from the Hamptons to LA to tape the show weekly.