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Well my fiance recieved a really awesome job offer about 6 months ago and we just recently had a baby as well so i am not working right now. He wants a new truck but his credit is not good at all. My credit is really good but I am not working right now so he is the one making all of the money, and he makes plenty to have a big car payment. If we decided to get a new car could I co-sign for him, or are we just screwed until I go back to work?
Answers:
1) Tell him to cool off on wanting a new car. Definitely do not co-sign until you two are married. That way, you can put both your names on the title and both be owners. If his earnings are good enough, he should just save up and buy a used vehicle. There are plenty out there and he can find some good deals. There's also a reason his credit is bad. And then there's a new baby to support. This has bad decision written all over it.
2) No you can't, sorry. Don't get in any deeper.
3) I agree...I would hold off on the new car since he has bad credit. I'm sure you want to help him and all, but he may be using your good credit to his advantage...not cool. If he's making such great money, he needs to make good on some of his delinquent loans and past payments that obviously made his credit sour. If he shows some initiative with that, and is starting to pay off his old bills, and you see some financial responsibility with him, then maybe consider putting your name on the dotted line. I also agree that I would not do this unless you guys are married. If for whatever reason you break up, he could take you to court for the car....even though your name and credit is what made you both able to get the car, if he can prove he paid for the majority (if not all) of the car payment, the car may go to him, and that could be very bad.
4) I would still not co-sign when you marry. What happens if you get divorced and your future husband leaves. You may not be working and he'll leave you with the car payment, ruining your credit. The only account that should be in both names is a mortgage.
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