My b/f wouldn't co-sign on a loan for my car, now he's mad that I won't let him drive it. Who's at fault here
To explain, when I was looking to buy my new sports car, these facts were true:
1. I had good credit from perfectly paying credit cards for years.
2. He had even better credit, but less financial life experience. His father co-signed on a loan with him before and gave him the gift of good credit.
3. I was (and still am) helping him pay a percentage of his bills since I make more money.
4. I physically was paying his bills for him (and still am) because we both have determined that I am better with money and I can ensure that there is money left for every bill and that it is paid on time.
5. I was getting my car for way less than retail price, and I was putting down a significant down payment. About 25%.
Before I had the exact details of my purchase planned out, I asked him if he would consider co-signing on my loan, if I needed him to get a good interest rate. If I didnt need him, then I wouldnt ask at all.
He immediately said no. Even though I was the person keeping his credit in order then and to this day, he didn't trust me enough to co-sign on a car loan.
He reminded me of his sob story about the ex-g/f who convinced him to buy her something (I won't specify to keep his identity private) that he had to get a store credit card to get. She didn't have the credit to get the card (how ironic!) and she promised to pay him back. He got the card, got her what she wanted, and then she left on vacation and never said goodbye to him and dissapeared off the face of the earth without ever finishing paying him back. BOO-HOO.
I was angry, naturally. One, I had good credit, and he trusts me to handle all of his finances. Two, I'm not her, and I don't appreciate being punished because of what some ugly white trash b*tch did to him.
Either way, I went, and applied for my loan, and was immediately given a loan with the best interest rate available, without a co-signer.
Now (its been about a year and half since then) whenever he asks to drive my new, fun and fast sports car, I say 'no'. He has his own car, and I am insulted that he wouldn't even consider co-signing on my loan.
He says: He wasn't going to put himself in the position to be burned after what happened to him. He thinks that I am unreasonable and I should occassionally share my car with him, and he will with me when he gets his new car in the next couple of months.
I say: No way. If you don't think I'm responsible enough for a car loan, I don't think you're responsible enough to take my baby out for the day.
Who's right?
1. I had good credit from perfectly paying credit cards for years.
2. He had even better credit, but less financial life experience. His father co-signed on a loan with him before and gave him the gift of good credit.
3. I was (and still am) helping him pay a percentage of his bills since I make more money.
4. I physically was paying his bills for him (and still am) because we both have determined that I am better with money and I can ensure that there is money left for every bill and that it is paid on time.
5. I was getting my car for way less than retail price, and I was putting down a significant down payment. About 25%.
Before I had the exact details of my purchase planned out, I asked him if he would consider co-signing on my loan, if I needed him to get a good interest rate. If I didnt need him, then I wouldnt ask at all.
He immediately said no. Even though I was the person keeping his credit in order then and to this day, he didn't trust me enough to co-sign on a car loan.
He reminded me of his sob story about the ex-g/f who convinced him to buy her something (I won't specify to keep his identity private) that he had to get a store credit card to get. She didn't have the credit to get the card (how ironic!) and she promised to pay him back. He got the card, got her what she wanted, and then she left on vacation and never said goodbye to him and dissapeared off the face of the earth without ever finishing paying him back. BOO-HOO.
I was angry, naturally. One, I had good credit, and he trusts me to handle all of his finances. Two, I'm not her, and I don't appreciate being punished because of what some ugly white trash b*tch did to him.
Either way, I went, and applied for my loan, and was immediately given a loan with the best interest rate available, without a co-signer.
Now (its been about a year and half since then) whenever he asks to drive my new, fun and fast sports car, I say 'no'. He has his own car, and I am insulted that he wouldn't even consider co-signing on my loan.
He says: He wasn't going to put himself in the position to be burned after what happened to him. He thinks that I am unreasonable and I should occassionally share my car with him, and he will with me when he gets his new car in the next couple of months.
I say: No way. If you don't think I'm responsible enough for a car loan, I don't think you're responsible enough to take my baby out for the day.
Who's right?
18