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Anyone ever Co-Sign a Lease for their Kid?

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Anyone ever Co-Sign a Lease for their Kid?

Old 11-13-2015, 04:12 AM
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Originally Posted by golfnut1 View Post
A smart person once told me "You should never "lend" money to a family member... It's a gift that they will hopefully re-pay.

.
X2 I follow this same advice, it makes things a lot easier.





As for the OP my 26 year old son and his fiancé just bought a home. What surprised me is that they were approved on their own with very little credit history or long term job history.
Old 11-13-2015, 04:22 AM
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Originally Posted by Corndog38 View Post
If he is a responsible kid, I'd have no problem with a cosign.
One could argue that if he's 26 with little credit history and dubious job status, that he's not been financially responsible to date.

The question then becomes:
1) If I cosign, will he turn around and start doing the right ting? Or,
2) If I cosign, am I just enabling and he'll next ask for me to cosign his credit card or car purchase?
Old 11-13-2015, 04:51 AM
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Originally Posted by chrispnet View Post
If you cosign, be mentally and budgetarily prepared to assume the monthly rent payment.
If you can't afford that, you aren't in a position to cosign.
X2... especially if unemployed.

An apartment is one thing but for those that would also consider co-sign for a car something else.

The loan balance is what most people are concerned with; but potential liability in the event of an accident can be 100's of thousands of $$$... certainly the attorneys will go for the amount of your insurance policy limits. Something to think about...
Old 11-13-2015, 04:57 AM
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You need to watch Judge Judy
Old 11-13-2015, 05:06 AM
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Only you can assess the risk and seem to understand you could be paying the entire bill. Only you can determine if you can afford that. 26 with limited credit scores seems odd in this day and age. I've borrowed money from family and paid it all back. This was partially due to ease of the transaction and the fact the family member would earn interest at a rate higher than they received from a bank while I borrowed money cheaper than from a bank. Written contracts were put in place. A suggestion for those with younger kids trying to avoid being 26 with limited credit history. I have 3 boys, aged 19, 17, 14. The older 2 already have credit cards to start establishing a credit history. While this sounds risky, it isn't. My wife and I carry the cards! We use them some so transactions appear on those accounts. We then pay them off monthly just like we do with our own cards. Obviously we "co-signed" those cards but the kids are starting to build a credit history. (what's with the site not allowing paragraphs anymore!!!!)
Old 11-13-2015, 05:29 AM
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My parents co signed my first big boy apartment out of college; no way could I afford three months advance rent on top of the deposit. thats ludicrous.... who has 4 grand just to move into a rental apartment? Parents co signed all I had to do was pay 900 deposit.
Old 11-13-2015, 06:13 AM
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Originally Posted by jobowker View Post
One could argue that if he's 26 with little credit history and dubious job status, that he's not been financially responsible to date.

The question then becomes:
1) If I cosign, will he turn around and start doing the right ting? Or,
2) If I cosign, am I just enabling and he'll next ask for me to cosign his credit card or car purchase?
Yep. What I was thinking.
Old 11-13-2015, 06:36 AM
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Y'all are truly Slacking!!

Don't we need pics. of the "likely fiancé" before giving accurate advice? ;?

Old 11-13-2015, 07:01 AM
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Originally Posted by SeaJay View Post
Job layoffs, reductions in force, injuries, etc. can happen to even the most responsible of kids.
And co-signers for these kids aren't exempt to these risks either.
Old 11-13-2015, 12:06 PM
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I think THT has lost it's edge.

The correct answer is NO.

Time for little Timmy to grow up.
Old 11-13-2015, 12:12 PM
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I'd co sign for my daughter without question. Its your child and as long as they are responsible I'm always willing to help. That's help not pay their way in life.
Old 11-13-2015, 12:18 PM
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Many leases have a termination clause or you can negotiate that in, so read the lease papers to help you decide. So if it hits the fan, you may be able to pay 2 months (standard down here) rent and get out from under it.

It varies by landlord and location seems to dictate whether that is prevalent in the area. In others, you're liable until it is re-rented or end of term.

3 months up front may be a big $ depending on the rent. That's hard for a lot of people to swing.

I would never pay that myself due to the fact there are some crazy landlords out there and then you have to fight with them about the pre-paids on termination. It can be a big liability. I've been both - landlord and renter - and there are crazy on both sides of the coin.
Old 11-13-2015, 12:21 PM
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Bottom line only you know your son, so go with that. It isnt easy for young people today, not like it was when I got started. My son was 21, works full time as a police officer and works a night job to boot. He has two credit cards that he started when he was 18 and has been great with them always paying them off, and the credit companies have increased his limit over the years. He also has saved over 30k in the bank. He got turned down for a car loan, unless he had a co-signer because he only has credit cards that make up his 760 credit score and they want two forms or types of credit history. The bank says after the loan is paid he will have the required credit they want and will have no problem getting a mortage in the future, times are very different then when I was growing up, hell when I was 18 i walked into the ford dealer and bought a new truck on a dare from my friends and the only credit I had was an Amoco gas card!
Old 11-13-2015, 12:23 PM
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I was at a conference that had Kevin O'Leary from Shark Tank as guest speaker and he touched on this subject. He told the story of his mother completely cutting him off the day he graduated college. He has a perpetual will that does the same for his kids and future grandchildren. They get none of his money, EVER.

My dad got me a nice set of luggage for my graduation. Gave me a $5k check when I got married and that was it.
Old 11-13-2015, 12:26 PM
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Originally Posted by CTMINNOW View Post
I was at a conference that had Kevin O'Leary from Shark Tank as guest speaker and he touched on this subject. He told the story of his mother completely cutting him off the day he graduated college. He has a perpetual will that does the same for his kids and future grandchildren. They get none of his money, EVER.

My dad got me a nice set of luggage for my graduation. Gave me a $5k check when I got married and that was it.
And we all see what a nice guy Mr Wonderful is...

Just like getting a dog. You got a kid, take care of them till the end. Not saying let them ride for free but teach them to behave right and earn the rewards. You can't take the $ with you, why not help your family get on their feet if they're going down the right path? ;?
Old 11-13-2015, 02:18 PM
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My kids? absolutely. I am currently co signer on three leases for three of my kids. The oldest is out of college and self sufficient, but needed a co-signer in order to avoid the 2/3 month security deposit. She had it, but it is very common in a college town to fabricate damage as a matter of course to retain deposits from young renters so I offered to co- sign. Not all landlords are honest like the good old THT folks. The other two are still in college so that was a no brainer. Now, as far as co-signing for my child and a fiance, I probably would but would think very hard about it - especially if it were my daughter's fiance. I am one for supporting my kids, but not someone else's kids. What do the fiance's parents have to say about a co-signer?
Old 11-13-2015, 05:52 PM
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I co-signed for both my kids when they rented their first apartments in college. It was cheaper than paying for the dorm. Now they have both finished grad school and are out on their own no co-signing needed as they have a successful rental history.
Old 11-13-2015, 05:58 PM
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Originally Posted by friogatto View Post
I think THT has lost it's edge.

The correct answer is NO.

Time for little Timmy to grow up.
X2 26 is a little old to still be on the tit.
Old 11-13-2015, 06:09 PM
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Originally Posted by SeaJay View Post
Job layoffs, reductions in force, injuries, etc. can happen to even the most responsible of kids. As long as you are prepared to pay the rent for the duration of the lease in one of those scenarios (probably unlikely) there aren't any reason not to do it.
What he said. If you can afford the liability and you love and respect your kid ..... why not.

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