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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 11-12-2015, 02:35 PM
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Default Anyone ever Co-Sign a Lease for their Kid?

Need the THT Braintrust to weigh in -

26 yo son and likely fiance (soon) are looking to move from CT to Portland, ME, around early January. They have been looking at apartments, and it is apparent that, due to their credit/employment situation (not bad, just very light credit history and still job hunting), a co-signer is likely necessary on the first year of a lease.

They have approached me to co-sign, and I am looking into it. The Admiral and I would like to help them out, but want to make a smart decision.

I understand what the risks are in this sort of arrangement, but was looking for any "real world" experiences...

Thoughts? ;?
Old 11-12-2015, 02:39 PM
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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.
Old 11-12-2015, 02:43 PM
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Sounds like your son is in a similar situation I was in... If you trust your son and he works hard I would do it for my kid. A year into my full-time salaried position my parents cosigned for a vehicle with me. I was approved on my own but having my parents with a established credit history ended up lowering my monthly payments keeping money in my pocket and not the creditor.
Old 11-12-2015, 02:50 PM
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If he is a responsible kid, I'd have no problem with a cosign.
Old 11-12-2015, 02:51 PM
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As a former "landlord", I never required a co-signer for folks with little credit history or no job. I did, however, ask for 3 months rent in advanced and month-to-month lease. May want to see if your son and his finance can swing that with the landlord.
Old 11-12-2015, 02:52 PM
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Originally Posted by richeerich View Post
As a former "landlord", I never required a co-signer for folks with little credit history or no job. I did, however, ask for 3 months rent in advanced and month-to-month lease. May want to see if your son and his finance can swing that with the landlord.
This^. I would front my kid a few months rent or even part of a down pay on a house but there has to be an end in sight in case things go south.
Old 11-12-2015, 02:56 PM
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Originally Posted by richeerich View Post
As a former "landlord", I never required a co-signer for folks with little credit history or no job. I did, however, ask for 3 months rent in advanced and month-to-month lease. May want to see if your son and his finance can swing that with the landlord.
Excellent advi e for both parties!!
Old 11-12-2015, 02:57 PM
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I financed a home for my daughter and her husband. There 10 years in and have never missed a payment . 5 to go i will be glad when its done since i borrowed the money on my home.
Old 11-12-2015, 03:35 PM
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You know your kid. Go with your gut.

If it was mine I would without a thought but I know what kind of person he is.
Old 11-12-2015, 03:53 PM
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Originally Posted by badcrazy View Post
Need the THT Braintrust to weigh in -

26 yo son and likely fiance (soon) are looking to move from CT to Portland, ME, around early January. They have been looking at apartments, and it is apparent that, due to their credit/employment situation (not bad, just very light credit history and still job hunting), a co-signer is likely necessary on the first year of a lease.

They have approached me to co-sign, and I am looking into it. The Admiral and I would like to help them out, but want to make a smart decision.

I understand what the risks are in this sort of arrangement, but was looking for any "real world" experiences...

Thoughts? ;?
My kids are 15 and 13 so the answer to your question is no, but I do have first hand experience a son.

My old man co-signed on a car when I was 17 and that's was the last time he backed me up. I bought my first house at 21.

Times might be different now, I have no idea, I would try to let the kid pave his own road. He's 26, and not really a kid.
Old 11-12-2015, 03:53 PM
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This is a re-hash of other posts, but you want to look out for you and your bride before all else....especially since son and his gf are facing the most volatile 5 years of their lives ahead. Their lives could implode, putting you on the button. Can you swing it if the worst case scenario happens?

If so, then you know your boy and he's probably a good kid with a work ethic. Again, can your bank account take the hit? Can you tie a co-signing agreement to a plan to build their credit history so that you won't be on the lease longer than X years?

The 3-months rent idea is neat. If you have savings, but don't want to jeopardize your credit score or risk additional expense, loan him the money he needs and he pays you back over the next few years.

I've loaned my boys money from time to time and never thought twice about it, because they know that paying the money back is better than making their Mom unhappy...and she will be if I let her know what's happening.
Old 11-12-2015, 05:03 PM
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I do not have kids, however when I was 21 my mother cosigned for me to buy a new truck, f-350 cc long bed 4x4 diesel, very expensive truck. My payments were 630 a month. I payed the truck off early and since than I've been able to finance and get approved for anything, however it took getting cosigned to establish my credit.
Old 11-12-2015, 05:16 PM
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i co signed a new car for my son who is in the service about a year and a half ago once he got his ratings in his job. the only condition was that i have access to his acct so that i could transfer the money into my acct to make the payment since my credit would be affected by any late payments. they wouldnt let me do it over the phone so he went to dealer picked out what he wanted and i drove down to sc from ny did the paperwork and drove back the next day after he took delivery
Old 11-12-2015, 05:17 PM
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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.
Old 11-12-2015, 07:25 PM
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Co sign for your kid. Life is hard these days for young people. Don't listen to "when I was 21" stuff. 40 years ago life expectancy was 60 years. Your son will live to 100. It takes longer to get started.
Old 11-12-2015, 07:30 PM
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I would do it for one of my kids without a moments hesitation and I have. Fortunately they all have good credit now and don't need that kind of help.
Old 11-12-2015, 07:47 PM
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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.

I have been a landlord and would always ask for a co- signer if the tenant couldn't qualify. That said, if you can afford to pay the rent for 12 months and you think he deserves it (he's 26 so I assume their are extenuating circumstances that he can't qualify on his own... I have never had to ask my parents to co-sign anything and I had my own place right after college), then you should do it. But since your asking us, my guess is you should say no.
Old 11-12-2015, 09:34 PM
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My mom loaned me money to buy a supercharger for my mustang when I was 16, I was making a whopping $6/hr but I piad her back every penny. She eventually co-signed on my first new car and I made every payment. It's only you who knows your kid though. Like others have said make sure you could take on the payments if need be.
Old 11-13-2015, 03:46 AM
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Originally Posted by storytime View Post
... 40 years ago life expectancy was 60 years. Your son will live to 100. It takes longer to get started.
...or...maybe it just takes longer to be finished...;?
Old 11-13-2015, 03:59 AM
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Originally Posted by mattixgt View Post
I do not have kids, however when I was 21 my mother cosigned for me to buy a new truck, f-350 cc long bed 4x4 diesel, very expensive truck. My payments were 630 a month. I payed the truck off early and since than I've been able to finance and get approved for anything, however it took getting cosigned to establish my credit.

That must have been awhile ago. Those trucks are like 70k now...

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