My husband signed a car lease for a friend. He told me he was co-signing because his friend had bad credit even though I objected to that and asked why his friend can’t just buy a used car. Then at the last second, my husband told me that his friend’s credit “was so bad he had to take out the whole loan” in my husband’s name only.
Can you help me explain to him why this was a very bad idea, and why it’s not “none of my business,” as he says? What options do I have to get us out of this mess before we lose everything?You can email The Moneyist with any financial and ethical questions related to coronavirus at qfottrell@marketwatch.com.Yes, your husband is responsible for the vehicle insurance, especially if someone else is driving this car on a regular basis.
“ ‘Why would he go above and beyond any reasonable expectation of a friendship to risk his finances and credit rating in this way?’ ” Otherwise, you will be driving around in proverbial circles without knowing your legal and financial options. Whatever that potential action entails should be decided between you and your attorney in the first instance. I am willing to guess that this is not the first time your husband has made a decision in your marriage that has left you baffled. A lawyer should explain to you why it’s a bad idea to endure these kinds of unilateral decisions, and what you can do about them.
When your child turns 18, get the parents' names off the vehicle paperwork (title, insurance, registration, etc.). It has nothing to do with family love, and everything to do with liability if they get into an accident
thanks
Stupid husband! Dump him!
Where can you go for fun in your city?
Stop posting this stupid Article.
The husband sounds like a dumb ass
There’s JudgeJudy episodes about this all the time
Never sign for a car loan...rule one.
Nope, now HE gets notices for unpaid tolls and parking tickets. I would act so unbothered and move my saved money to a different bank. Since you wanna buddy buddy with your friend so bad. I’d be like “oh you got another ticket, that sucks!” Watch how quick he rectifies it.
Time for a divorce
take them to court if they don't get their shit together
Sounds like the real issue here runs way deeper than the car loan
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