No conversation that starts like this can be good.....

[Jester]

"Are you sitting down?"

That is what my niece Princess asked me. When I asked why, she then changed it to a command.

"Make sure you are sitting down."

Uh oh. This CAN'T be good!

As I was laying in bed watching tv, I didn't move, other than to turn the tv off.

JESTER: "What IS it?"

Of course, expecting a straight answer from an 18 year old girl is like expecting a straight answer from a politician. Though your odds might be better with the politician.

But after a bit, she finally told me that the other day, she was in a car crash. Clearly she was okay, but...."how bad was it, Princess?"

PRINCESS: "I'm pretty sure my car's totaled."
JESTER: "Why do you say that?"
PRINCESS: "The radiator was smoking."
JESTER "Have you contacted your insurance company?"
PRINCESS: "Yes, but my mom only had liability on my car, not collision."
JESTER: "Greeeaaaatt.... So...now what?"

Basically, she was calling from Homestead (lowest point of the mainland), and had gone up there with a friend to look at cars. As in buying a new one. Oookkaaaay.....I could kind of see this coming, but I asked her anyway how I could help her.

Well, due to her being 18 and having no credit, she needed a co-signer. Her mom's credit sucks and she has 3 loans out (apparently), so no go there. I asked about her father. He's not home at the moment.

So she is basically calling me to ask me not only to co-sign for a car for her, but to make such a decision on the spot, before she has even gotten a hold of her father.

I have questionable to horrible credit, I have a loan out, and I really don't like the idea of putting my financial future in the hands of an 18 year old who's been driving less than a year and has already been in more accidents than I have, a driver of 20+ years. Especially when she has parents.

Will I do anything for my niece? Within reason, yes. I don't think this was within reason. Especially since, when I told her I would have to think about it, she stopped acting like an adult (contacting the insurance company and hunting for a new car very quickly seems adultlike to me) and started acting like a child, snapping at me, "Never mind! Forget I even asked you!" *click*

And people wonder why I don't want kids..........

[Slytovhand]

Look at the bright side... my first thought upon reading the title was "Unca Jester... I'm pregnant".

[AdminAssistant]

Last spring I had gone to the doctor for my headaches and was still feeling lousy, so I called BT. "Hey, I just wanted to talk to you, I went to the doctor today..." "WHAT?!?!?" "Headaches, dear, headaches" "NEVER start a conversation like that!"

[Jester]

my first thought upon reading the title was "Unca Jester... I'm pregnant".

Actually, my first thought about hearing "sit down" was about the same thing!

[Taboo]

when I told her I would have to think about it, she stopped acting like an adult (contacting the insurance company and hunting for a new car very quickly seems adultlike to me) and started acting like a child, snapping at me, "Never mind! Forget I even asked you!" *click*

This is a very, very good reason to not cosign. If she asks or nags you later on, I would tell her that while you would like to be able to help her, acting like that makes you reluctant to do so. She'll be mad, of course, but she'll need to hear it.

[taxguykarl]

No offense, Jester, but your niece sounds like a real piece of work. With her driving and credit record, I would strongly advise NOT CO-SIGNING FOR HER...unless you intend to buy her a car--that's what the result will likely be.

Every family has one and we see who yours is.

[Greenday]

No offense, Jester, but your niece sounds like a real piece of work. With her driving and credit record, I would strongly advise NOT CO-SIGNING FOR HER

She is 18, she doesn't have a credit rating yet. Hell, I'm 21 and I don't have a credit rating yet. I gotta get my hands on a credit card and work on that.

My main question is how did she wreck the car?

[strawbabies]

What's wrong with saying, "Sorry, I can't help--my credit sucks..."?

She doesn't need to know that nobody in your position and in their right mind would co-sign a car loan for her. Does her mother know she's made this outrageous request of you?

I think now that one of the stupidest things my father ever did was co-sign for credit cards for me when I was a teenager. I guess I seemed responsible enough at the time, but it sure did come back to bite him when I got in over my head & couldn't make the payments any more.

[Broomjockey]

She is 18, she doesn't have a credit rating yet.

Unless things are dramatically different in the credit systems between the US and Canada, by 18, you can actually have a decent credit rating. Cellphone in your name? That counts. Got a chequeing and savings account? That counts. Sounds like she's already gotten a car once. That counts.

[Aethian]

She is 18, she doesn't have a credit rating yet. Hell, I'm 21 and I don't have a credit rating yet. I gotta get my hands on a credit card and work on that.

Know several people who don't have the all important FICO score and they are just fine. You don't NEED a credit card, no one NEEDs a credit card. But we're stuck with the "I WANT it NOW" and thats what credit cards give a lot of people.

[Greenday]

Know several people who don't have the all important FICO score and they are just fine. You don't NEED a credit card, no one NEEDs a credit card. But we're stuck with the "I WANT it NOW" and thats what credit cards give a lot of people.

I was under the impression it's an easy way to build up credit is buy having a credit card and paying it off as you are supposed to.

[Aethian]

I was under the impression it's an easy way to build up credit is buy having a credit card and paying it off as you are supposed to.

Nope. As I said I have several friends with a FICO score of 0 and do just fine. Everything they have is paid for with money in the bank. One couple just bough a house, 45% down with the rest of the loan being under written, so they will get a score from that but other then that have no debt and drive really nice cars. When they choose to retire they will still be living on more a month then I bring home from my paycheck.

It's not easy in the first few years but it makes sense and gives more freedom. If you've seen Draggar's thread about getting his car title, I'm sure is car drives a whole lot different now that it doesn't have a payment attached to it.

[Jester]

The latest update is that Princess still has no car and is still looking.

As I may have said, she lives about 10 miles up the Keys, but works here in Key West. So for the next few weeks, until she heads off to college in Jacksonville or gets a new car, she is kind of in a tough spot. I told her that I will taxi her as much as I can, my schedule permitting.

My thought was she could just rough it like that until she heads off to school, and that she could just use a bicycle to get around in Jax, but she tells me the places she's been looking at to live in Jax are a good 10-15 miles from campus. Hardly biking distances for her. So one way or another, she still needs a car.

No offense, Jester, but your niece sounds like a real piece of work. With her driving and credit record, I would strongly advise NOT CO-SIGNING FOR HER...unless you intend to buy her a car--that's what the result will likely be.

Every family has one and we see who yours is.

Actually, Princess is a pretty good kid with a level head on her shoulders....most of the time. She was stressed when she called me (duh!), and having been in a similar position to her (though not having wrecked a car) when I was her age, I get it. There is nothing wrong with her asking me this favor. But it's just not going to happen.

And yes, she is a real piece of work....but in a good way. Frankly, I'm damn proud of her for all she's done in the last year basically on her own.

She is 18, she doesn't have a credit rating yet. Hell, I'm 21 and I don't have a credit rating yet. I gotta get my hands on a credit card and work on that.

My main question is how did she wreck the car?

Actually, it's not so much her credit (though that's part of it) as the car company will give her better terms with a co-signer than without, due muchly to her age. Without a co-signer, they want a down payment that she just can't come up with.

As for how she wrecked the car, from what I have gathered, the brakes failed. I don't have all the details, but from what she said, SHE isn't exactly sure what happened herself.

Does her mother know she's made this outrageous request of you?

Probably.

Sounds like she's already gotten a car once.

Not exactly. Her mom gave her that car.