Insuring a street bike?

vrizzo53 · 03-08-2016, 09:08 PM

Quote:

Originally Posted by Chuck33079

Don't cosign the loan for christs sake. Ever. If they can't get a legit loan on their own, why in the hell would you tie your credit to them? It's nice to want to help out family, but you're making a big mistake.

I'm not disagreeing with you, but how can me taking a 6,000$ loan a big mistake? I'm trying to understand this more, but I just can't see where it is bad other than him not paying me.. I don't mind making the payments. I'm in a very secure place financially on my part. Once the loan is paid off, the title gets written to him and that's all for me and him.

Chuck33079 · 03-08-2016, 09:17 PM

Quote:

Originally Posted by vrizzo53

I'm not disagreeing with you, but how can me taking a 6,000$ loan a big mistake? I'm trying to understand this more, but I just can't see where it is bad other than him not paying me.. I don't mind making the payments. I'm in a very secure place financially on my part. Once the loan is paid off, the title gets written to him and that's all for me and him.

He doesn't make the payments and your credit gets ******. Never cosign for anything. Someone who doesn't qualify for financing is an unsafe risk for a personal loan. Plus, the bike is still in your name. Even with his own insurance, if he screws up bad enough you can find yourself in court since its your bike.

Memphis370Z · 03-08-2016, 09:19 PM

Quote:

Originally Posted by vrizzo53

I'm not disagreeing with you, but how can me taking a 6,000$ loan a big mistake? I'm trying to understand this more, but I just can't see where it is bad other than him not paying me.. I don't mind making the payments. I'm in a very secure place financially on my part. Once the loan is paid off, the title gets written to him and that's all for me and him.

If that's how you feel, just buy it for him and call it a gift.

Let's play this out... You cosign for the loan. He stops paying you (or never pays you). You get in a not-so-very-secure-financial place and you can't make the payments either. Now you've got a bad trade line on your credit report(s) all because he can't put on his big boy pants and handle his own business.

Chuck33079 · 03-08-2016, 09:20 PM

Quote:

Originally Posted by Memphis370Z

If that's how you feel, just buy it for him and call it a gift.

Let's play this out... You cosign for the loan. He stops paying you (or never pays you). You get in a not-so-very-secure-financial place and you can't make the payments either. Now you've got a bad trade line on your credit report(s) all because he can't put on big boy pants and handle his own business.

This. If you really want to do this, just give him the money. It's the least expensive option in the long run.

Fuzzzy · 03-08-2016, 09:59 PM

Quote:

Originally Posted by Memphis370Z

If that's how you feel, just buy it for him and call it a gift.

Let's play this out... You cosign for the loan. He stops paying you (or never pays you). You get in a not-so-very-secure-financial place and you can't make the payments either. Now you've got a bad trade line on your credit report(s) all because he can't put on his big boy pants and handle his own business.

Quote:

Originally Posted by Chuck33079

This. If you really want to do this, just give him the money. It's the least expensive option in the long run.

These!

It may turn out not to be the least expensive option, but it is definitely the way to cap your potential losses at your initial investment. If you co-sign and things go sideways, you could be up a very unpleasant creek.

mishuko · 03-09-2016, 06:46 AM

Quote:

Originally Posted by Chuck33079

I'd extend that beyond insurance to anything with a dollar sign on it.

to extend the thought... if you're not in bed with that person don't do it.

Quote:

Originally Posted by Chuck33079

Also, $3200 a year insurance on a Z? Good lord.

uhhh I would have been about that if my speeding ticket went through... but op admitted to being a bad driver so nvm.

Quote:

Originally Posted by vrizzo53

I'm not disagreeing with you, but how can me taking a 6,000$ loan a big mistake? I'm trying to understand this more, but I just can't see where it is bad other than him not paying me.. I don't mind making the payments. I'm in a very secure place financially on my part. Once the loan is paid off, the title gets written to him and that's all for me and him.

you're willing to fork up 6k? want to send me some? i'll even give you a free tug.

seriously though your driving record is crap. his is I'm assuming also crap. why can't his parents put him on their title till he starts wearing his tightie whities?

what if he wrecks his bike? what if he runs away? skips bail? steals your gf?

nvm do whatever you like but don't come back here because you'll get a big fat 'we told you so'

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