Sums it up… I made some REALLY bad decisions in the last two years. #1 my daughter needed a vehicle but had bad credit. I agreed to put the loan in my name with her as a co-borrower (I have/had good credit) to help her re-build her credit. They never made even the first payment. I’ve had to make ALL the payments since. They have failed to pay parking tickets worth hundreds of dollars and have had the car impounded twice, costing me THOUSANDS. I have paid for nearly EVERYTHING for my granddaughter. My daughter was making money with a loan broker, so I bought her a laptop, but she almost immediately stopped working. I learned that she maxed out my credit card. I have about $40K in debt now, and I don’t know where to start. I could use some advice on how to get out from under all this. Thank you for any suggestions.
- Stop enabling your daughter. She knows she can be a deadbeat because you’ll bail her out.
- Drop your daughter from your insurance and let her buy her own.
- Time for her to be an adult.
@JANTY I agree, and sell the car to get rid of that payment
it all came to a head about three weeks ago. She is no longer living with me. so #1 has resolved itself. hopefully #3 will also. the problem with #2 is that the car is in both of our names and if she gets into an accident with no insurance, my fear is that I am liable.
@RIH6 This is why you never co-sign for anyone else.
If you are the primary on the loan, take the care back. She hasn’t paid you a cent. If she needs a ride, she can Uber.
how would OP do that? If daughter gets a whiff she’ll be hiding it all around town
Who would tell the daughter? Or she can call the police to report it stolen.
You need to stop paying your daughter’s bills. Yes, it will hurt your credit but you can dig out of debt faster and save some money if you’re not making that car payment. Call the insurance company and tell them she has disappeared and you need to remove her, and the car, from the policy.