Honestly how much....

Dasfinc

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448f1d9ea3606155e5535ea49031770f94c1324da7e624788d307f4ad0c06481.jpg
 

Dasfinc

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My brother got laid off and I co signed for the car and he won't be able to make payments he still owes 15k

That's a solid $5,000+ Upside down.

Unless you have the money, he's going to have to default on it and they will come after the two of you for the difference....

Does he have Gap insurance coverage? I'd tell him to drive it into a lake (Not even kidding).

If he got laid off, is he not getting unemployment? I'd imagine making sure you don't burn bridges with your family should be an important piece of that money until he finds a new job.
 

Dasfinc

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That's a solid $5,000+ Upside down.

Unless you have the money, he's going to have to default on it and they will come after the two of you for the difference....

Does he have Gap insurance coverage? I'd tell him to drive it into a lake (Not even kidding).

If he got laid off, is he not getting unemployment? I'd imagine making sure you don't burn bridges with your family should be an important piece of that money until he finds a new job.

But seriously; Gap Coverage, Lake.
 

Outlaw

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Tell him to figure it out... Go wash dishes, buy shit for less than he can sell it for on CL, call one of those real estate investors looking for an apprentice guaranteed 60K/yr legitimate jobs you see stapled to telephone poles... A 15k note can't be that much money a month. I don't see how people just simply look at life like "welp, guess I can't make money out of anything"
 

Outlaw

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I have the 15k but if I pay it off for him i just feel like he won't learn

He won't learn shit if you just sell it either and get rid of his problem for him... Tell him to figure out the money. Even at an exorbitant interest rate paying top dollar for the car his payment can't be more than what, mid $400's? That's shy of $200/week. That's like McDonalds pay. Pitter Patter....
 

dartmorth

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Apr 13, 2017
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That's a solid $5,000+ Upside down.

Unless you have the money, he's going to have to default on it and they will come after the two of you for the difference....

Does he have Gap insurance coverage? I'd tell him to drive it into a lake (Not even kidding).

If he got laid off, is he not getting unemployment? I'd imagine making sure you don't burn bridges with your family should be an important piece of that money until he finds a new job.
I told him I got him on the payments and and yeah he's got rap insurance but I hear that, that never works
 

Dasfinc

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Sep 28, 2007
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Wheaton, IL
I have the 15k but if I pay it off for him i just feel like he won't learn

In all seriousness, lets back up a tick here.

If he is about to default on the thing because he lost his job and you could essentially afford to bail him out (which as [MENTION=1983]Outlaw[/MENTION] has already mentioned, really shouldn't push someone to the brink of defaulting on a car immediately), other things come up here.

I have a VERY short list of people whom I would bail out in a scenario like this. Granted even Co-Signing puts a HUGE amount of faith in that person, so I have to assume you already had a strong relationship with him.

I'd be prone to front a month or two of notes if I was in your situation until they got a job again (Especially in lieu of eating $5,000 of depreciation).

Maybe that would help give him motivation to find a job? "I will cover your car note for the next 2 months so you can get back on your feet without worrying about it, but you will have to sign the car over to me at 'X' Point, and you will owe me the $5,000 you are underwater on the car".
 
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