whats the bottom line?

He used have a truck leased on with swift about 6 years ago he had a very large payment around $2400 a mouth. The reason I ask whats the bottom line is because he is always asking me or someone else
to cosign for another truck.this truck however, will cost about $14,000. He often will make a promise of a large return upward of $1500 a mouth until the truck is paid off. I personally dont think he should get another truck because he has other problems but, I just wanted to know how can he make such an offer with the market being so bad.

 

No I will not drive or run the business I was asked to cosign for a truck with a large return, just want to know if the return was possible.

 

alot of o/o's have payments that are much, much larger than $1500/month

but if he's buyin a $14,000 truck he's gonna need a lot to keep it running just in maintenance

the return is possible, given the right circumstances and a propensity to work......but i wouldnt do it


sad fact is a $14k truck is gonna nickle and dime him, and the newer ones aint much better

 

HA! that's about the I'd love to see the rationale behind that promise. The margins are SOOO tight in this business right now that you have to know exactly what you are doing, work yourself to death and have a pocket full of good luck just to make a decent living.
3 or 4 years ago people were making money hand over fist. it's a whole different world now

 

Something sound fishy he want you to co sign for a truck so he will have truck payment HIGH maintenance cost and pay you $1500 a month not including all the other expenses. Unless he gets very very and I mean very very very lucky a 14k truck will be behind a tow truck with major problems with in 6 months to a year now there go a $500+ tow bill out of work for a week or more because I am assuming he wont be able to lease a truck while his is being repaired that if he will have saved up enough to get it repaired and what about that load he was hooked to when it broke down and he has other problems what happen to the truck he was making $2400 a mouth payments on This sound like a disaster in the making

 

This is a much better question. I would advise that unless you are capable and willing to manage the payments, that is have this person pay the payments through you, to protect your credit rating. And, if the money is not available, being able and willing to make the truck and insurance payments to protect your credit rating. Then DO NOT do it.

By the time your are notified by most lenders that the primary borrower is going in default, your credit is already damaged. It is a situation that I deal with regularly, perfect credit except for that cosigned loan, with lates, repo, or foreclosure.

 

If he wants to run a $14,000 truck, he should be running local, maybe limited regional work, where the exposure is much lower, and he should already have the work lined up before he (and you) ever signs that note.

 

How about you Latoya, what's your bottom line? Please list your age, job history, current employment, credit history, etc.

 

If you're thinking of co-signing, like it or not, you ARE going into the business. I'd reconsider.

 

He had to sale the truck because he was off work for a mouth due to a death in the family.