Attention: TDR Forum Junkies 
Help! I am trying to tell my parents and brother that taking my brother's name off my truck loan won't help his credit!
My 99 Dodge loan was signed by my bro, with me as co-signer since his credit was better, and we had a $3000 down payment.
Now, time has come where my brother's older Audi, all paid off with a short term loan, is getting older and he wants a newer one.
Two things, his credit is short, mine is not that great. He applied by himself with not luck, I co-signed and still declined. This was for a $20,000 loan.
So what I am trying to prove to my parents is, with mine and my brother's income on the loan, the payment amounts for both (truck and possible car) are not that much, proportional to money in/money out.
My parents are trying to get me to refinance by myself, to get his name off the truck loan. I don't see how that will help his credit. His is just too short. Even the loan officer at Wells Fargo said that a stronger co-signer for him would be best.
I don't want to, and can't refinance right now, since I will only be able to get a loan for what the truck is valued at, not what I owe. That means I will have to pay the difference.
Edit: I can only see my name as co-signer on the possible car loan as helping, since I make about twice what he does a month, since he is in school.
HELP!!
Thanks, Nick
My 99 Dodge loan was signed by my bro, with me as co-signer since his credit was better, and we had a $3000 down payment.
Now, time has come where my brother's older Audi, all paid off with a short term loan, is getting older and he wants a newer one.
Two things, his credit is short, mine is not that great. He applied by himself with not luck, I co-signed and still declined. This was for a $20,000 loan.
So what I am trying to prove to my parents is, with mine and my brother's income on the loan, the payment amounts for both (truck and possible car) are not that much, proportional to money in/money out.
My parents are trying to get me to refinance by myself, to get his name off the truck loan. I don't see how that will help his credit. His is just too short. Even the loan officer at Wells Fargo said that a stronger co-signer for him would be best.
I don't want to, and can't refinance right now, since I will only be able to get a loan for what the truck is valued at, not what I owe. That means I will have to pay the difference.
Edit: I can only see my name as co-signer on the possible car loan as helping, since I make about twice what he does a month, since he is in school.
HELP!!
Thanks, Nick
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