Don’t Co-Sign for anyone! Not even for your PARENTS.

So I have been struggling financially lately well since July of this year. But before that, I was definitely making it until I was left with a huge debt to my name when my mom left. 

Let me just tell you a little bit of how I obtain this burden that has me scratching my head and pulling out my empty pockets.

September of last year I had gotten myself a car from a dealership here on Guam. At the time I was really looking forward to finally getting the car that I originally wanted. But sadly I did not get approved by any of the banks unless I get a co-signer. So, I kept hearing the

“Were Sorry Mr. Agustin you do not have substantial credit to afford the car.” – It sucked!  

But I did get a decent car that is currently under my name.  At the same time, my mother was trying to find a way to reduce her monthly payments on her car and get my father’s name off the vehicle. Yup, I’m one of those people that has a broken family. Sad, Right? Anyways my mom needed a co-signer as well and guess who came to her rescue. Yup, you’ve guessed it her oldest son, Anthony (me). Of course, we made an agreement before I signed any papers. It’s crazy how I got approved for two vehicles at the same time but it happened. My name is listed as the full owner and my mother’s name is listed under my name on the car that was approved for oops… did I mention that my mom ended up doing a trade in instead. Well, anyways five months in with the car that had both our names was being paid on time as per our agreement. but after the fifth month, I’ve gotten phone calls from the bank for payments. I immediately call my Mother to see what is going on with why she is late on her payments. And I had no choice but to pay the bank with my money instead of going by our agreement.

My name is listed as the full owner and my mother’s name is listed under my name on the car that was approved for oops… did I mention that my mom ended up doing a trade in instead. Well, anyways five months in with the car that had both our names was being paid on time as per our agreement. but after the fifth month, I’ve gotten phone calls from the bank for payments. I immediately call my Mother to see what is going on with why she is late on her payments. And I had no choice but to pay the bank with my money instead of going by our agreement. I ended up having to pay for not only my car that I am driving but even for my other car that my mother is supposed to be paying. Like I have a money garden luckily for my emergency funds I had enough to pay for both vehicles.

A few months after I hear that my mother is leaving off-Island and moving to ALASKA. Just great… Right! and I did not hear it from her I hear it from my close relatives. My mom didn’t mention anything to until a month and a half before she even left. So Guess who’s pay for the car now and not only ONE but TWO now. oh, yeah did I mention the amount that I am paying for that car and my car.  Well, I identify them by the colors. The Red (My Car) is $279. The Black is $532. a month. That is $811 altogether.  This is not including my other bills. It has been 3 months in since I have been paying the car and I don’t even know how I am surviving. My take home is way lower that. I only take home $585.87 this is after all my deductions.

Being left with this amount of dept I surely do not recommend it to anyone. Parents think twice before you ask your child to co-sign and vice versa.  I recommend to start off slow and then work your way up to your dreams. The whole reason why I even got a car for myself is that my goal is to build my own house to my own liking. by doing that I would be building my credit and not be limited.

I can’t wait for all the monthly payments to be done or even some small payments from my mother for her part of the agreement. I Just Need some financial FREEDOM!

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