[skimo]

I am in a bad situation. About to close on a home but, I have co-signed my brothers BMW and now the deal is off. Any ideas on how to remove myself? It is a lease. I am leasing a BMW too and do not want to get rid of that!

Thanks
Kareem

[968tomr]

Is to have BMW finance approve your brother for a new lease or loan without you as the co-signer. It is very difficult to do as BMW Finance has two individuals to collect money from on the car currently, and you want them to reduce that number to one.

-Tom

[DJtoad]

Unfortunately, Tom is correct. Co-signing a loan is a very dangerous thing unless you've got a lot of credit to spare. You're probably stuck unless your brother can find a way to get into a new lease. If your brother has a perfect payment record and he's nearing the end of the lease, they may consider releasing you, but I wouldn't count on it.

[skimo]

Thanks 968tomr. Bummer, they want $500 and 3 weeks and they have to approve my brother. (or reject).

[mjm22]

This is not impossible. Call BMW. If your brother has decent credit they will not require you as a co-signor. Definitely worth a try.

[skimo]

Any co-signers here? It is not showing on my credit score and it has been 3 months...will it ever show? (if it doesnt show up I am ,ahem ahem, in the clear)

[persian54]

it should show...

the application is $100

if he's denied that's it

you only pay the extra $ if he's approved and you go through with it

he is basically assuming the lease

it'll be a total cost of $548 depending on the taxes in your state

[brandon11130]

it all depends on your brothers credit... there are thousands of variables, if he was a ghost when he started the loan and hes been on it for 6-8 months he might have a high score now if all the payments were on time...

[F32Fleet]

You're SOL unless your brother signs a new lease. Larger question is how could you possibly not think this would effect your ability to buy a home?

[Bulldog 6]

Before you shell out any money I recommend that your brother goes to equifax.com and buys all three credit reports with score. It is only $39.95 and you will know whether he has a chance re-fi on his own. I think it is better than paying $500 and wishing for the best.

[BQTuning]

The brother needs to have made payments in his name for about 16 months on time and never late. He must not have any outstanding or aged credit debts, expecially delinquencies.

If all this is ok then you can go to whoever is financing the car with him to request remove the training wheels ie the co-signer as they will re-run his credit to see if it got better, and may asf for "MO MONEY" !

[cdmst6]

I dont know if this helps, when I bought my car my roommate signed as a co-signer, and after a year of clear payments i had him removed...i remember there was a fee.

[skimo]

Yes he has made good payments for 6 months.

The bigger question is: anyone know why its not on my credit report? And will it ever appear? I am trying to be optimistic and think it will only show up if my brother is delinquent.

Right now it is not, lender is worried that if it does pop-up in the next 30 days I am SOL and lose the "earnest money". However, he has been leasing since August and its yet to appear on my report.

[BQTuning]

Originally Posted by skimo

Yes he has made good payments for 6 months.

Sorry it not enough. He need atleast 16 months. The bank will be looking at that.

Your credit report will indeed reflect your name 6 months it too soon. Perhaps on the 8th or 9th months it will show up

[John 070]

Unfortunately as modern a society that we are, information is not shared and distributed fairly. Why would anybody cosign for someone else? What that's an indication of is that the other party cannot obtain the financing, therefore, someone else takes full responsibility. Cosigning is not partial responsibility, it's full responsibility. All the obligation, with none of the benefits. Seems like family members play the, "you don't love me unless you help me to obtain something I could not obtain on my own." Now the OP cannot obtain a home while the relative tools around in a car he can't afford. How much sense does that make?

[John 070]

Originally Posted by BuraQ

The brother needs to have made payments in his name for about 16 months on time and never late. He must not have any outstanding or aged credit debts, expecially delinquencies.

If all this is ok then you can go to whoever is financing the car with him to request remove the training wheels ie the co-signer as they will re-run his credit to see if it got better, and may asf for "MO MONEY" !

The brother needs to grow up and live within his means.

[Philz BMW]

Originally Posted by John 070

Unfortunately as modern a society that we are, information is not shared and distributed fairly. Why would anybody cosign for someone else? What that's an indication of is that the other party cannot obtain the financing, therefore, someone else takes full responsibility. Cosigning is not partial responsibility, it's full responsibility. All the obligation, with none of the benefits. Seems like family members play the, "you don't love me unless you help me to obtain something I could not obtain on my own." Now the OP cannot obtain a home while the relative tools around in a car he can't afford. How much sense does that make?

Bingo.

Two people with marginal credit can't add scores/credit history in order to assume a loan. Someone with marginal or no credit needs someone with good/great credit, and like John said, that person basically takes full responsibility.

[Quasimodem]

Bankruptcy will get you right out of it, but it won't help you close on a home. LOL

[BQTuning]

A co-signer is also needed if the primary does not have enough credit, not bad credit. Its not all about having lack of fund.

Co-signing helps the primary get a jump on credit rather than doing it the long way.

The OP knows his brother better than any of us.

[John 070]

Originally Posted by BuraQ

A co-signer is also needed if the primary does not have enough credit, not bad credit. Its not all about having lack of fund.

Co-signing helps the primary get a jump on credit rather than doing it the long way.

The OP knows his brother better than any of us.

I think a lot of mortgage brokers followed this philisophy from 2000-2007. Many of them were even on this forum bragging about how much money they were making churning and burning. there were long threads, I can even remember one of the co's, Ameriprise. This philosophy certainly brought down not only not only the individuals but cos. and our economy. They say Phoenix, Vegas, FLA, SoCal, some of these markets will recover in the 2030's. But we helped people get a jump on credit rather than doing it the long way. Stupid.