Is paying off an $11k auto loan with a credit card a bad idea?
The Civic / CT connection reminded me of fr0zen & xteraco; if you look around askme you will find a lot of relationship questions that indicate finances are one of the biggest problems in relationships. Money = power and power is a powerful dynamic in relationships. Marriages break up over money and you guys aren’t even that committed. You may be with him “for as long as I can foresee” but that debt may last longer than the relationship. You have no idea what may happen in the future; he may cheat, he may get sick, he may total the car. All of those stressful situations will be made worse because there is the imbalance of large debt between you. Having known women that stayed in bad relationships because of money as well as women that walked away from relationships responsible for their husbands debts you really don’t want to be in either situation. This is his problem to solve and asking you to take on his debt indicates he thinks the car is more important than your relationship. What
I hate to say this but as someone who was in a similar situation with an ex-long-term-boyfriend ——- DON’T do it. Just don’t. Really. I’m sorry. I know you want to hear something different but this is just a very bad idea all around, and when things went to hell in my own situation, it affected my finances for years to come. Years. As in “more years than your typical American couple stays married these days.” If you do insist on doing this, please consider it a gift and not a loan, and choose to be pleasantly surprised IF it all works out instead of devastated when it doesn’t.
I am going to agree with everyone who thinks this is a horrible idea. WAY too much risk. Your bf has a history of wanting to use his girlfriends to help him out of financial difficulties–that’s how he got the car he couldn’t afford in the first place, right? He needs to handle his own finances and transporation needs, not you. He continues to show his fiscal irresponsibility by now roping you into the mess. If you are dead set on doing it, I would put the car in your name…you bought it and are on the hook for it, right? Therefore, it’s your car. But if you do go the route you described, at least make sure the loan to your bf is secured by the car (and other assets since the car is worth less than the loan amount). To do this, you will not only need the promissory note, but also a security agreement. The risks to the ex-gf are indeed real and I feel for her. But she did not post here, you did. But why would you EVER want to assume those risks from her? Finally, it bears repeating…T
No no no no no. This is his problem. Do not make it your problem. This will not end well for you. If you do this, you’re going to look back with deep regret and wish you’d listened to all of us well-meaning internet strangers. As others have said, your boyfriend needs to work this out on his own, with his own money and his own credit. NOT YOURS. You are opening yourself up to a lot of unnecessary risk. Sometimes even the most solid relationships go bad, sometimes very suddenly. I know it must rankle you to have the ex-girlfriend still involved in your lives. But don’t do this. Just … don’t.
You’ve already said that the car is not worth what is owed on it (they usually never are). Taking this debt on yourself is a terrible idea. If something comes up that makes it difficult to pay the credit card bill (or even bank loan, should you get one), you will have no way to recoup the cost of the car. Your boyfriend and his ex got themselves into this – wait, actually – his EX got herself into this and your boyfriend has no obligation whatsoever to make payment on the car. Don’t put yourself in the same situation!
