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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

To not want to take out a finance agreement for partner

290 replies

Queen736 · 08/07/2022 11:46

Just some background info - have been with my partner for 4 years and we are expecting a baby boy in a few months time.

He made some pretty silly financial decisions when he was younger which has led to bad credit and him unable to obtain a finance agreement for the new car he wants. He has asked me to take out the finance agreement in my name and he will pay me the money every month. My issue is I don't feel comfortable taking on this amount of credit (it is quite a considerable amount) and feel that this will affect me when I want to get a new car in the future - I currently own my car outright but have recently been looking to purchase a new car on finance...surely having his car in my name too would prevent me from doing this as I would not pass the affordability checks?

Am I being selfish or is this just a normal thing that people do for their partners?

OP posts:
Ylvamoon · 08/07/2022 11:57

Give him your old car he can pay you for it ... and get a youself the new one you want on finance as planned!
That is of course if he really needs one!

Gingernaut · 08/07/2022 11:57

What's stopping him from getting a half decent second hand car?

Don't do this.

Original poster
Queen736 · 08/07/2022 11:58

Thanks everyone. Just needed some reassurance as I have told him no but have been feeling bad about it all morning.

OP posts:
Hoppinggreen · 08/07/2022 11:58

Nope
Would be bad enough if you were married but even so nope

LakieLady · 08/07/2022 11:58

Definitely not BU!

Anyone who's responsible with their finances wouldn't need someone to do this for them, and anyone who isn't is too risky to do this for.

workshy46 · 08/07/2022 11:58

There is a similar thread on recently where the OP took on 36K loan for her partner and now wants to leave and can't as he has stopped paying the loan and she feels her only chance to get any of it back is to stay until it is paid back in full.
Golden rule applies here, only lend what you can afford to lose. If you are happy to pay back the loan for him, go ahead. If not don't do it. You will be liable for it if sorry should say when he defaults on it !

coffeecupsandfairylights · 08/07/2022 12:00

Not a CHANCE.

OurChristmasMiracle · 08/07/2022 12:02

Nope. Thousands of pounds whilst on maternity of debt sounds like a very bad idea to me tbh.

has he even considered the long term finances and whether it is actually affordable? Has he factored in his share of nursery fees etc?

GrannyAchingsShepherdsHut · 08/07/2022 12:02

Not only don't take the credit out for him - but don't get a joint account either.

I discovered the hard way that that makes you 'financially linked' and his crap credit rating will affect yours.

MintJulia · 08/07/2022 12:02

Yanbu. He needs to put his own credit rating right before he has a new car. Not wreck yours, which is what he will do.

FinallyHere · 08/07/2022 12:03

Apologies. My initial reaction was to laugh out loud. No many things wrong with this.

  • don't sign any credit agreement ever unless you are absolutely sure you can find it. Not yeah, I'm sure he will pay me each month sure but 'we already have the money ring fenced in an account' sure
  • why is he buying a new car with a credit agreement beyond his technical means when there is a baby in the way.

This thread is unanimous. Maybe have a think about why you were being swayed by his arguments into even thinking about doing something that would be such a bad idea.

YouCantSpellAmericaWithoutErica · 08/07/2022 12:04

as others have said, don’t do it. I did this for ex when I was very young and unsurprisingly, it screwed me over and I wished I hadn’t done it almost straight away.

KosherDill · 08/07/2022 12:06

Of course you shouldn't!

larkstar · 08/07/2022 12:13

Absolutely DO NOT do this. Personally I don't like spending money on cars - I don't value them. I have bought most of my cars for prices in the range £750-£1500. Most I've had 5-7 years - all were reliable with very few problems. I have an 09 Peugeot 207 ATM - cost £1500 - had it 3 years - passed it's MOT every year without a problem - only had to put 2 new tyres on when I had it - not spend a penny on it - it does 48mpg if you drive it fast/badly and 62mpg if you are careful or drive long distances. Why does he think he needs you to take out a large sum on interest to buy a car? He's been an idiot with money - don't you follow suit.

BackToTheTop · 08/07/2022 12:17

DO NOT DO THIS!!

I did exactly the same thing and it was awful, he never missed a payment but it was stressful and you never know what's round the corner. It will also impact your credit rating and affect you getting finance yourself. Just no.

kewgirl · 08/07/2022 12:17

JUST NO NO NO NO A MILLION TIMES NO

Oldandcobwebby · 08/07/2022 12:19

See those hills? Run for them!

Don't do this. Just no.

VladmirsPoutine · 08/07/2022 12:19

Do not do this. Don't be guilted into it, convinced into it or whatever. Never take credit out on anyone else's behalf no matter how much you love them.

DelphiniumBlue · 08/07/2022 12:20

He can't get finance because the finance companies think he is a bad risk. Bluntly, they think if they lend him money there's a good chance he won't be able to repay it.
Their job is to know who is a bad risk to lend to. If they think he's a bad risk, they are probably right.
Why should you take the risk, especially when it will have long term effects on your finances?
Why is he even considering a new car if he can't pay for it? It's just vanity on his part. You have a baby on the way, new cars should not be your priority!

TeeBee · 08/07/2022 12:23

Ha! Absolutely not. So he's still making bad financial decisions then but now asking you to carry the can. Fuck that. He needs to sort out his credit rating first before wanting new shiny cars. He needs to grow up. How unattractive.

Justcallmebebes · 08/07/2022 12:23

Good God no, it's a no brainer. NEVER take out credit on behalf of another person if you're not married (and I personally wouldn't, even to someone I was married to). All is fine now but what happens if you split up? You're left with the debt and he can just walk away and there's pretty much nothing you can do about it as it's your debt.

And you are right that you won't be able to get car finance whilst the debt exists as you will already have car finance.

Proceed at your peril

MzHz · 08/07/2022 12:24

glad You’re saying no to him.

keep it that way

he doesn’t need a new car, he wants one. Wants don’t matter when you can’t afford them.

he needs to stick with what he has, save up and then buy a second hand car

sounds like he’s not a good bet in terms of a partner. He’s going to drain you financially and emotionally.

Shinyandnew1 · 08/07/2022 12:24

Absolutely not! I’ve been married for 20+ years and wouldn’t do this for DH. The debt will be yours!

balalake · 08/07/2022 12:25

100% not.

A new car is not essential. Keep the old one.

SarahSissions · 08/07/2022 12:27

Sounds like he’s still making bad financial decisions.

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