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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:
Berthatydfil · 08/07/2022 12:28

Don’t do it.

lapasion · 08/07/2022 12:28

There are companies who lend to people with bad or very bad credit. Of course he’ll pay a high interest rate but that’s because he’s such a high risk. If he can’t afford a runaround or genuinely needs a decent car for work etc then he should look into specialist lenders.

Puzzledandpissedoff · 08/07/2022 12:29

Why can't he just buy a cheaper car?

On the other hand, why do that when he's got a partner feeling bad about refusing him a better one? Hmm
How much says he won't pay back a penny if he chooses to disappear, inncluding towards the baby?

Eviebeans · 08/07/2022 12:30

I think if he can't afford it he can't have it - it really is that simple

Meraas · 08/07/2022 12:30

It's a shame you didn't enable voting as I'm sure you'd get 100% of people voting don't do it!

You would not see a penny of that money if you were to split with him.

He is being unreasonable to even ask and I would see this as a red flag and be wary of merging finances with him.

Aposterhasnoname · 08/07/2022 12:30

No fucking chance. I did this for my then DH, and got saddled with £20,000 worth of debt when we split.

Dancinginthedark01 · 08/07/2022 12:31

No definitely not. How much are we talking out of interest?

Dancinginthedark01 · 08/07/2022 12:32

Also do you trust that he would pay it all back? (I wouldn’t based on what you say.)

SemperIdem · 08/07/2022 12:34

Glad you’re saying no. Please stick to it.

galacticpixels · 08/07/2022 12:35

Yeah, don't do this. Sounds like he hasn't learned anything from his mistakes if he's still wanting to take out large loans.

ItWillBeOkHonestly · 08/07/2022 12:35

If he made the silly mistakes when he was younger, what has he done since to repair his credit rating? If he get his act together it is possible to fix the credit mistakes of the past!

I definitely wouldn't do this. If he wants the car so badly, there are lenders who will loan him the money despite poor credit. It'll be at higher interest rates but that's the price you have to pay if you've screwed up your credit.

Oddbobbyboo · 08/07/2022 12:36

No no no! I did this for a 10k car….. which my husband took when he left me and our baby. I ended up paying for it 🙃 if you do do it, buy it yourself and register it as yours and when it’s paid for transfer it to him…… but if I were you x I would steer clear.

PragmaticWench · 08/07/2022 12:36

Would you take out finance for a car for me?

You are legally and financially no more linked to your partner than you are to me. Don't feel bad for protecting yourself financially!

CandyLeBonBon · 08/07/2022 12:37

Echoing everyone else. Nope nope nope.

SmashingEgg · 08/07/2022 12:37

Absolutely no way, no how.
If he decides to end the relationship, what then? You will be saddled with a debt for something that you don't own.
I'm not saying that he will end things of course, but it's a scenario that you need to consider.
What will you do when baby arrives, which is expensive and you find that you're struggling financially because of his debt?
Whether he's paying it or you, it's still coming out of a household income, even if you don't share a joint account.

Dancingwithhyenas · 08/07/2022 12:38

Absolutely not! Don’t do it. Surely he can just get a cheaper car?

Fawnia · 08/07/2022 12:38

Fuck no

PollyDarton1 · 08/07/2022 12:41

Absolutely no way. He has a car, presumably doesn't need a new one and you've mentioned you getting a new car in future. Therefore, he can either stick with his current one or claim yours once you upgrade.

If he had no car, and he was otherwise reliable in all ways, and the financial decisions weren't just a case of being habitually being in debt/overspending, I would consider it for practical reasons (new baby, job etc) but would depend entirely on the strength of the relationship and the reasons for the bad credit in the first place.

butterflied · 08/07/2022 12:41

Nope.

boopdeflouff · 08/07/2022 12:42

Do not do this.

forrestgreen · 08/07/2022 12:49

A friend did this.
The relationship broke down
He stopped paying her back
Then he sold the car (it was in his name)
Then she ended up with bad debt too...

Snoopymcsnoopface · 08/07/2022 12:50

Do not under any circumstances take our finance for him. Been there done that and never again.
He'll have to live with the consequences of his actions and have a car to make do, rather than a brand new shining new one that he wants, until he can pay for it himself.

redwaterbottle · 08/07/2022 12:50

Don't do it. I wouldn't even do it for my dh.

Dinogirl50 · 08/07/2022 12:51

Absolutely don’t do it ..the debt will be 100% yours ,and when he decides to not pay you one month ,or pay you late ,nothing you can do

GrabbyGabby · 08/07/2022 12:52

Watch a few episodes of Judge Judy and then see how you feel.