To not want to take out a finance agreement for partner

[Queen736]

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?

[Lampzade]

please don’t do this

[Queen736]

Would I even be approved for a finance agreement considering I'm about to go on maternity leave so income is going to be significantly lower? I'm not going to do it was just interested to know.

[saleorbouy]

His solution to getting transport is to use the insurance payout and buy a cheap run around.
He can save up monthly until he has sufficient for a better car.

[Gingernaut]

Let him get a decent car with the insurance money.

He can save up and in a couple of years time, part-ex for an upgrade if he still wants one.

[babyjellyfish]

Absolutely not.

He needs to get a can he can actually afford.

Most people cannot afford a new car, including him.

[FernlovingNodosaur]

Queen736. But by claiming he needs an unnecessary car upgrade, he still see's nothing wrong with living beyond his means, which is worrying as having children is a big expense.
It's also not unknown for the first cracks in a relationship to appear with the birth of the first child, married or not. Not saying this will happen to you, but as others have said, you need to be aware you could be on your own and lumbered with this big debt. In addition to all the expenses raising a child brings, if you agreed.

You say he has always paid his own way, but so have you I'm sure. Can I ask if he is helping you, with your maternity costs now, for your joint child?

[babyjellyfish]

I know this thread is about a car, but have you and your partner discussed how you as a unit are going to cover the cost of having a baby?

It seems to me that him asking you to get into debt so he can upgrade to a new car, when you're about to go on maternity leave due to having his child and facing a drop in income, suggests he hasn't got his priorities quite right.

How do you usually share your household costs, and do you plan to change anything during your maternity leave?

[CrispieCake]

Tell him to buy a cheaper car second-hand.

He'll need any spare cash he has to contribute towards the baby - make that clear to him.

Not the time for an expensive new car that needs to be paid off every month.

[Xenia]

Don't as the debt will then be yours and you are not married so do not even have marriage protection/rights.

I would never buy a car on credit. It's risky. By an old banger out right before doing that

[skyeisthelimit]

Don't do this, I have seen people take out loans for their family/partners, and the person goes bankrupt and then cannot pay them back. The debt would be in your name and you would be liable for it not him.

He can use whatever he gets off the insurance to buy his new car.

[D0lphine]

I helped out a partner when he lost his job and was unable to get another (2010 so depressing central).

Difference is I loaned him the money out of savings I had. The loan was a small amount of my overall savings and I could afford to lose the money if he didn't pay back.

He did pay back the money and it was actually nice to help him out.

Getting an actual loan though- no. I think you mad the right choice. He is an able bodied adult. He can get out of it.

[TheCurrywurstPrion]

”Personally I think it's bad enough that you're having a child together without being married/civilly partnered due to the lack of legal/financial protections.”

You are aware, @Badbadbunny that if you marry, you take on someone’s debt as well as any assets they have? So if OP is able to be financially independent, she would likely be better off not marrying this man, who is obviously still irresponsible with money and running up debts.

Glad you’re not doing it OP, and hope that he steps up to support your baby.

[RagzRebooted]

@LakieLady

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.

This.
YANBU OP. He will have to suck it up.

[Notcontent]

No, no, no

This is how people end up in financial difficulties. If you do this, then in two years time you will be on mumsnet saying how you have no money and are relying on food banks because all your money is going on repaying loans.

[devonianBiatch]

Absolutely do NOT get out credit in his name. No matter how much his credit rating is trashed, it can be repaired. Debt? Make a decent and affordable repayment plan. No debt but low score? Make actually sure that everything is paid 100% on time every month. My DP has 2 cc's and owed 3k in council tax. I helped him set up a piggy bank system where his wages went into an account he couldn't access. All of his bills went out of that account and every pay day a standing order sent £50 a week to another cash account ( no overdraft) for petrol and coffee etc. Within 15 months he had repaid all of his debt and 13 months after that he got accosted for a mortgage.

[SleepSleepRaveAsleep]

You aren't even married, you are effectively taking out finance for a boyfriend, all the documents etc will be in his name i assume and the debt in your name? Madness. I'd say absolutely not.

[Homewardbound2022]

Don't.
I did this for a boyfriend.
Around the time of our split, he tried to do a dodgy deal selling it although I was the legal owner of the vehicle.

[LIZS]

What led to his poor credit rating? He needs to buy according to his own ability to pay not rely on your credit. He may bring yours down.

[Badbadbunny]

This situation has arisen due to an accident he was involved in last week. His car has now been written off, hence why he needs a new one. He wants to use this opportunity to upgrade.

Why doesn't he just use the insurance payout to buy a "like for like" replacement? Then he doesn't even need to take any finance out at all.

[Redburnett]

How would you finance it on maternity leave if he doesn't give you the money? Maternity leave is a ridiculous time to take on other financial commitments. Your BF must learn to accept the consequences of his actions. He doesn't sound great father material if his priority at this stage is a new car.

[Belovedfool]

Don't do it OP.

My brother took on a large financial responsibility for a woman he was engaged to, and within a year she'd done a runner, leaving him to it. That was almost 20 years ago and it's still being dealt with.

If you can buy your partner a car outright (second hand reliable banger) then do that and gift it to him. Write off the money and forget about it.

[Johnnysgirl]

surely having his car in my name too would prevent me from doing this as I would not pass the affordability checks?
The debt would be yours absolutely; yes. If he decided at any point to stop paying you, you wouldn't have a leg to stand on.
Don't allow someone with such bad credit that they can't get a loan in their own name trash your credit too.

[TokyoTen]

No! Please don't do this. I know he says he will pay but if he doesn't you'll be left with the debt. Plus if you need a loan you won't be able to get one.

[ApplesandBunions]

@TheCurrywurstPrion

”Personally I think it's bad enough that you're having a child together without being married/civilly partnered due to the lack of legal/financial protections.”

You are aware, @Badbadbunny that if you marry, you take on someone’s debt as well as any assets they have? So if OP is able to be financially independent, she would likely be better off not marrying this man, who is obviously still irresponsible with money and running up debts.

Glad you’re not doing it OP, and hope that he steps up to support your baby.

You don't take on either the debts or the assets of your spouse on marrying them, if you're in the UK. Both can be taken into account when splitting the pot on divorce if in England and Wales (different rules in Scotland and generally easier to keep things separate there) but that isn't the same thing at all. That said, I agree it isn't the best idea to have a marriage contract with someone who's financially useless.

[Rhythmisadancer]

another giant nope from me