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?

I did this for my ex and when we separated so received a considerable bill for minor damage (lease car). He refused to pay and so I had to clear it myself. He pressured me to get it out in the beginning and I wish I had said no

Absolutely do not do this. I know people that have done similar things before. The partner has subsequently walked out on them and left them with the debt. Also yes it absolutely will impact your ability to finance a new car for yourself in future?

Does he actually even need a new car, or just want one? Tell him to stick with his old car, until he is in a position to finance it himself.

The only women who are silly enough to do this are often left with debt and a baby when their feckless waster of a boyfriend finally buggers off and leaves them rightly screwed.

NEVER take on the debt of others in your name.
Ever.

Sorry just seen his car had been written off. Well the insurance pay out should be enough for a like for like replacement. If he ‘wants’ to upgrade then tough, he can’t afford to.

Good lord no, don't even think about it for a single second.

You're not selfish, you're sensible and thinking about your baby boy, you're a Mother. It's normal when there's a lot of trust and people are on equal footing, which isn't your case.

Not even if you are married to should you ever take on a finance agreement for him. Take it from someone who was stupid enough to do this (we were married and I thought it would be ok), it does not end well.

Don't put your head in the noose.
He needs to learn to live within his means and not rely on you.
He got himself into this bother so he needs to get himself out of it (like the rest of us do).

My answer would be no.

Why isn't he getting a replacement car with the insurance?

Sounds like he wants a champagne lifestyle on a beer budget, so he hasn't grown up to being financially astute.

Protect your own financial position tenaciously OP, because I fear you are going to be the only responsible adult in your child's life.

He wrote off his car last week?! Surely he was insured

Don't do it. All the red flags are there.

"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."

"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."

What he WANTS is neither here nor there. What he can afford determines what car he's getting. Seeing this as an "opportunity to upgrade" looks like another "pretty silly financial decision" to me.

I would refuse. You're just about to have a baby, life is about to get more expensive (baby plus the oncoming storm of inflation). Now is not the time to extend yourself unnecessarily - and this is unnecessary. If he needs a car, he buys one he can afford.

My answer would be 'no' and I would also be pretty pissed of at him wanting to 'upgrade' when (a) he clearly can't afford to do so and (b) when a baby is about to arrive (so your earnings go down and at the beginning of a financial crisis).

Don't. He made his problem, he has to live with it.

The best thing you can do for DP is let him take responsibility for himself, face the consequences of his own mistakes/ behaviour etc. If you behave like an indulgent mother he will always behave like a little boy; the older and more mature YOU get, the more you will resent the man child.

It won't though. Insurance will pay the trade-in price, not the retail price, so the settlement is gonna be give or take £1500 less than it would cost to buy.

If my partner was in debt, I would not only expect him to pay it back but also prove he can handle not going into debt again by saving ahead of making purchases. It'd be a deal breaker for me.

He needs to live within his means, sure we would all love to buy a new expensive car bit it we can't afford it because of money or lack of credit then we can't have it, he needs to buy a car he can actually afford in cash he has saved up, whether that's a £500 banger or a £2000 one depends on what he can afford and not ask you for it, on another note you clearly don't trust him money wise but are having a baby with him, hope you have got some financial backing if ever he leaves you in the future

@Queen736 If your credit rating is good then quite possibly yes.

I'm glad you said no. It seems risky and with a baby in the way there are way more important things than fancier cars!

I did consider doing a finance thing for my ex husband but in the end I just bought him a cheap run around. It's a good thing too as we divorced! He sold the car and I got the money.

Do you and your boyfriend live together and share finances?

I'm not for a moment saying she should do it. It would be a ridiculous decision, but assuming he wasn't to blame for the accident, he's going to be driving an older, lesser car through no fault of his own.

This is why people should take GAP insurance, because there are tens of thousands of incompetent drivers around.

I know so many women (my own sister among them in the past) who were left without the car but with the repayments on their ex partners car.

Don't do it.

He messed up his credit & he has to live with that rather than putting yours at risk.

It's his issue to come up with the financing for his own car from his own funds or with his own credit.

No, insurance pays out retail value. I got my car written off a few months ago. Trade price was £1000, "forecourt" price was £2250. I negotiated £2500 and got it less a couple of hundred scrap value. I was VERY surprised to get such a high amount for what was an old, virtually worthless, car!

Well is he paying for the baby..that’s my point…you’ll be on maternity leave and he is asking YOU to support financially. Who is paying for that? Please don’t say that you’re covering this by yourself . It his his child. If he can’t support it he is a feckless irresponsible disaster and you need to leave now before you get sucked into debt from having children with a man who doesn’t step up to his financial responsibilities.
that is the bigger deal .not a car.

Watch judge Judy. Don't do it. Ever. For anyone. Unless you're get married.