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Original poster

AIBU to not do this

109 replies

Sycamoretreat · 11/01/2024 15:53

Hi,

DH has a best mate who is quite recently divorced and rebuilding his life- lovely guy.

he needs a new car but can’t get finance so he’s asked DH to take the finance in his name.

im dead against it but DH thinks I’m being unfair. AIBU

OP posts:
Bearpawk · 14/01/2024 06:14

Only if you can afford to and would be happy to pay it without any resentment if he can't for whatever meet the payments

Bearpawk · 14/01/2024 06:14

For whatever reason

Aubree17 · 14/01/2024 08:46

Absolutely not.
The reason he can't get finance is because he can't afford it.
You wouldn't be helping him.

allhailthebrain · 15/01/2024 03:51

oh boy - no no no no no!!

A hundred ways of this all coming to a really bad end - not to mention the affect on your DH's credit rating if his friend is even late with a payment.

And what about if you want credit for something - and can't get it because this loan will be taken in to account for affordability...?

Sorry lovely friend, but no.

JustMyView13 · 15/01/2024 06:42

No, for all the reasons already mentioned including the debt liability if the car is written off. But also no because wouldn’t your husband be in breach of the finance agreement if he is essentially sub-leasing the vehicle out? Would he insure the car or trust his friend to? If he insured it then for sure there are clauses which don’t cover you if you rent the car out etc. If his friend insures it, there’s no guarantee he’ll maintain the policy & coverage.

it’s fairly easy to pick up a lease these days for a few hundred per month on a very small city car. If he can’t get a finance agreement on a cheap run around he must have CCJ’s on his file or little to no income. Essentially those who can see his file have run a mile so he’s now asking your husband to take a blind gamble on him, even though reputable firms have said no all things considered. Your husband will lose a friend over this and probably a lot of money.

BillyNotQuiteNoMates · 15/01/2024 06:48

Or maybe because I’m fussy about my friends 🤔 and I trust them
If you are not, then that’s on you

Sodndashitall · 15/01/2024 06:54

No! My friend's DH did this type of thing for a couple of so called mates. One lost his job and stopped paying the loan and my pal and her DH then had to pay it so effectively paid off the loan with a vague promise from this chap that he'd pay them back. Never happened.
Another did pay the installments but was shaky at times with timing so often they'd get a letter saying it wasn't paid and they would need to stump up .. the chap did pay in the end but it was extremely stressful.
Think of it this way ... professional lending institution does not think this person is suitable for a loan for whatever reason but it must be a good one because loans are how they make money! but your DH who presumably does not have any finance qualifications thinks it is fine ... hmm.

autienotnaughty · 15/01/2024 06:55

My ex dh did this for his cousin (because his cousin couldn't get credit) and obviously his cousin defaulted. Dh was responsible for paying the loan but luckily his cousins mum paid it.

If it's an amount of money you can afford to lose and he's happy to risk the friendship then fair enough but otherwise no.

VisionsOfSplendour · 15/01/2024 07:03

Totally mad to do this and I'd rethink a friendship if I was asked. Too much risk and things to go worng

TheLogicalSong · 15/01/2024 07:55

No, no and thrice no.

Nicole1111 · 15/01/2024 08:16

How is your dh not able to realise there is a reason this man can’t get finance

Panjandrum123 · 15/01/2024 08:17

Another saying NO! My sister took out a phone contract for someone. Fine to begin with but it eventually got to the point where the friend kept delaying payments and caused no end of grief. She was also asked by a different friend about taking out a bank loan, we all said don’t do it and I think she saw sense.

bluechicky · 15/01/2024 08:18

Why on earth would your DH do this? Are you sure it's for this mate and not his mistress?

JustExistingNotLiving · 15/01/2024 08:40

Nicole1111 · 15/01/2024 08:16

How is your dh not able to realise there is a reason this man can’t get finance

⬆️⬆️⬆️⬆️

Thats a REALLY crucial point.

TravelInHope · 15/01/2024 08:48

This only ends one way!

PumpkinsAndCoconuts · 15/01/2024 09:25

Winter2020 · 11/01/2024 16:36

No way.

If they are close and you are pretty wealthy it would be better to buy him his choice of a cheapish car outright and in his name (say up to 4k) and tell him to pay you back when he can - accepting that you might never see the money again.

Finance for a fancy new car costing 25k plus not a chance.

Precisely. Buying him a cheap car (potentially with a formalised agreement in regards to payments due etc.) would be a possibility IF OP and her DH could comfortably afford it.

Financing a new car? Absolutely not.

SnailandWhal · 15/01/2024 09:51

Don't do this!

Did this with an ex and kick myself everytime I think about it!

sensationalsally · 15/01/2024 10:44

No no no! Lend him the money if you can. Draw up a proper agreement (pay a lawyer if you have to, it's only £100 or so- better than using the lot, and you can add int on to the loan amount if you want). At least that way there is some recourse in law if he defaults.

ThirtyThrillionThreeTrees · 15/01/2024 10:51

Banks and other lenders want to led money.
It's one of their core functions.
If they refuse credit, it's for a damn good reason- they don't believe they will get the money back .
They also has far more info than DH and they fact he thinks he knows better is ridiculous.

Fronting is also illegal.
Further issues if car is in a crash.
If DH or his friend die or get ill.

He is beyond stupid to entertain this.

breathequietly · 15/01/2024 10:55

Omg I would be livid if DH entertained this.

If you can afford it lend him £500 to buy a banger. He can pay it back £50 a month or whatever

Tracker1234 · 15/01/2024 10:59

Just why do people entertain this sort of arrangement?> I had a friend who did it for her brother. Brother ended up giving the car to their step daughter and then DIED! Friend could not get the car back from the widow who said it was a private arrangement between her and her brother....

Eventually car was returned well over mileage and in a terrible state....some people are just scalleys and just take advantage again and again and again!

Heidi75 · 15/01/2024 12:50

No way! There are plenty of companies where you can get car loans for people with poor credit or difficult/unusual circumstances.

BlueGrey1 · 15/01/2024 13:27

Does he really need a new car or does he just want something new to impress women now that he is single again, what is wrong with his old car?

pinkyredrose · 15/01/2024 13:31

Why can't he use public transport?

Silverbirchtwo · 15/01/2024 13:36

If you lend to a friend only do it if you don't mind not getting paid back. This is equivalent to a loan for the full amount of the car plus interest. If you would be happy to gift that amount then fine if not don't. And if you were happy to gift that amount just lend the cost of the car directly and be pleased if you get any of it back.