So my significant other who is almost 29 is currently looking at getting a new truck (which I'm totally against). We sat down and spoke about it last night and he called the dealership this morning to say the deal is off the table because he needs to focus on paying off his credit card debt. Currently he owes $12,000 on his credit card, and about $8,000 on his line of credit. They came back and said they would pay off his credit card (obviously not pay it "off" because its lumped in your weekly payments) and loop it in with the truck cost at 0% financing for both the credit card debt and the truck. He will still be owing $8000 on his line of credit. His WEEKLY payments would be approximately $175 for the truck, I'm assuming for 8 years. He still is owing just under $30,000 on his current 2014 jeep wrangler and will be trading that in with the "deal" as well. He thinks he should get around $34,000 for the trade in value. We just bought a house in 2016 and we are both on that mortgage and we owe approximately $164,000 on it. Monthly payments are around $820 for the mortgage which we are splitting 50/50. He only brings in $460 a week and I can't seem to get it through his head he cant afford this. I end up paying for mostly all utilities (except $60 light bill, and $30 water bill), groceries and any extra repairs around the house. I don't own a car since I can't afford it with all of the extras I have to pay for around the house. Since he doesn't make enough to actually buy this truck himself he needs a co-signer and I just can't bring myself to do this because I just think its a horrible idea. We aren't married yet so my rule was always to not sign anything until my last name is changed. He wants a solid reason why I wont do this and "because this is a stupid idea" isn't a good one.
Can anyone give me solid reasons as to why this is such a horrible idea. My head is spinning right now and I'm so angry upset that I can't think straight.
Submitted October 27, 2017 at 11:56AM by lulugal13 http://ift.tt/2zJoP9O
