So I don't have all the nitty gritty details, but my mom basically signed all the papers for a friend of hers to buy a 2023 Honda Accord Hybrid.
The friend apparently has a mini van (which runs just fine by the way) but she wanted a new car that takes up less gas. Apparently her credit is not too great right now (for reasons my mom apparently heard but forgot) to the point that cosigning wasn't even an option. She has an older sister who was also unable to finance it because she previously filed for bankruptcy awhile back. So they asked my mom if she'd be willing to help out, saying that they would transfer the loan to the older sister's daughter next year (who is 19 and doesn't even have her license yet). The payments are over $600 a month over 5 years or something.
My mom agreed to signing all the papers right away without giving it another thought. After my sister (who lives with her) discovered a new license plate in the mail, she immediately grew suspicious and confronted my mom, who admitted what happened. But even now, my mom remains adamant that she does not regret it and doesn't see what's wrong with helping out a friend. She only feels sorry about how upset my sister and I are about this situation.
People of Reddit, can you help explain why what my mom did is such a bad idea?
Thank you.
Submitted April 17, 2023 at 08:39PM by yulmucha https://ift.tt/sTLgObR
