My family has a history of making poor financial decisions. This has trickled down to my sister not learning good financial strategies. She bought a 2018 car, with all the bells and whistles, that costs her ~$435/month for 60+ months. My sister does not even make $1,000/month, so you can see how that is terrible for her while in school. She recently missed a payment and had her car repossessed. The bank wants her to buy the car in full for $23,000, and they will not accept a catch-up payment. To ensure she does not get stuck with the loan an no car, my family got approved for a home equity loan. However, the home-equity loan takes thirty days to process, and the car is going to auction on January 13th. To ensure she does not lose the car, my family wants me to take out a $23,000 personal loan. They will pay me back with the home-equity loan.
I am on the edge of telling my family that I cannot do this because my sister already failed out of college with student loans that I co-signed for. I am afraid that something will happen, and I will be stuck with a $23,000 personal loan that I cannot pay for. So, what would you suggest I should do for my sister, my family, and for myself? Any advice for myself or my sister is deeply appreciated!
EDIT I appreciate the advice from everybody! I have decided not to go through with the loan, and I want to get a plan to present to my family, so we can do what is for best for all parties.
Submitted January 04, 2020 at 12:00PM by Spiritj00 https://ift.tt/2Qp09yA
