*With the source's consent, the following is a work of nonfiction based on the experiences of a close friend.
Too often, people are conned into either loaning money or co-signing big purchases for others. Despite the risks associated with co-signing, statistics show that one in six adults have signed on the dotted line for others at some point in their lives.
This was highlighted recently when a family friend co-signed a vehicle for her boyfriend, and he skipped out on the payments and then "gifted" the vehicle to his ex-girlfriend.
My family friend had been in a relationship with her boyfriend for over a year. They moved in together early on, split bills, and shared other expenses.
About six months into it, the boyfriend started to prove he couldn't be trusted. He started staying out all night, emotionally abusing her, and even lost his job.
Not only could he not pay his portion of the bills, but he asked my friend to borrow $3,000 to pay off old debts that he owed someone.
Even after all of this, my friend not only loaned him the money but also agreed to be a co-signer so that he could finance a vehicle since he couldn't get it on his own. She says she knows it was a mistake, but she still did it.
The boyfriend eventually found a new job and was making on-time car payments. Despite their relationship issues, things were going well with their arrangement. That was until a few months ago when my friend caught him with another woman in their apartment.
My distraught friend kicked him out, threw all of his belongings out, and vowed never to get back with him again.
The boyfriend ended up moving to another state, and she's been receiving notices that the car payment is three months past due. She doesn't know what to do because his falling behind on the payments will impact her credit heavily.
If that wasn't enough, she logged onto Facebook to see that he's "gifted" the vehicle to his ex-girlfriend. When she contacted him about it, he said the ex needed a vehicle to go back and forth to her sick child's doctor appointments.
She's unsure what to do because he's in an entirely different state with the car that isn't being paid for and is being driven by someone else. Needless to say, she's learned a huge lesson, but she can't afford an extra car, and she doesn't want his ex driving around in something she's on the line for.
What should my friend do? Leave a comment below, and if you think more people should see this, share it on social media!
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