Yea Sis, I Signed....
- Speak Up La
- May 31, 2021
- 3 min read
This probably goes down in history as the WORST financial decision of my life…
I can remember the day, almost down to the second on when I signed that paperwork. Signing that paperwork – I knew instantly – I never should of done this… but in what it felt like seconds… it was done…I had co-signed for my boyfriend’s new vehicle.
Is it just me or do you have moments in your life that you get an instant regret… this was definitely one of mine. As always please remember this is my experience…. There are people that have experiences where cosigning for someone goes great…for me it did not at all. It all started off ok… that first month it was lovely… the first month is also the month were there are no car payments lol Two vehicles in the home was the life! I felt like we were more productive and I cannot lie he was super happy – and of course when you love someone, all you want is for them to be happy.
Now let’s jump forward 6 months after the purchase…there was no more happiness…as a matter of fact…we were broken up. In every other breakup I had ever had, I never had any baggage – it was always a clean cut… but not in this case – there was still a vehicle between us. It wasn’t as big as a child but in some form or fashion we communicated each month about this darn vehicle.
Every.Single.Month. It was something.
When you are trying to have a solid break up from someone, it is very hard to do so if you have to communicate in some capacity.
It all came to a halt on one of my monthly calls from the bank they asked me – “Do you know the vehicle has been towed?” I was so confused…. I asked, “What do you mean it has been towed?!?” Person on the phone – “yes it has been towed and there is a daily charge on it – so far 14 days owed….” They continued to explain the reasons why and how much it would be… and then they asked the simple question - “what would you like to do?” And I said with ease “Pick It Up – I do not want it anymore.”
They were like “Wait we can work with you – you can get it out, pay roughly $2K+ in fees, then keep with the payments” I said nope – “Pick it Up – I do not want it anymore”. There comes a point when the bleeding has to stop. My credit was taking a hit monthly due to this vehicle and all I wanted was to just take this last hit… I had to stop the bleeding. It was impacting me in multiple ways. I had to cut this tie completely and be done.
It felt like forever for the repo then for the sell to take place… they gave my ex one last time to get the vehicle then it was official – the vehicle had been sold. At this moment I felt relief! It was done! #happydance Then I got a letter in the mail… the vehicle still had a balance; it didn’t sell for as much that was owned. #FML is the exact phrase I said in my head. I am still connected!
I tried everything to ignore this outstanding debt… dodging phone calls – I had even told myself I was not going to pay a dime – but one day something told me “close this chapter.” Even though there was not a physical vehicle still left between us… I had to cut the tie 100%. So, on my birthday…I gifted myself with sending in the payoff of that vehicle. It was a VERY EXPENSIVE lesson. Do I miss that mula, absolutely… but having the peace of mind knowing its done…. #priceless.
Financial mistakes happen and this one was my BIG ONE...besides student loans lol
We do crazy things when we are young right???
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