conversation: User (lulugal13): "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. \n\nCan 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. "
  Self: "8 year car loan?? Holy Crap - The Stupid - It Stings!\n\nOpening question - he owes $30k on a 2014 Jeep. How much over private party sale value is that? How much of that debt would roll into the new loan? IMHO, he should be looking at a cheaper used vehicle to free up money to kill his debt.\n\nBeing into a Jeep for $30k when you have no savings, $20k in other debt and a $15/hr job is beyond stupid. The only semi-not-stupid part of what they're suggesting is getting 0% on the rolled-in debt. That does not overcome The Dumb^tm of rolling negative equity into a car loan.\n\nThe bigger problem seems to be his inability to control his own finances. You and he need to find a way to fix that before anything else happens. Having the house together is bad enough - add in a marriage or baby or inappropriately high priced purchase and ...."
  JackFFR1846 (JackFFR1846): "$30k on a 2014 Wrangler?  I bought my 2014 Wrangler Unlimited brand new (for cash), ordered from the factory for $28,000.  Did he buy the diamond encrusted rock crawler tires or something?"
  User (lulugal13): "I'm not sure on the details of this loan but I'm pretty sure the interest is added in there as well. Still he paid way too much for it and he bought it used. "
  