My brother in law asked me to co-sign a car he want to finance. I immediately said no to him because he is financially horrible, but the deal he got sounds just as horrible to me. Tell me what you guys think, here’s all the info i got out of him:

• Car : 2012 VW jetta S automatic with 150 000 km driven. Price is 12000$ with taxes.

• Car’s condition: Fair, no rust, minimal scratches and exhaust no stable

• Got a diagnostic done by an independent garage: brake pads ans rotor will need replacement

• Credit score is 540, his payments would be 540$ a month with a 9% interest rate. Edit: the term is 5 yeas according to him

• The lowest insurance quote he was able to get was 230$ a month for a full coverage

A little bit about him: He is 30 years old and a first time driver. Works warehouse jobs as certified forklift driver. Switches jobs every 2 weeks and bank account drained at the end of each paycheque. His mind is set on getting it. He said he was approved for a loan on his 3rd chance (idk what that means).

So that 770$ a month on just car payments without taking into account the average maintenance fees.

Good deal?

Edit 1: Thanks for the feedback! It would seem that my brother in law has been hiding some information from me to get me to co-sign! It’s just a reminder to myself to always get information yourself!

Edit 2: Follow up

https://www.reddit.com/r/PersonalFinanceCanada/comments/z3ku3x/500_car_payment_for_vw_jetta_2012_part_2/?utm_source=share&utm_medium=ios_app&utm_name=iossmf