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My daughter is wanting to get her first apartment off campus (MTSU in TN).  She needs a co-signer.  If I had complete faith that she'd live out her lease, I wouldn't have a problem with it; however, she hasn't made the best financial decisions over the past 2 years.  What would happen if, hypothetically, she left her lease with, say, 6 months left in a year contract?  Would I be responsible for the remaining payments?  Would it just be a hit on my credit?  Thanks in advance.

A lotta ins, lotta outs, lotta what-have-yous, but you'll be on the hook for whatever she doesn't pay.

Couldn't bring myself to type "pics of daughter"...

In Texas, you would be responsible for whatever the penalties are for breaking the lease. Most places it's something like thirty days of rent plus loss of the deposit. But each apartment is a little different. It'll say in the lease what the early penalties are

 

Also, Pics of my niece? wait....wut

She's probably gonna need a cosigner/guarantor no matter what.  In Texas its usually income of 3x rent.

  • Author

K.  She's in TN.  I honestly dont trust her decision making at this point.  My credit is extremely good and I neither want to cover her if she jets nor have my credit affected.  

She's on consignment? 

Cue Blues Brother's "how much for the little girl?" clip

 

 

 

Edited by Paper_jam

I don't believe the guaranty would affect your credit, even if she triggered it, unless you also defaulted.

The usual liability for default is whatever early termination penalty there is, plus the balance of rent due.  The landlord has an obligation to find a new tenant to mitigate damages, but if that tenant pays less rent (or for shorter term than the balance of the lease), you can be on the hook for that difference.  Some landlords will just stop at the penalty.

The question probably boils down to:  if your daughter asked you to pay her rent for a couple of months, would you do it?  And a subsidiary question, would she ask you before going into eviction or default?

 

Pretty much any normal-age student, without a lengthy work and credit history, is going to need a co-signer on a lease.  Like Tailgate said  . . .

44 minutes ago, Anastasis said:

First on sugar daddy if real daddy ain’t up for it.

 

I’m not very far up the road from MTSU, but I would like to at least see what I’m volunteering for first. I’m not sure if my wife will approve, but pics should help clear up whether that will be an issue or not.

Co signing a loan or rental agreement ?

I believe the phrase you're seeking is Prepare your anus......

22 hours ago, Knoxtnhorn said:

My daughter is wanting to get her first apartment off campus (MTSU in TN).  She needs a co-signer.  If I had complete faith that she'd live out her lease, I wouldn't have a problem with it; however, she hasn't made the best financial decisions over the past 2 years.  What would happen if, hypothetically, she left her lease with, say, 6 months left in a year contract?  Would I be responsible for the remaining payments?  Would it just be a hit on my credit?  Thanks in advance.

My son asked me to co-sign, and when I read the lease I would not only be responsible for his lease payments, and penalties but also for any charges related to damages to the apartment. He was looking at leasing 1 unit in a quad, which means that he is responsible for damages to the common area as well as his individual bedroom/bath.
I told him that I couldn't co-sign and to see what the management company said if there were any alternatives to having a co-signer.

Guess what they could take a $700 security deposit in lieu of a co-signer, I paid 1/2 of his security deposit instead of co-signing. And next week his lease is up, he is moving out and we will see if he gets his (our) deposit back.
No way I'd co-sign a lease for college age kids, especially mine (well at least that one)

  • Author

Thx.  That's what worries me.  She'll have 3 roommates.  I'm not about to sign if I'm responsible for them as well.  Especially if damages are possible.

Maybe there are other options like a large deposit.  I'm sure that college apt complexes frequently want parents to co-sign as parents actually have the ability to pay and care about their credit rating.

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