Do not do it.

Unless you don't value your credit or relationship with your brother.

Not only have I seen it happen to friends, but a I work at a credit union, where I started out in collections and now actually do auto loans.

I don't know what the success rate is but I can tell you that it backfires very often.

Any contract you draw up with him is irrelevant for us. Anything you say about it is irrelevant to us. It's your loan and you will be responsible for it until its paid.

Proceed with caution.

If you don't mind 'giving' him the truck, go for it.

However, I'd bet in a majority of examples these type of deals don't end well.

I let my brother do this for a car I owned years ago. Gave it to him with a year left on payments, and when he finished them I signed over the title to him. Turned out fine.












 

It's still a stupid idea but that isn't how cosigning works unless they hooked him into some other bullshit.

Cosigning on a loan is for that single instrument. Not everything they ever borrow.

Now this isn't to say if the other guy defaults they won't TRY to collect from cosigners on his previous loans, but the cosigner has no obligation to pay it.

Rules for finances & family/friends:



1. I don't loan money, if I want to help them out, it's a gift, not a loan, regardless of size.  I've gifted thousands before, no strings attached.  If they want to repay me later, it's a gift, not a loan repayment.  If there is no expectation of anything coming back, there are no hard feelings when it doesn't.



2. I don't cosign for anything, nor would I ask them to.  They are family, if they are kicked out onto the street or starving for lack of food, I'll help them out, but I won't tie my finances to them in any way.



If the bank won't loan them money on their own credit, why would you?



I've seen relationships permanently ruined because somebody was "so kind" to a family member or friend by loaning them money or tying finances together.  Best intentions don't matter.

this...

I see no pro's and all con's.

Im going with this too.
If you want to sell it to your brother, just letting him take over payments wont help build his credit, but if he fucks up it sure will ding yours.

If you can afford the payments in case he doesn't pay, I guess you could go for it. Problem is going to be taking your truck back, when he misses a payment. Or having him trash the truck and decide he doesn't want to pay for it anymore, leaving you with a payment and a lesser truck.

This. I'm very generous with my family, but it's always a gift and never a loan.