Friend Needs Me as Credit Reference... Safe to Give out my Info?? (1 Viewer)

[Joseph Young]

An old friend of mine is asking for my full information (address, phone numbers, etc) because he is buying a car and needs the references. My question is: in situations like this, do the dealerships then take the friends' credit information and use it to contact them? I am very very wary about giving out my info, even for a friend, and was wondering of some financial/credit whizzes here could offer up any facts or advice.

Thanks!

~joseph

 

[Craig]

Shouldn't be any problem, I've never heard of them actually contacting anyone, least not when I've filled out the form. As long as it's just your address and phone number you should be ok.

 

[Bry_DD]

Well, last time a bought a car the dealer didn't need any reference from anyone.. Unless they just start doing this. Also, could it be your frien is making you co-sign for him?

 

[Steve Schaffer]

This is quite common practice for those who have not yet established bulletproof credit ratings. As long as you're not being asked to co-sign for the loan there is nothing to fear. Chances are you will not even be contacted and no way is anyone going to try to use the information to sell you anything.

Car buyers who don't have a lot of credit cards or other credit accounts are often asked to list a few references like this. The worst that can happen is if the buyer skips out on the payments someone at the lending institution may contact you to see if you know of their whereabouts. In no way will you be held responsible for anything.

Dealers and lenders have been asking for these kind of references for 1st time buyers or those with little established credit for the 32 years I've been buying cars--it's nothing new.

I've worked in the service department of a Toyota dealer for 32 years and was asked to provide names, addresses, and phone numbers of a couple or 3 friends and family members the first 3 or 4 times I bought cars from the very dealership I worked for! None were ever even contacted, much less bothered in any way.

 

[Joseph Young]

My friend has less-than-stellar credit and I think it was the way he said "I need your FULL information," I got wary.

As long as they're only asking for my address & number, and not my signature or banking information, I suppose I'll do it.

Thanks to everyone who answered my question.

Joseph