convincing my parents to cosign a loan

I Think You Guys should Totally

Cosign on a Loan and Here’s WhyA presentation brought to you

by your favorite middle-daughter

First and Foremost• Thank you both for taking the time

to listen to my pitch• I love you both, regardless of what

you decide• Please hold your

questions/comments until after the presentation

Today I would like to go into detail with you

about…• My current situation• What I’d like to accomplish

• Why you can trust me with the responsibility of a loan

Me at age 21 vs. Me currently

• Cared mostly about social status and having lots of friends

• Couldn’t hold a job more than 3 months at a time and was constantly moving

• Had no clear plans for the future, lacked ambition

• Really loved to go out and party

• Cares mostly about my family, my cats and my relationship

• Held a job at shitty Ice and Olives for 3 years, and has finished a 2.5 yr lease

• Has a bright future at Starbucks, excited to start a career

• Really hates being hung-over

Getting the Right Perspective

WorkSleepNetflix/Video GamesLoving my CatsHula HoopingBeing Social

This is How I Spend my Life

My Goals for the Immediate Future• Stay Focused at Work

• Continue to deposit checks into Mom’s account and let her help me budget

• Use my resources wisely as possible• Find a home that is close to work, will allow pets and is within my price range

Goals for the Not so Distant Future

• Acquire a better paying position at Starbucks

• Settle into a routine• Continue to budget as wisely as

possible

Long-Term Goals: A Plan of Action

• Establish Myself at Work• Focus on taking charge of my credit • Take advantage of the free college

program through Starbucks• Formulate a business plan

• Get a business loan (with OUT a cosigner!)

Fox Ridge Cooperative Townhomes


These townhouses are owned by the Cooperative Corporation. Each family who resides in one of the townhouses owns a share (membership) in the Cooperative.

Therefore, each member family is an owner of a portion of the whole

development. There are no other persons who have an ownership interest in the

development besides the people who live there. The cooperative is run on a non-

profit basis.


When a member decides to move, they put their membership up for

sale. A member is able to secure a purchaser through advertising or

other means, or may request assistance of the Cooperative office

to find a purchaser.


Routine maintenance is provided by the corporation for all things that are ‘standard

equipment’ in the dwelling units, including the stove, refrigerator, water heater, furnace, and all

plumbing and electrical systems.

You are able to paint the walls, decorate and modify the dwelling, which could possibly even add to the value of your membership when you

want to sell it.


The townhouse that I want has two bedrooms, one and a half bathrooms, and a full basement. There’s also a

small back yard. Water, trash, sewer and basic, expanded cable TV

provided, as well as washer/dryer hookups

Fox Ridge Cooperative TownhomesThese townhomes are appealing to me because…

• I stayed in them temporarily with a friend, and they were very quiet and well maintained

• They are within biking distance to work, and there are sidewalks the whole way

•The full basement helps ease my anxiety during tornado season

• The monthly rent when divided with a roommate in addition to the monthly loan payments would be very affordable

• I want to stay somewhere for at least 5 years while I work on my credit, and this would be the PERFECT solution

My Potential Roommate, Eric.

Who is He?• 28 Years Old• No Kids• Works Full-Time• Has a Car• Lived in previous

residence for 2 yrs• Has bills in his name• Known him for 10+

years, and has never screwed me or anyone else over

My Potential Roommate, Eric.

What is he looking for?• At least a one-year

lease

• Somewhere fairly close to where he works

• A reliable roommate who won’t screw him over

My Potential Roommate, Eric.In his own words:

“I’m looking for at least a one year

lease. I was going to be in that house

for a couple of years. I’m looking for something long-

term.”

Doing the Math Rent and Utilities (per

month)• Rent -$435

• Electricity -$100• Internet -$30

• Eric’s rent +$250• Eric’s Utilities +$75

That equals $240 I’d have to pay for

rent and utilities each month.

Membership Equity• Costs $5,700

• 3.55% seems like the kind of interest rate to expect on a loan like this. With this rate, I could pay off the loan

in 2 years, paying $235 monthly• That would make a grand total of $475 dollars I would

pay monthly, for ALL of my bills! • Being able to save money monthly will allow me to have money to pay on other debts that I have weighing

on my credit score• Paying off this loan will do wonders to improve my

credit, as well!• I would only require a roommate for 2 years, and after

that I can enjoy low rent in a fabulous community while I finish FREE college at my own pace

• I would be able to get a loan for a car without your help

Why You can Trust that I won’t Fudge this Up

• I am having all of money deposited into Mom’s account, and I trust her to manage my funds with excellent scrutiny

• I care very much about my new job, and my plans for the future

• I’ve shown a lot of progress in my ability to stay focused and stable

• I was paying more a month just for rent at Shawnee Lake Apartments, and I was able to finish a 2.5 year lease (longer than it would take to pay off that loan!)

Sweetening the PotWhile the loan is still open, it seems fair to let you

guys claim me as a dependant on your taxesI don’t expect any of the money that you get as

tax credits for that, because I appreciate you guys taking a leap of faith on me and I want to show you just how committed I am to making

the next chapter of my life KICK ASS

Thank You!I truly appreciate you both for sitting

through my presentation! If you have any questions or comments, please feel free to

discuss them with me now!I don’t expect an answer right away and I

encourage you to think about your decision, but please keep in mind that

time is a bit of an issue.Love you both!

convincing my parents to cosign a loan

Business