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BikerChick | Does She Have Any Options? |
My 25 yr. old son, asked my 23 yr. old daughter, to CO-SIGN on a new car loan. While at the car dealer, daughter Lauren states SEVERAL times, she does NOT want to be on any paperwork OTHER than the loan as a CO-SIGNER. Dealer insists she has nothing to worry about.
I learned yesterday, that the entire LOAN is in HER name, making HER responsible for the car!! She is extremely upset as this is exactly what she did NOT want, and of course the loan company is unwilling to help her.
I consider the car dealer at fault here - they KNEW what the papers said, and what she said - - can she somehow get this resolved and is there a time limit? |
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redwine
 |
Alot of states have a 24 or 48 hour period to rescind loans. You should look into that. Also look at your state's consumer affairs or protections agency for help in resolving the situation. If alot of time has passed and she signed everthing, then you may be SOL, but its worth looking at these options. Is there a concern that your son will default? |
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kathy p
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It sounds like Lauren is confused about what co-signing is. You cannot be a co-signer and not be responsible for the loan. The whole point of co-signing is to take responsibility for the loan because the first borrower is not creditworthy on his own. That is why co-signing is a bad idea. The only way to get off the loan is to pay it off, either by her brother selling or refinancing the car. |
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jjjjjjjjj
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This is exactly why you are supposed to read and understand what you have read before signing any papers. Since it is her signature, then she is held liable. The upside is that the car most likely also belongs to her, not your son, so she could sell it and use the money to pay off the loan to relieve herself of this situation. |
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Tbone
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There's a buyers remorse clause in most contracts but It depends on the state. check with any attorney in your area. Also, you should call one of those TV consumer protection people usually on the local news station. They have a lot of power since they report on these types of cases on the air. |
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rmcgee20002
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Daughter didn't wanna be on any paperwork OTHER than as a CO-SIGNER?? LOL, what other paperwork is there? Co-signer means exactly that. Joint responsibility for the loan. This is nothing new, and the slightest amount of homework would have shown that. But regardless of whose name is on the paperwork, was it not the son's intention to actually PAY for the car? It seems to me that until he misses or is late with his first payment you have no real issues. Alternatively, the daughter could set up the payments to ensure they get made, then monthly have the son pay her. (Good luck with that) |
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Michael T
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There is generally a 3 day right of recision on major purchases. You will need to act fast and cancel the loan. |
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Angel Tears
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II used to work as a paralegal in my state. Contact a lawyer, or a free legal consulting agency in your state, as all state laws vary. The car company and the loan company are going to be unwilling to help you because the salesman made a commission on selling the car therefore he did whatever he needed to do to sell the car, and he doesn’t care anymore about helping you and the loan company just wants their money. Neither one of them are on your side, nor are they there to help you, unfortunately they should be working for you under the contrast of good customer service, however … in societal standards these days, most people are out for themselves. I cannot really give you much comfort or advice; however, I can say that it may be possible for your children to refinance the car through another source like a bank or another financing agency. Possibly even with a lower interest rate. A contract is a contract however, in most cases, and however misled your children were, there may not be recourse for them. But like I said, contact a lawyer, on your own, there is nothing you can do. The best of luck to you all. |
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dslandau
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It was likely the only way the car could be financed, and she should have reviewed the loan documents more carefully BEFORE she signed away. They're not that hard to read.
Your daughter is primarily at fault, but the dealer was shady in not verbally disclosing that to her, but it was not required to do so. But the dealer wants to sell a car, and definitley didn't care to whom. As a co-signer, by the way, she would have been responsible for the loan in the event your son defaulted, which was highly likley since he could not be on the loan at all.
Lesson learned. |
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OC1999
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First even as a Co-Signer she would be responsible for the car. A Co-Signer acts as a guarantee on the loan and her name would be on the title. If your son did not make payments on-time this negative information would also show up on her history. If he failed to pay she would have been required to pay on the loan. If she then failed to pay it would be repossessed and show up on both of their reports.
Several states actually do not have what is known as a "cooling-off" period, so legally she may have no options. However, some dealers will still give you the option of returning the car within a very short time period.
If she is unable to return the car, it is very unlikely that she will be able to get out of the loan without paying it off. She should have read and understood what she was signing. She might be able to sell the car. But even with a new loan she won't get what the loan amount is for. So she would have to come up with the difference. The other option she has is to make sure your son is paying on the loan and try to get it refinanced out of her name. |
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SCH
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One thing to understand is that as a co-signer she was 100% responsible for the loan any way. If he had defaulted on the loan she still would have had to pay it off. She was as responsible as cosigner as she is a loan owner. The only differeance now is that he has no responsibility now. Now the loan is done, so she is stuck, unless the car can be refinanced in his name alone...I suggest she watch him very carefully and everytime he is late with a payment she threaten to take the car away and sell it.
Now that she has learned her lesson, she needs to never do anything like this again...and she needs to remember any time her name is on a form of credit, she is responsible for the debt. |
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malaika
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i would say speak with a lawyer or attorney. i am sure she does have options and if not then there must be something she can do. |
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