Regional Finance Requested loans from Regional had my grandfather as a co-signer, now MY grandfather is the original borrower and I am the co-signer. When I questioned this I was told "oh it doesn't matter who the borrower Wilmington, North Carolina
To start with was quoted a 12% interest rate (I know it's a little high but I NEEDED a vehicle)
I am being charged 18%!!!! On top of that my Grandfather co-signed with me (he has always had PERFECT credit)
On the paperwork he is NOW the 1st signer or purchaser of the vehicle and I am the co-signer.
When I questioned this I was told " it really doesn't matter, as long as the vehicle gets paid for"
The I questioned ok after the vehicle gets paid for " WHOSE name will be on the title?"
My answer was " wellllll... of course both" I then stated " My Grandfather is 89 years old! what happens if he dies?" I was told "oh that will be no problem"
These people blatantly lied, and fraudulently put my grandfather as the first purchaser... when he has perfect credit and I know for a fact his fico was 780, they used my fico (which was considerably lower ) to charge a higher interest rate. Then used his FICO to get their money from the federal reserves at a lower rate.
Now my Grandfather is gravely ill, I AM making all the payments, but if he (God forbid) passes away, I will not ever be able to trade or sell this vehicle, due to the underhanded tactics of this company.
1 Updates & Rebuttals
Robert
Irvine,California,
U.S.A.
They are right
#2Consumer Comment
Sun, September 04, 2011
When you get a co-signer BOTH are EQUALLY responsible for the loan. If you co-sign BOTH borrowers will be on the title. It really does not matter who is listed first.
As for the interest rate they did use his Credit score to get the lower rate. Because you are still a risk it would not be as low as if he got one on his own, but lower than you could have gotten if you tried on your own. However, YOU are the one taking advantage of it because you still get "credit" for making the payments, but at a lower rate than you could have gotten.
Now, you can not take his name off the title until the vehicle is paid off. That would be the same regardless if he was first or second on the loan. When your Grandfather does pass away, it would be handled just like anything else in his Estate. Basically once you go to sell the car you would need to show proof of his death and then you would be able to get a clean title in your name only to sell it.