Sands chevrolet I co sign a new car for my daughter she had given them her trade in after I bought a car of my own same place they put the car my daughter bought in my name for the bank so actually I’m buying the car and she’s just on the loan as a cost signer I called them after the bank sent me the info saying I’m am the buyer so I called the dealership and they said that’s the only way they would get the sell done no Surprise Arizona
I’m thinking on getting a lawyer now it shows up on my credit report which is bad for me but the fact is they did all this with out telling me behind my back I did say to the finance guy I’m just the cost signer before I signed the agreement
3 Updates & Rebuttals
The Dog
United StatesOne Continuous Run-On Sentence!
#4Consumer Comment
Mon, September 03, 2018
I see what we have here! If YOU would have read the paperwork BEFORE you signed it, YOU would have seen exactly how the loan was structured! However, I bet where ever they said "sign here" you signed there and didn't even read what you were signing. Oh by the way, the contract would have contained proper sentence structure with punctuation marks.
Robert
Irvine,United States
The first thing
#4Consumer Comment
Mon, September 03, 2018
If you get an attorney the first thing the attorney will tell you is the definition of a co-signer.
Co-signing for someone isn't just some rubber stamp signature that has no consequences. When you cosign a loan you are making a legal agreement to guarantee that the loan will be repaid. You have agreed to become responsible for the loan in case the other borrower can not(or does not) fullfill the loan obligation. The reality is that it doesn't matter who is listed first or second, BOTH of you are EQUALLY responsible. As such it will show up on both credit reports, and both of you will be listed on the title. Now, if she makes the payments both of you get the benefit of this with postive credit reporting. But if she fails to make the payments, if you do not make them then you both will be reported negativly. Now, if you do not make them they will reposess the car, it will show up on both of your credit reports. If there is still a balance owed and it is not paid the loan company will go after the person with the most money, most likely you. In other words you better make sure that your daughter makes her payments on-time.
There is no RipOff here other than your lack of understanding of what you were actually agreeing to.
Florida Native
West Palm Beach,Florida,
United States
You have a misunderstanding of what "co-signing" actually means
#4Consumer Comment
Mon, September 03, 2018
First, I have no affliation at all with the dealer or the lender at all.
I am responding because you have a fundamental misunderstanding of what you have actually done when you co-sign for anyone for any type of financing.
Please research so you can learn what co-signing means to you and your credit. You don't have to believe me. Learn from independent, valid sources.
When you co-sign for anyone it makes you and the co-signer equally responsible for the repayment of the debt. That debt and the repayment history will be reported on each credit reporting agency to which the lender reports. Not every lender will report to every CRA, but many will report to the 3 big CRA's: Equifax, TransUnion and Experian.
It doesn't matter who is listed first in a co-signing application. The debt and repayment history is reported on both. If your daughter is supposed to pay and she fails to pay the monthly payments, the car will be repossessed and reported on both of your credit reports as a repo.
The ownership of the vehicle is a separate issue.
To fix it, your daughter or whoever is the other co-signer, would have to refinance the vehicle with another lender into her name only. Not the same lender, another lender.
Please research this so you understand.