Buying a car

Often times a car dealer will allow a purchaser to take possesion of the car because the financer believes you will qualifiy, and then in the final process of the loan something like this crops up. This happened to my oldest daughter (20) and a quick call to our attorneys verified that the dealership did in fact still have ownership of the car until the loan came in from the bank, and that she would have to do what was needed for the loan, find other financing, or promptly return the car. My husband and I ended up co-signing. But yes, it is sly and down right underhanded of the dealer, but legal, at least here in Colorado.

That sounds really shady. Generally, the car dealership will run your credit to see if you need a co-signer before they draw up any paperwork. Actually, there is no way that they can give you your payment amount until they run your credit because they won't know what your interest rate will be. What probably happened is the dealers now bis out the loan to several banks and choose the one that will give you the lowest interest rate. Then after reviewing the loan, the bank determined that you need a co-signer. You should go through the paperwork that you signed. If you have an approval agreement from the bank, then they messed up and you shouldn't need to find a co-signer.

Yes they can take your car away get a good lawyer and sighn the paper