Sorry, it sounds like the dealer took advantage of you. It won't be a problem if she makes the payments.
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Question
Submitted 702 days ago...
Co-sighner
I co-sighned for my daughter-in-law, Come to find out my name is they only one on the deed and loan... What am i suppose do about this? I dont want it , i no if she didnt pay her payments i would have to... But her name is'nt even on it. I think it was a fraud deal with the dealers.. Her credit was'nt good enough so yhey just used me... THAT WAS'NT GOOD BUISNESS........
Answers
Awarded Answer (What’s This?)
Answer 2 / 5 - Submitted 702 days ago...
It does sound like you were taken advantage of by only your name on the lease and title.
I'm assuming this is for a car correct? If only your name is one it, you could probably legally take the car and sell it and get your money back to off the loan. Also, by her not being on it at all, there is loan credit history benefit for her by having this car.
Did you do this loan through the dealer you bought it from? You could try and go to a credit union, and see if
1. They would give you a loan for the price of what is left on the current one. Then use that to pay the loan with only your name, and then get a loan with both of your names on the loan.
2. You might be able to find a cheaper interest rate if you looked around.
Answer 3 / 5 -
Submitted 702 days ago...
I agree that is completely shady. Call and see if it was an "honest mistake" and see if they will fix it as carrying a loan can affect your credit and it's a large amount of money. If the employee won't fix it go to their boss in the company. You can also file a complaint with the better business bureau so other people won't do business with them, if they are shady.
Answer 4 / 5 -
Submitted 702 days ago...
When the first payment came in, it came to me, and the payments are'nt what they were suppose to be, alot higher.... she only drove the vehicle for a week and she had problems with it, so she took it back and they said they would fix it, they called her 3 weeks later said it was fixed and no it was'nt fix so at that time she knew that everything was in my name so she just took it back to the dealer and left it... Really shes the one should of straighted out right????
Answer 5 / 5 -
Submitted 702 days ago...
That's right you can also refinance the loan - but do it fast because cars lose value so fast you don't want to lose money on the deal.
This Question was awarded 702 days ago therefore you can no longer post an Answer. However you may post a comment below.
Comments
Comment 1 / 4 -
Submitted 702 days ago...
She took the ford expedition back, my husband and i set on for a few days and decided to go up there and get it and try to sell it but she fianced way to much for what it will sell for..and yes it was a fraud deal...
Comment 2 / 4 -
Submitted 702 days ago...
Call the Better Business Bureau and report them.
Comment 3 / 4 -
Submitted 702 days ago...
Was it a new or used car?
that is a bs deal. If they tried to mark it up to high over bluebook an good loan company wouldn't issue a loan for it.
And yes, she should straighten it out, but she really has no legal obligation to do so, since this is all in your name.
Before you signed all this, they should have showed you all the paperwork with both of your names in it.
Yes, I would contact the Better Business Bureau and report them.
Comment 4 / 4 -
Submitted 702 days ago...
Contact the manager and try to work with them on it. If not contact the BBB. Meanwhile have your daughter pay you with each pay period from her check and you make sure you don't jeapordize your credit for missing a payment. In addition make sure she carries insurance both comprehensive and collision.
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