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Old 06-08-2012, 06:44 PM   #1
T3hlulzkiller
 
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Need advice - got screwed over on paperwork.

I ordered and bought my camaro about a month ago. I used my pops as a cosigner (or so we thought) they ended up putting the loan through with him being a co owner. We just caught this as Ally sent my statement to me and the statement and title of my car lists him as a co owner... This inhibited him from being able to take out a mortgage due to my loan amount being reported on his credit, which was never the intention. I called the dealership and they told me there's no such thing as a cosigner in NY state and that is only something for business loans. I did some research and everything I've read tells me that is bullshit. They won't reverse the transaction because it's been over 5 days. My dad is screwed out of his mortgage now because we got conned into signing the cobuyer section and being told it was cosigning/guarantor. Has anyone else experienced this? Does anyone else have information about this that can help me out? Thanks
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Old 06-08-2012, 07:03 PM   #2
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Even as co-signer it would usually affect his ability to get credit. Reason being is he has signed that he will make the payments if you default. That means he is potentially obligated to make those payments. As a bank, they must consider all current and potential debt. Your car is potential debt.
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Old 06-08-2012, 07:13 PM   #3
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No experience with a co-signer - but I'd agree with what 'newb' said about the potential debt being a concern to the bank.
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Old 06-08-2012, 08:05 PM   #4
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he's a business owner, so he personally gauruntees all loans the business takes out. however, they are viewed much differently than having the loan himself. This brought his income/debt ratio up, whereas the loans he is the guarantor for do not. He also does not want the responsibility of coownership on the grounds that he did not pay for anything.
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Old 06-08-2012, 08:11 PM   #5
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see if u can refinance the car thru another finance company/bank in ur name only.
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Old 06-08-2012, 08:51 PM   #6
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You didn't get screwed, just misunderstood the process. Refinancing into your own name is the only answer. Talk to your current finance company and if you have a good history to date they may work a deal with you, but that is your only options.
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It's a Dingledarm. It's there to dampen side fumbling. If your marzelvanes fumble too much they can cause total protonic reversal. It gets ugly from there. This is really the biggest problem with the new Camaro. That and the tri-pronged blivot.

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Old 06-08-2012, 09:11 PM   #7
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see if u can refinance the car thru another finance company/bank in ur name only.
This is really your only option, and yes, your rate will likely be higher if you needed a co-signer in the first place.

As others stated, even as a co-signer it will appear on his credit as if you default on the payments, they can seek payment from the co-signer or co-owner. This is why you got a much lower rate as this reduces the risk.
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Old 06-08-2012, 09:38 PM   #8
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A co-signer is always the co-owner on a loan. You didn't get screwed. I mean it's pretty self explanatory. You're both co-signing the note of the car. It's his credit and yours so why wouldn't it have an effect on his credit to have a loan in his name?
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Old 06-08-2012, 10:12 PM   #9
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Originally Posted by T3hlulzkiller View Post
I ordered and bought my camaro about a month ago. I used my pops as a cosigner (or so we thought) they ended up putting the loan through with him being a co owner. We just caught this as Ally sent my statement to me and the statement and title of my car lists him as a co owner... This inhibited him from being able to take out a mortgage due to my loan amount being reported on his credit, which was never the intention. I called the dealership and they told me there's no such thing as a cosigner in NY state and that is only something for business loans. I did some research and everything I've read tells me that is bullshit. They won't reverse the transaction because it's been over 5 days. My dad is screwed out of his mortgage now because we got conned into signing the cobuyer section and being told it was cosigning/guarantor. Has anyone else experienced this? Does anyone else have information about this that can help me out? Thanks
You did not get screwed, they did exactly what you asked. Your father "co-signed" which makes him a "co-buyer". Since he was getting a mortgage he should have asked his bank about this before "co-signing/co-buying" the Camaro....Its a tough spot to be in....
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Old 06-08-2012, 10:48 PM   #10
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The only way this would have worked is if your father was a third party guaranter.. Which means he guarantees the loan,but doesn't appear on the paper work. May not be available in NY. We use to do it all the time in Michigan years ago.
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Old 06-09-2012, 12:57 AM   #11
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You didn't get screwed, just misunderstood the process. Refinancing into your own name is the only answer. Talk to your current finance company and if you have a good history to date they may work a deal with you, but that is your only options.
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A co-signer is always the co-owner on a loan. You didn't get screwed. I mean it's pretty self explanatory. You're both co-signing the note of the car. It's his credit and yours so why wouldn't it have an effect on his credit to have a loan in his name?
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You did not get screwed, they did exactly what you asked. Your father "co-signed" which makes him a "co-buyer". Since he was getting a mortgage he should have asked his bank about this before "co-signing/co-buying" the Camaro....Its a tough spot to be in....
Totally agree with these statements. Co-signers will also take a credit hit as they have to assume the repayment of the note if the primary borrower is unable to pay. I'm surprised this wasn't explained by the finance person at the dealership.
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Old 06-09-2012, 06:01 AM   #12
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Originally Posted by T3hlulzkiller View Post
he's a business owner, so he personally gauruntees all loans the business takes out. however, they are viewed much differently than having the loan himself. This brought his income/debt ratio up, whereas the loans he is the guarantor for do not. He also does not want the responsibility of coownership on the grounds that he did not pay for anything.

We can say it again and you can ignore it again but being a cosigner is the same thing as a co-owner as far as a bank is concerned. He has a potential liability out there and they will include that potential liability when evaluating his profile.

If a Camaro put him over his ratios then he probably shouldn't be buying a house anyways.
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Old 06-09-2012, 06:17 AM   #13
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If his name is on the loan, it is his loan every bit as much as yours. That's how co-signing works. Whether or not he is on the title is irrelevant. The only way this doesn't show up as an outstanding loan on his credit report is to pay it all off, or refinance it without him as co-signer.
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Old 06-09-2012, 06:44 AM   #14
T3hlulzkiller
 
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The only way this would have worked is if your father was a third party guaranter.. Which means he guarantees the loan,but doesn't appear on the paper work. May not be available in NY. We use to do it all the time in Michigan years ago.
^ this is correct. A cosigner is a 3rd party gaurantor. NOT a co owner...

http://www.bankrate.com/brm/news/DrDon/20030605a1.asp
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