QUESTION
Do I simply have to return the car and forfeit the down payment or is it a more complicated legal issue if the cosigner suddenly refuses to sign?
Asked on Sep 16th, 2012 on Bankruptcy - Georgia
More details to this question:
I signed a car loan that was only approved with a cosigner, took the car home but now the cosigner is refusing to sign. Do I simply have to return the car and forfeit the down payment or is it a more complicated legal issue?
12 ANSWERS
Ronald A. Steinberg
I think you can return the car and get your money back. You may get charged for using the car.
Answered on Sep 21st, 2012 at 3:36 PM
Lisa Hurtado McDonnell
Why did they let you take the car without get the co-signer first? Are they really expecting younto bring the co-signer back? I guess I would continue using and paying for the car until they ask for it back. I would request your down payment back if they ask you to bring the car back. See if you can another co-signer in the meantime or find out why your consigner changed their mind.
Answered on Sep 21st, 2012 at 1:38 PM
Criminal Defense Attorney serving Anderson, SC
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The David F. Stoddard Law Firm
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The dealer should allow you to return the car and refund all or most of your down payment. However, depending on what paperwork was signed, they can make it harder. For example, if you signed a contract to purchase the car for xxx.xx dollars, they can take the position that you must come up with the money and it is your problem to obtain financing. Ultimately, I think you would prevail in court because they should not have let you take the car home without money in hand or financing in place. However, they may intimidate you and act as if you have to do as they say because they are more sophisticated in these matters. You do have some leverage. You have the car. You might tell them you do not know where it is and refuse to turn it in unless they undo the deal. Better yet, get a lawyer to help you.
Answered on Sep 21st, 2012 at 1:11 PM
You took the car only because the co-signer agreed to co-sign. That's your basic "reliance" legal theory.
Answered on Sep 21st, 2012 at 12:26 PM
Personal Injury Attorney serving Charlotte, NC
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Paul Whitfield and Associates P.A.
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Return of the car should be all. Make sure you have an understanding with the dealer.
Answered on Sep 21st, 2012 at 12:22 PM
Plaintiff Animal Bites Attorney serving Missoula, MT
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Bulman Law Associates PLLC
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Contact the seller and see what they want to do. They may decide to waive the cosigner or tell you to get another one. Unless they can point to a written policy or fine print in your sales agreement about forfeiting the return, you should ask for a refund.
Answered on Sep 21st, 2012 at 12:14 PM
Chapter 7 Bankruptcy Attorney serving Syracuse, NY
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Andrew T. Velonis, P.C.
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Talk to the car dealer. They should be happy to have the car back plus the deposit.
Answered on Sep 21st, 2012 at 12:40 AM
Thomas Edward Gates
It is a more complicate matter. How did you get the funds or release of the vehicle without the co-signer? If you got the loan without the co-signer there is no issue.
Answered on Sep 21st, 2012 at 12:24 AM
Appellate Attorney serving Grosse Pointe Farms, MI
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Musilli Brennan Associates, PLLC
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Try to do so absolutely immediately. If the title was transferred to you name at the delivery of the car, call an attorney and attempt to rescind the deal.
Answered on Sep 21st, 2012 at 12:22 AM
Brain Injury Attorney serving Baton Rouge, LA
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The Lucky Law Firm, PLC
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Unfortunately, I am not sure what all you signed at the time. You should contact that dealership and ask your salesperson what you should do. You may be entitled to your deposit back as well.
Answered on Sep 21st, 2012 at 12:18 AM
Employment Law Attorney serving Beverly Hills, CA
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Dordick Law Corporation
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Difficult to say without reading the contract, but if it required both to sign, then there is no contract and you should be able to get your money back. Son long as no one drove off with the car.
Answered on Sep 21st, 2012 at 12:18 AM
Personal Injury Attorney serving Marietta, GA
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Law Office of Ronald Arthur Lowry
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If it has been only a couple of days and you haven't put a lot of miles on the car ask for a refund of the down payment, too when you return the car.
Answered on Sep 21st, 2012 at 12:17 AM