More details to this question:
I consigned for an auto loan for a credit challenged individual n dealer said the loan was done thru xxx credit union, signed paperwork and took the car. Now, nearly 3 weeks later, dealer called said me, the co signer but not on the title would have to come in today and re purchase in my name exclusively, leaving off the primary. If I do not do this, repossess the car and keep my 2000 deposit. I feel extorted to commit a fraud upon the credit union, insurance co, etc...what do I do?
1 ANSWER
Consumer Debt Collector Harassment & Abuse Attorney serving Tampa, FL
Partner at
Tischhauser Law Group
2 Awards
You will need to have a lawyer look at your paperwork regarding the transaction. It sounds like the issue is that the "credit challeneged" person is so credit challeneged the bank wont fund the deal with him or her as primary. It sounds like the bank will only fund the deal as a sale to you. If this is determination by lender its not fraud, its just your car in your name rather than somone elses car for which you have all the financial responsibilities and none of the benefits.
Answered on Mar 29th, 2013 at 3:08 PM
All responses are NOT to be considered legal advice nor to be relied upon in any as such nor to establish any form of attorney/client relationship. Opinions expressed are solely informational and not a substitute for proper legal advice provided by a properly retained after thoroughly researching the issues presented.