auto loan question

inthezone · 07-25-2007, 11:37 AM

I have a question pertaining to an auto purchase. A few months ago, I co signed on a vehicle purchase for my fiance's son. It has been a mess from the start. he had no problem with the payments, but the contract has been a mess from the beginning. I have the car now and I'm making the payments(long story). Drive Financial has me listed as the only pruchaser of the vehicle. The dealer had the account number wrong, so when he sent the payments in, they were returned because DF couldn't match the number, and didn't have his name on record anywhere. It caused a 60 day late on my creit reports, and after several nastygrams to customer service the lates were finally removed today.
Dirive Financial sent me a copy of what they have on record, and it plainly shows me as the primary. I also have copies of what I signed to be a co-signer. When I spoke to Drive Financial about it, they actually said that sometimes when the person who is buying the car does not have good enough credit, the dealer will submit it with just the co-signers name so it will go through. Is that legal????

Lucy · 07-25-2007, 12:12 PM

Quote:

Originally Posted by inthezone

I have a question pertaining to an auto purchase. A few months ago, I co signed on a vehicle purchase for my fiance's son. It has been a mess from the start. he had no problem with the payments, but the contract has been a mess from the beginning. I have the car now and I'm making the payments(long story). Drive Financial has me listed as the only pruchaser of the vehicle. The dealer had the account number wrong, so when he sent the payments in, they were returned because DF couldn't match the number, and didn't have his name on record anywhere. It caused a 60 day late on my creit reports, and after several nastygrams to customer service the lates were finally removed today.
Dirive Financial sent me a copy of what they have on record, and it plainly shows me as the primary. I also have copies of what I signed to be a co-signer. When I spoke to Drive Financial about it, they actually said that sometimes when the person who is buying the car does not have good enough credit, the dealer will submit it with just the co-signers name so it will go through. Is that legal????

This question will probably be moved to another forum but I will chime in here until then.

I got into a similar situation many naive, ignorant years ago with my sister. I was only suppose to be the co-signer too. It was a disaster and ended up being on my cr's. Didn't help that the car lot was a crooked dealer in cahoots with an employee (friend) at a bank. Oh, what a mess it was.

So IMHO, no that is not legal and seems to me to be unethical and underhanded too.

hannah · 07-25-2007, 01:18 PM

Quote:

Originally Posted by inthezone

I have a question pertaining to an auto purchase. A few months ago, I co signed on a vehicle purchase for my fiance's son. It has been a mess from the start. he had no problem with the payments, but the contract has been a mess from the beginning. I have the car now and I'm making the payments(long story). Drive Financial has me listed as the only pruchaser of the vehicle. The dealer had the account number wrong, so when he sent the payments in, they were returned because DF couldn't match the number, and didn't have his name on record anywhere. It caused a 60 day late on my creit reports, and after several nastygrams to customer service the lates were finally removed today.
Dirive Financial sent me a copy of what they have on record, and it plainly shows me as the primary. I also have copies of what I signed to be a co-signer. When I spoke to Drive Financial about it, they actually said that sometimes when the person who is buying the car does not have good enough credit, the dealer will submit it with just the co-signers name so it will go through. Is that legal????

What state are you in?

roybean · 07-25-2007, 02:15 PM

OP...have you read the contracts that you signed thoroughly? Including any fine print?

lostnjax · 07-25-2007, 04:08 PM

This is right up my alley.....
First off, look at the contract you signed and also request a copy of the signed contract they received from the dealer. If it only bears your signature then you are the primary and for that matter the only person on the loan. I am willing to bet that you are the only siggy on the contract. If the both of you signed, it would be difficult to remove his siggy on a tri-layered contract.

Secondly, look at your credit reports, another clue would be if the account is listed as an individual acct as opposed to joint or signer.

As far as the account number mix up Drive Financial and other auto lenders typically send you out a "welcome" letter or packet detaileng your account number and the names listed on the account.

Now, once you have discovered that you are solely responsible for this note what is it that you are trying to accomplish. You mentioned that they resolved your issues such as removing your lates and retrieving your account number. The only thing I really can see in this picture is since you noted that YOU are the one making the pmts your fiance's son stiffed you with the payment and is driving YOUR car around town and now you are looking for a way out of YOUR car. Am I correct?

Sorry to sound harsh but if that is your underlying question, the approach will be drastically different if you wanted to keep the car..

roybean · 07-25-2007, 04:10 PM

OP said that they currently have the car...

Enigma · 07-25-2007, 07:44 PM

Who's name is on the title?

inthezone · 07-26-2007, 12:36 AM

I am in possession of the car now. I live in TN, the dealer is in Georgia. We both signed the contract, he brought the paperwork to me, and after signing and making copies for myself, he returned to the dealer (4 hours away). What drive financial has is a contract with me a the sole purchaser. I've been trying to work this from pretty far away. I'm presently working overseas and will be home on leave next week and will able to do more about this then. It looks like I will be keeping the car, although I had not planned on a new car purchase at this time. I want to know what the legal ramifications are going to be and what I can do about the dealer possibly submitting this fraudulently in order to guarantee a sale.
On my credit reports it lists me as the sole purchaser, When I spoke to the rep at Drive Financial, they did not have my fiance's son listed on anything. When I spoke to Gomer Pyle at the car dealer, he said he was not the one who had done the sales contract, and could he have the general manager call me back after they pulled up the account and went over it. I told him I would be at home next week, and would be going over all the documents with a fine tooth comb, and possibly consulting with a consumer attorney on the legality of the matter. That got him to sputtering a bit, let him know I would be in contact next week.
The mistakes on the contract were just ridiculous. They had the name of my employer a mess, the employer telephone number they were showing was wrong, they had my house number wrong, and when the dealer sent the tags for the car, all that was correct was the street name. They even sent the tags to a city in Mississippi, where I lived a few years ago!!
Financially and credit report wise, its getting fixed, but I want this dealer to answer for the problems and aggrevation this has caused.

Enigma · 07-26-2007, 01:22 AM

You have the car now. If it is titled in your name sell it, even at a loss.

If the car is not titled in your name have the kid sign it over to you if he is a legal age.

Rule #1, NEVER - EVER cosign for something you don't want.

hannah · 07-26-2007, 01:27 AM

Quote:

Originally Posted by inthezone

I am in possession of the car now. I live in TN, the dealer is in Georgia. We both signed the contract, he brought the paperwork to me, and after signing and making copies for myself, he returned to the dealer (4 hours away). What drive financial has is a contract with me a the sole purchaser. I've been trying to work this from pretty far away. I'm presently working overseas and will be home on leave next week and will able to do more about this then. It looks like I will be keeping the car, although I had not planned on a new car purchase at this time. I want to know what the legal ramifications are going to be and what I can do about the dealer possibly submitting this fraudulently in order to guarantee a sale.
On my credit reports it lists me as the sole purchaser, When I spoke to the rep at Drive Financial, they did not have my fiance's son listed on anything. When I spoke to Gomer Pyle at the car dealer, he said he was not the one who had done the sales contract, and could he have the general manager call me back after they pulled up the account and went over it. I told him I would be at home next week, and would be going over all the documents with a fine tooth comb, and possibly consulting with a consumer attorney on the legality of the matter. That got him to sputtering a bit, let him know I would be in contact next week.
The mistakes on the contract were just ridiculous. They had the name of my employer a mess, the employer telephone number they were showing was wrong, they had my house number wrong, and when the dealer sent the tags for the car, all that was correct was the street name. They even sent the tags to a city in Mississippi, where I lived a few years ago!!
Financially and credit report wise, its getting fixed, but I want this dealer to answer for the problems and aggrevation this has caused.

What names are on the orignal contract and in what position?

inthezone · 07-26-2007, 02:33 AM

He was listed as the primary, me as the cosigner. I don't have all the paperwork in front of me at the moment, I won't be able to look it all over until next week. He doesn't have to sign anything over as far as I know. I'm the only one listed as buying it. If I decide not to keep the car, I want to look ito being refunded the payments I have made, and to have the entire account deleted from my credit report. Best case scenario, I'd like to see if I can sue the dealer for the possible fraudulent submitting of the contract and get a free car out of it, but don't think I can get away with quite that much.

Enigma · 07-26-2007, 06:49 AM

Quote:

Originally Posted by inthezone

He was listed as the primary, me as the cosigner. I don't have all the paperwork in front of me at the moment, I won't be able to look it all over until next week. He doesn't have to sign anything over as far as I know. I'm the only one listed as buying it. If I decide not to keep the car, I want to look ito being refunded the payments I have made, and to have the entire account deleted from my credit report. Best case scenario, I'd like to see if I can sue the dealer for the possible fraudulent submitting of the contract and get a free car out of it, but don't think I can get away with quite that much.

You will need an attorney then, but honestly, I don't see this happening.

You have no basis.

inthezone · 07-26-2007, 07:31 AM

Free car is a stretch I know, but I'd like to have the dealer answer in some way for this. they know ai worked overseas and must not have though I would be paying attention. They just got caught screwing up. I'm going to want whatever restitution I can get. If I keep the car and I most likely am, they need to make it worrth my while. If I don't keep it, they need to just delete the TL as I could use what I'm making payments with to get the new motorcycle I was about to buy.