What to do if my daughter purchased a car about 2 weeks ago and I signed with her but now they want the car back?
Question Details:
My daughter purchased a car about 2 weeks ago and I signed with her. When asked I gave them our "household income". We have provided everything they asked for and have signed all the contracts have the car insured and the tag on the car. They have since called and said they needed only my income not household. I gave that to them and they said my income alone is not enough to be a co-signer. They said my husband can't be a co-signer because his name is already on 3 other vehicles. Not sure why this is coming up 2 weeks after purchase but do we have to return the car or are they stuck with this contract?
If you have a valid contract in place as well as a loan agreement signed by you, your daughter, the seller of the vehicle and the lender, you have a valid contract. The seller and lender cannot require you to return the vehicle so long as you are current on the car's monthly payments.
If you do not want the car and wish to rescind the deal (cancel it), then that seems to be an option. I suggest that you consult with an attorney experienced in the area of contract law to assist you further with your question.
