What are my rights if I bought a new car a week ago but now the dealershiptold me that I need a co-signer for my loan?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
What are my rights if I bought a new car a week ago but now the dealershiptold me that I need a co-signer for my loan?
I was told I was approved, told my interest/payments, gave them my deposit, signed all the papers, was given the key and then congratulated. They called me yesterday and said I now need a co-signer or I have to return the car.
Asked on December 27, 2012 under General Practice, Arizona
Answers:
Anne Brady / Law Office of Anne Brady
Answered 11 years ago | Contributor
That depends on what paperwork exactly was signed. If you received a copy of a loan agreement that was approved by the lender then they can not reneg; that would be breach of contract. However, if you only received a document selling you the vehicle, then you will have to return it or pay cash. You could also seek to borrow from another lender to pay for the car, perhaps the bank where you do most of your banking.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.