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?

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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 8 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.


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