I would read the contract. I am not a lawyer so; I think it depends on the
fine print, but I smell a scam. II would get a lawyer and see that they
have to say. Also check out:
http://www.carbuyingtips.com/scams.htm#Scam1
Bill
On Wed, Sep 23, 2009 at 2:07 PM, mike rambour <mikey@b2systems.com> wrote:
> Hoping someone here might know my options.
>
> I have NOT read the contract yet, I am at work and the contract is at
> home, so I have NOT done my homework yet.
>
> 3 weeks ago my daughter (she is 19) without asking permission or first
> talking to me, traded in her car 04 Mustang Convertible on a 06 Jeep
> Liberty. I was not too unhappy about it because it got me off her
> Mustang as a co-signer, although I was unhappy she did it without
> consulting me or my wife.
>
> Today the car dealership called and said she did not qualify for the
> loan and she needs one of us to co-sign for the loan OR she needs to
> bring in $1,400 to bring the loan down to what she qualified to.
>
> Now this is 3 weeks after she bought the car, everything was signed 3
> weeks ago. I can't believe a dealership would let a car off the lot
> without knowing exactly what she qualified for and without everything
> taken care of but they are insisting that I or my wife come in and
> co-sign or she write them a check. She does not have the money by the
> way, so I would have to give it to her.
>
> I am extremely reluctant to pay the $1,400 but I would do it to keep
> her off my credit report. What are our options here ? I realize none of
> you have seen the contract either, can I make them unwind the deal and
> give the Jeep back and cash for the Mustang that they have already sold
> off the lot ? Or force them to accept the deal as it was made 3 weeks
> ago ? We would lose a lot on the Mustang but I would prefer it as they
> did not give us a lot on it but I would be ok with it.
>
> I prefer to unwind the deal by not co-signing and not giving her the
> $1,400. This is in Calif. if the laws make any difference. And I will
> be reading the contract this afternoon and going in to the dealership
> and arguing loudly, thought I would get opinions first.
>
> Mike
>
> p.s. sorry for no LBC content but there could be a MGB in her future if
> we can unwind this.
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