Auto Loans

[Learning_Tee0225]

So,  i just found out my 18yr old cousin went to a dealership with a friend of hers and got roped into the most ridiculous deal ever!

1999 Toyotal Corrolla  365$ a month at a 23% intrest rate. 

I am beyond livid this deal was accepted  she is less than 20 days past 18 and still has a legal guardian appointed to her through July 2012 she went through a dealership name Camacho based out here in SoCal That does there own financing.  HELP!!!  I (her legal guardian) the man she was with( A so called family friend) and herself will be going down to the dealership tomorrow to see about cancelling this transaction. is there anyhope?? its been less then 24hrs..im not opposed to paying for the mileage added to the car while shes had it (7hrs) but does anyone know if there is any chance at getting this contract voided?!

[-Cain-]

https://www.dmv.ca.gov/pubs/brochures/fast_facts/ffvr35.htm California Car buyer's bill of rights. Look for "cooling off period." Hopefully the clause needed was offered and accepted.

[KittahMama]

The contract may be in unenforceable depending on your layers of guardianship. If you are her guardian for a particular purpose past 18, like decision making and being in charge of her finances etc then it could be in unenforceable based on a previous decision by a judge, appointing you guardian, under at least one clause in reference to her being unable to care for herself, cognitively function normally, memory issues. Some concrete reason why you are appointed to make decisions on her behalf. I don't know if just regular guardianship would really put a wrench in the deal since she is over 18 now. If, however, your guardianship is in place until July for a reason of mental incompetence or something like I listed earlier it is very possible that you could challenge the validity of the contract and win, provided you are legally responsible for her decisions and that she has been or would be found incapable of understanding and entering into a contract like that herself. Being 18 and naive alone most likely wouldn't work though.

[Revelate]

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Learning_Tee0225 wrote:

So,  i just found out my 18yr old cousin went to a dealership with a friend of hers and got roped into the most ridiculous deal ever!

1999 Toyotal Corrolla  365$ a month at a 23% intrest rate. 

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Playing devil's advocate:

What's the term on that loan?  A 13 year Corolla is probably what, 3-4K?  If it's a 12ish month loan and your cousin needs a car... for no co-signer and no history, 13 year old drive till it can't go no more, it's not unreasonable.

Wise choice probably not, but also possibly not the end of the world.

[Learning_Tee0225]

Its not an issue of her mental stability its more her home was unstable and was taken out of it so shes been in my custody for awhle, since she turned 18 in May in July well go to see a judge to decide whether or not my "guardianship" can be lifted.  I'll be stopping by the dealership later today. I mean how can you finance someone with no Job?!

[drkaje]

No Job?!

She really found some bottom feeders. I hope the law allows its return within a set time frame.

[llecs]

If mental stability weren't an issue, and if she was my daughter, I'd make her pay for it. I'd make her pay for it because it's a life lesson that definitely won't get repeated, especially if the end result is financial paid or discomfort on her end. I can think of dozens of stupid things I did that cost a boat load of money like failed business ventures, bad purchase decisions, etc., but each time it happened, I was wiser and much smarter for it and never repeated the same mistake twice. I bet she'll never impulse buy at a shady car dealer again. Her next purchase, if she fully experiences what is happening, will be well-calculated and will save her much more money than she lost this past weekend.

[Watchmann]

Lot's of issues here but this can't be the end of the world with a 13 year old vehicle unless she was grossly overcharged on the price.

Vehicles are one item that there is no cooling off period, you buy it you own it.  You can't take it back after 'sleeping on it' unless that is written into the agreement.  Which is why I steer clear of car dealerships unless I've done my reseach and ready to buy.  They are pros and do this all day, every day.....they know how to play people and exploit their weaknesses. 

[johnnie23g]

I second the fact that when you sign off a loan/ lease agreement they have you waive your cooling off period right. With that being however, the owners of the dealer or managers and I would have a discussion and if the outcome wasn't to my liking I would put them out of business by calling every news station and have them be the talk of the 5pm news

[Learning_Tee0225]

in the end after speaking with the dealer and going through the contract myself they were willing to lower her APR at least and its a 3 yr auto loan shell just have to live with! This has been a lesson learned on her part!