Within the past two weeks I have been trying to buy a new car, with a down payment of $2000 cash, a trade in the dealer quoted at $500 and a $1000 dealer rebate I have been unlucky. After two weeks of trying to secure a loan for approximately $20,000 for a 2009 Camry I was advised yesterday that no dealer, lender or sub-prime will finance the loan and they turned me away. I pulled my credit reports and knew my credit scores going into the situation so I was prepared to have to pay a high interest rate, but became increasing curious as to why even a sub-prime lender would not finance. I spent some time digging into the reports today and discovered a buried reposession, from 2004 and am shocked to discover this is on my report and want to know how to resolve it.
In Nov 2003 I purchased a used vehicle from a dealership using my name and credit and an out of state co-signer. They had me sign the contract at the dealership and then mailed a copy to my co-signer and sent me on my way with the *purchased* car. They issued me my coupon book and advised me to mail in my first payment, which would be due in/around 30 days from the date of purchase - considered to be the day that I left the dealership with the car. My co-signer had issues with the contract and would not sign right away, but instead was conversing with the dealership about the contract verbiage. No resolution was met within 30 days and my co-signer advised the dealership to take the vehicle back and no payment was issued and he did not sign the contract. The dealer advised that since no payment occured during the first 30 days the contract was null and void and took the car as instructed. Today, I discovered the dealer reported an amount less than the price of the car to my credit report as a reposession.
How can I resolve this??
