Question about auto loan I supposedly have.

[Anonymous]

So I have recently bought a car using a co-signer. Although I signed papers, I recieved nothing from the financial institution. The other party has. At the dealership, when the papers came back with me as secondary, I confirmed over and over whether this meant it's MY CAR, and if I will recieve the credit benefit of the auto loan. With having recieved the paperwork from the lien holder only a copy for the other party, I am now super concerned, and there is no way for me to check this stuff, because the account online creation will not accept my info (which is MORE cause for alarm)

My signer used this method to increase their credit which is why this was done. This was PURELY a credit building measure. I own 2 cars clean and clear no loans, so I dont NEED the car, this is a 3rd, unneccesary car, it's just the quickest way to raise my scores back up, and I can afford it. They did say that they recieved seperate paperwork, which I havent.

I am concerned that the dealership used only the other parties info for the loan, and since I cant confirm anything I want to take the car back. If I want to do this I can always go to a buy here pay here that sells their good customers accounts to companies that report. I've had my score at 740 with just 6 mos of payments after the car lot sold the loan. Unfortunaley that was 13 years ago when I was 20, and with my jobs at the time, I could not "afford" to maintain good credit.

Has anyone known a dealership to do this to get the sale? And what are the steps I would need to take to take this thing back other than driving it through the front door?

[StartingOver10]

Please don't take the car back....it will be a voluntary repo if you do. That repo will hit your CR (if you are on the loan) and the co-signers' credit report too. 

What matters for ownership is the title. Who is on title for this vehicle? 

What matters for your credit is the loan. Check out the paperwork that your co-signer received. Does it show one borrower or two? If it shows you as a co-borrower than the loan will report to both of your reports IF the lender reports (most do). 

Lets say that the dealership screwed up (for example). All you have to do is refi the loan with your name on it. 

[fury1995]

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@Anonymous wrote:

So I have recently bought a car using a co-signer. Although I signed papers, I recieved nothing from the financial institution. The other party has. At the dealership, when the papers came back with me as secondary, I confirmed over and over whether this meant it's MY CAR, and if I will recieve the credit benefit of the auto loan. With having recieved the paperwork from the lien holder only a copy for the other party, I am now super concerned, and there is no way for me to check this stuff, because the account online creation will not accept my info (which is MORE cause for alarm)

My signer used this method to increase their credit which is why this was done. This was PURELY a credit building measure. I own 2 cars clean and clear no loans, so I dont NEED the car, this is a 3rd, unneccesary car, it's just the quickest way to raise my scores back up, and I can afford it. They did say that they recieved seperate paperwork, which I havent.

I am concerned that the dealership used only the other parties info for the loan, and since I cant confirm anything I want to take the car back. If I want to do this I can always go to a buy here pay here that sells their good customers accounts to companies that report. I've had my score at 740 with just 6 mos of payments after the car lot sold the loan. Unfortunaley that was 13 years ago when I was 20, and with my jobs at the time, I could not "afford" to maintain good credit.

Has anyone known a dealership to do this to get the sale? And what are the steps I would need to take to take this thing back other than driving it through the front door?

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Who is actually in physical posession of the car?

If both parties (you and the primary applicant) signed the installment sale agreement, you are both responsible for the debt and both will have the loan reported to the CRA's thus getting credited for the trade line.

It sounds though you may not be listed on title. If that is the case, you are NOT the legal owner of the collateral.

It seems that you being the coapplicant cannot create an online profile for the loan through the bank for one of two reasons. One, the loan is too new. Two the primary has already done so.