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cosigner required a week after solo approval?

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dds2be
Valued Member

cosigner required a week after solo approval?

I took my 19 year old brother to get a car at nissan last friday. they ran his credit, came back 743 experian, and told him they could approve him by himself with income verification. he was approved, 72 months 3.94 % interest rate, we got the car, and its 1 week later now, and nissan financial called saying that they are wanting him to get a cosigner. Is that allowed? how can you approve someone for a loan W/O a co-signer, give someone a car, and then call a week later requiring a cosigner. that has to be the stupidest thing i have ever heard of because if they needed a cosigner they should not approve you until you get one right? i'd rather not cosign because i dont want a new account and hp on my report, but i almost want to tell them if they want a cosigner after the fact, to come and get the car and shove it. has anyone had any issues like this before ?

Age 28
BOFA Cash Rewards:25k
Citi Premier :16.7k
Citi Costco Visa:19.2k
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Macy's: 20k
care credit :15k Express: 3.2k Dillards : 5k
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Fico Scores as of 10/2018: EX: 772, EQ: 782 TU: 778
Message 1 of 9
8 REPLIES 8
StartingOver10
Moderator Emerita

Re: finance approved, car bought, cosigner required a week later?

It is called spot delivery and its a scam to get your son to either 1) pay a higher rate or 2) put down more money when he refuses a co-signer.

 

Check your state's statutes to see what your/your son's remedies are in a situation like this. Unforntunately, the car dealership has all the cards in most cases because there is an out in the contract. Read your contract and check the statutes.

 

Or...have your son go to a CU and get financing there - take the whole financing package away from the dealership. That might be your best bet.

Message 2 of 9
aj1901
Regular Contributor

Re: finance approved, car bought, cosigner required a week later?

Definitely go to a credit union and get financing there. Screw the dealer and take the whole financing option away from them.

Message 3 of 9
dds2be
Valued Member

Re: finance approved, car bought, cosigner required a week later?

thanks, by checking my state's statues (Nevada) what do you mean? Credit Laws in my state, or auto buying laws in my state i should be looking at. I just have never heard of companies approving, someone w/o cosigner and then requiring it after approval! very fustrating. ill have to check the statues and see if that is something they can do. thanks!

Age 28
BOFA Cash Rewards:25k
Citi Premier :16.7k
Citi Costco Visa:19.2k
Amex SPG: 30k
Macy's: 20k
care credit :15k Express: 3.2k Dillards : 5k
Amex Platinum :NPSL
CSP: 15k
Chase Marriot: 25K
Chase Freedom 15k
Capital One Venture 30k

Fico Scores as of 10/2018: EX: 772, EQ: 782 TU: 778
Message 4 of 9
dds2be
Valued Member

Re: finance approved, car bought, cosigner required a week later?

would a 19 year old with only 10 months of credit qualify at a credit union? his scores are in the 700s because i added him to my bofa visa which has been opened for 5 years, but his only credit card in his own name is discover card w/ 500 limit. because i have no problem taking the financing away from nissan if thats the game they want to play. however, i did get 1750 in cash rebates for financing through nissan. could they take those away and raise my vehicle price too even though i already signed and agreed to a price ?

Age 28
BOFA Cash Rewards:25k
Citi Premier :16.7k
Citi Costco Visa:19.2k
Amex SPG: 30k
Macy's: 20k
care credit :15k Express: 3.2k Dillards : 5k
Amex Platinum :NPSL
CSP: 15k
Chase Marriot: 25K
Chase Freedom 15k
Capital One Venture 30k

Fico Scores as of 10/2018: EX: 772, EQ: 782 TU: 778
Message 5 of 9
DeadSpider
Frequent Contributor

Re: finance approved, car bought, cosigner required a week later?

Hey IM in Nevada as well read your car contract. I'm not sure about the legal law but if it was me I'll be like screw you guys and come and take the car if you want it I'll go somewhere else.

 

DO NOT COSIGN @#@#@#.

 

Sounds to be there trying to get MORE of of your brother because they think his young and stupid = more $ for them to keep.

 

How much was the car ? His income ?

Message 6 of 9
dds2be
Valued Member

Re: finance approved, car bought, cosigner required a week later?

@deadspider, yeah thats what i feel they are trying to do. i just dont see how they gain anything by making him get a cosigner. his income is about 33 k gross annual and the car was 2013 sentra for total financed was 19600. we had saved 1000 dollars for down payment since i figured he may need one since he has limitted credit histroy, but they said it wasnt necessary and that his credit score and income were good enough to not require it so we said screw it save the money, and do 0. im gonna have to take a look at the contract, and see the fine print. why are all dealerships scum!!

Age 28
BOFA Cash Rewards:25k
Citi Premier :16.7k
Citi Costco Visa:19.2k
Amex SPG: 30k
Macy's: 20k
care credit :15k Express: 3.2k Dillards : 5k
Amex Platinum :NPSL
CSP: 15k
Chase Marriot: 25K
Chase Freedom 15k
Capital One Venture 30k

Fico Scores as of 10/2018: EX: 772, EQ: 782 TU: 778
Message 7 of 9
ds3
Regular Contributor

Re: finance approved, car bought, cosigner required a week later?

Similar thing happened to me once, many years ago. Was approved, drove away, then was told a few days later I would have to redo the contract. I drove it back to the dealer and handed them the keys (it already had 500 miles on it by this point)...it was amazing how fast they found financing for me. I wouldn't sign the new loan until they agreed to install AC in the car for free, which they finally did. If they want your brother's business, they will fix it. If not, screw 'em.

Message 8 of 9
CAnNY
Frequent Contributor

Re: finance approved, car bought, cosigner required a week later?

Years ago same thing kind of happened to me when I was maybe 23. I traded in my car for another. Almost two weeks went by and my old car had not been paid off. I called the dealer who said financing had not been approved and they were working on it still. Well sometime later I get a call to come down to sign a new contract. Well I figured they were going to try to change my payments and they did try. I refused and advised I will not increase my payments and they should hand over the keys to my old car. After almost an hour of so of trying to convince me to pay more they decided to give me my old car back. However, they handed me the keys and had nerve enough to tell me I had to pay 200 some odd dollars for cleaning my car in preparation of resale. I politely told them I will talk it over with my attorney, happily got into my old car and drove away. I never heard anything else about the cleaning fee not that I would have paid it anyway.

Starting Score: TU 489 EQ 561 EX unknown (2/24/2013)
Current Score: Lender Pull (11/15/13) EQ 702, TU 679, EX 684
Goal Score: 720


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