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Senior Contributor
drkaje
Posts: 3,482
Registered: ‎07-25-2008

Re: Never co-sign a loan. Never, ever ever.

Reads to me like the loan terms were changed without your approval. I'd call and keep politely asking for documentation.

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Valued Contributor
Repo-ed
Posts: 2,953
Registered: ‎02-09-2012

Re: Never co-sign a loan. Never, ever ever.

Reads to me that he co-signed a 72 mo. finance and she was able to extend it to 75, but without the co-signers approval.  THAT is still your leg to stand on, IMHO.

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liebsaz
Posts: 24
Registered: ‎02-02-2012

Re: Never co-sign a loan. Never, ever ever.

you need to get a copy of the orginal loan and go over the print regarding a loan extension, etc.  Most likely the option to extend is somewhere in the text as these contracts are pretty thought out. This isn't the banks first rodeo.  Good luck.

Valued Contributor
IOBA
Posts: 2,659
Registered: ‎08-13-2009

Re: Never co-sign a loan. Never, ever ever.

lithium78 - with the new information that she extended the loan terms without your permission, what will you do?   Go to the bank that seems to follow the book and ask use it to have them remove the late?

Established Contributor
casmith1980
Posts: 633
Registered: ‎03-20-2010

Re: Never co-sign a loan. Never, ever ever.

Just got done reading this thread and I'm highly intrigued to know the outcome!!!!  Any luck so far?

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Valued Contributor
crunching_numbers
Posts: 1,093
Registered: ‎02-15-2012

Re: Never co-sign a loan. Never, ever ever.


webhopper wrote:

FrugalRican wrote:

drkaje wrote:

haulingthescoreup wrote:

drkaje wrote:
@lithium,
I'd call back and say "I only cosigned for a 60 month loan". If she renegotiated terms or something else you should have been notified, IMO.

OK, I do like this one. Don't know if it will be successful, but it makes sense. It appears that she renegotiated the terms of the contract, and you weren't notified. Wouldn't that invalidate your liability?

 

Definitely worth following up on, IMO. With an endless, uncrackable smile and earnest good will. Bring mini Baby Ruths and Snickers bars for the tellers. :smileyhappy: Make it easy for them to back down, especially if their attorneys start clearing their throats.  :smileywink:


I'd show up with coffee and a smile.

 

That close to the finish line (of credit repair); I'd ask for a copy of the 72 month loan application.

 

If all else fails, I'd politely ask who their "contact person was for legal stuff, like documentation" so they feel a lawyer is calling.


Holy heck, this.


OMG do this... awesome strategy :smileyhappy:  +500....

 

There is nothing like using fear to get what you want.


+1


"I have never, EVER applied or signed any application as a cosignor for a 75 month loan, or for any kind of 75 month extension for a loan. This long of a term completely violates my credit principals!  I would never have accepted such terms. Please, I need a copy of this "supposed" document for my lawyer, and I sure hope that my signature was not missing or forged on that document.  If you are having trouble locating this document, I will take a goodwill deletion in its place..."


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lithium78
Posts: 929
Registered: ‎07-30-2011

Re: Never co-sign a loan. Never, ever ever.

It appears that the credit union ignored my first GW letter, so I have to try again this week.  This credit union is very hard to deal with because they are very large and they like to pretend that they are one of those "too big to fail" commercial banks.  They are being really unreasonable.

 

I guess the next step is to contact the CEO and see if they can do anything about the mess.  I'm still really upset about getting this late on my report after all my hard work.

 

My score rebounded by 25 points because some old baddies fell off my report, but unfortunately I'm still down by 10 points right now and the score simulator on this site says I can't get my score above 700 within the next year due to my ex's late car payment.  This is so infuriating!


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FrugalRican
Posts: 2,876
Registered: ‎02-02-2012

Re: Never co-sign a loan. Never, ever ever.


drkaje wrote:
@lithium,
I'd call back and say "I only cosigned for a 72 month loan". If she renegotiated terms or something else you should have been notified, IMO.


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tonyaether
Posts: 341
Registered: ‎06-04-2011

Re: Never co-sign a loan. Never, ever ever.

I was just about to post  a question on this topic then I saw this post....ahh the dread.  So would anyone co-sign for a spouse?  I have always said absolutely not when approached by my DH on the topic.  However, now I am just confused on whether I am being a bad wife by not doing so.  The thought is now crossing my mind again. 


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pizzadude
Posts: 8,689
Registered: ‎01-28-2010

Re: Never co-sign a loan. Never, ever ever.


tonyaether wrote:

I was just about to post  a question on this topic then I saw this post....ahh the dread.  So would anyone co-sign for a spouse?  I have always said absolutely not when approached by my DH on the topic.  However, now I am just confused on whether I am being a bad wife by not doing so.  The thought is now crossing my mind again. 


Just my 2 cents here, but IMO signing a loan with your spouse and co~signing for someone else ( friend, sister, cousin...etc... ) is different thing.

 

Married people handle their finances differently, some people do everything jointly, and others keep it all seperate, or only co~mingle one or two accounts.    

 

Whether you live in a community property state might make a difference on this as well.

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