topic Re: Can a dealership be a cosigner for my loan? in Auto Loans

Can a dealership be a cosigner for my loan?

Anonymous — Fri, 13 Jul 2012 12:59:24 GMT

I already got the loan approved since February, but as I was making my 4th Payment 2 days ago at Suntrust, I asked the cashier for an acct balance and was surprised to see my dealership as the cosigner of the loan. I was never aware they cosigned this loan... Am I missing something here?

Re: Can a dealership be a cosigner for my loan?

webhopper — Fri, 13 Jul 2012 14:55:17 GMT

@Anonymous wrote:
I already got the loan approved since February, but as I was making my 4th Payment 2 days ago at Suntrust, I asked the cashier for an acct balance and was surprised to see my dealership as the cosigner of the loan. I was never aware they cosigned this loan... Am I missing something here?

I would check and make sure that your title doesn't also have your dealerships name on it. This is a really odd scenario and i would hate for there to be something shady going on.

Re: Can a dealership be a cosigner for my loan?

pizzadude — Fri, 13 Jul 2012 15:01:55 GMT

@webhopper wrote:

I would check and make sure that your title doesn't also have your dealerships name on it. This is a really odd scenario and i would hate for there to be something shady going on.

I agree that this is very strange....at least I've never heard of it.

Obviously if the bank didn't qualify you at first based on your own credit then they could request a cosigner....but I've never heard of the dealer stepping up and agreeing to do it. Maybe the terms were too good for them to pass up ?? How much did you finance....APR and loan terms ??

ETA: Added link to the backstory http://ficoforums.myfico.com/t5/Auto-Loans/I-think-walked-out-of-the-dealership-with-a-car-and-no-financing/m-p/1293941#M20372

Re: Can a dealership be a cosigner for my loan?

Anonymous — Fri, 13 Jul 2012 16:17:50 GMT

I dt think I got such a bad deal, APR is 3.59, 72 mths, (I'm paying it off earlier with no penalties). I only put Down $1000 as downpayment.. What else. . The car is a 2010 Chevy EQui, for 16899. Loan amt was 17989 (tax and fees included). What did I do wrong here? My credit at the time was 709. Is this consigning thing going to cause any problem? I'm not familiar with how it works. I dt get why they would cosign without telling me in the first place. The finance guy was telling me that my credit is good for no reason, I only had a couple of credit cards and a student loan. He basically called it good score but an empty credit file. . Stil I dt understand why they would cosign without telling me. The car title is to me and Suntrust Bank.

Re: Can a dealership be a cosigner for my loan?

Anonymous — Sat, 14 Jul 2012 08:03:50 GMT

I don't necessarily think you got a bad deal at all, I do however think that the them co signing if that's true is very odd? Expecially if you were unaware of it!

Re: Can a dealership be a cosigner for my loan?

webhopper — Sun, 15 Jul 2012 05:37:58 GMT

It is also weird that they are on your title; does this mean they own half of the car? So bizarre

Re: Can a dealership be a cosigner for my loan?

greeneman21 — Sun, 15 Jul 2012 08:38:42 GMT

Weird scenario, give us an update on what you found out about that.

Re: Can a dealership be a cosigner for my loan?

pizzadude — Sun, 15 Jul 2012 15:41:20 GMT

I think the OP stated that only their creditor/bank was on the title, not the dealer. But I agree it's a strange scenario.......

Re: Can a dealership be a cosigner for my loan?

Anonymous — Mon, 16 Jul 2012 17:27:19 GMT

Are you sure that you are reading the paperwork from the bank properly and they are listed as a co-signer? It may just be that they show on the account as the location the loan originated in? I would sit down with someone in customer service at the bank and have them pull the account paperwork and explain it to you. I agree with other posters that if the dealership as a corporate entity is a co-signer on the loan this would be a very unusual circumstance.

Re: Can a dealership be a cosigner for my loan?

Anonymous — Tue, 17 Jul 2012 20:33:52 GMT

Ok, talked to a banker, she is telling me that the dealership is listed as cosigner because I bought the car through them. They are not actual cosigner of the loan.

I'm not completely satisfied with that answer, I'm not sure If it's a jargon that only suntrust uses but to my understanding a cosigner is someone that will help u get a loan if u dt have a good credit.

I will ask someone else at the bank. Thanks guys!

Holdingontohope, the paperwork I was given do list the dealership as the cosigner. I think I can still read perfectly.

Re: Can a dealership be a cosigner for my loan?

webhopper — Wed, 18 Jul 2012 04:24:06 GMT

Are you sure it doesn't say "consigner" con·sign (k n-s n ) v. con·signed, con·sign·ing, con·signs v.tr. 1. To give over to the care of another; entrust. 2. To turn over permanently to another's charge or to a lasting condition; commit irrevocably: "Their desponding imaginations had already consigned him to a watery grave" (William Hickling Prescott). 3. To deliver (merchandise, for example) for custody o