Young age here, trying to get an auto loan have 737 credit score. Parents don't have the best credit and my history is limited so I had my friend fill out a cosign application with me. They call me and say he can't be a cosigner because I don't live with him? So they said they can make him a guarentor. He has a 830 Credit score and very good income. Told me to call back in an hour. Ever heard of thsi before?
Credit Union is Community First Credit Union
I have heard of this, it is actually very common that lender's don't want just "anybody" co-signing on a loan.
The theory behind this is there is much less risk and much less delinquincy rates associated with parental co-signer's or co-signer's who live together. Someone who live's with you will be much more familiar with your finances and more than likely see the monthly statement come in the mail and ensure you pay it.
In addition when it come's to co-signing, typically banks want to ensure you have the ability/stability to pay the loan by yourself, the co-signer is simply there to help with scoring purposes and to determine the rate. They obviously know the car is for you and want to ensure you are in fact able to afford the vehicle.