Cosigner on Vehicle...

CallieM15

Any one know?; I cosigned for a truck. Said truck got traded in for a different car. Am I still cosigner on said car? The guy wont talk to me... And stupid dealership is not answering phones.

I learned my lesson to NEVER cosign anything. Ever. No matter how much you trust and love someone.

corn63

Well if the car got traded in, that usually means that the loan on the car was satisfied with the trade in. HOWEVER... if the loan was rolled into the loan for the new car, not sure how that works.


I know you said this but I have to say it or Judge Judy will track me down and beat me:

NEVER. EVER. COSIGN FOR ANYBODY. EVEN YOUR FAMILY.

SVCat

It depends...was a portion of the new vehicle also financed? I would wait about 30-45 days and then request a credit report to see if the balance has been paid of because of old loan repayment.

Good luck...I learned my lesson by co-signing for my ex-brother in law. Messed up my credit for a long time...I'll never co-sign for anyone ever again.

coliema

Well if the car got traded in, that usually means that the loan on the car was satisfied with the trade in. HOWEVER... if the loan was rolled into the loan for the new car, not sure how that works.


I know you said this but I have to say it or Judge Judy will track me down and beat me:

NEVER. EVER. COSIGN FOR ANYBODY. EVEN YOUR FAMILY.

^ That.

and I quadruple that NEVER EVER EVER EVER COSIGN FOR ANYBODY.

CallieM15

NEVER. EVER. COSIGN FOR ANYBODY. EVEN YOUR FAMILY.

never ever will I again.

Such a stupid stupid stupid mistake.

hersheythecat

I would be concerned because if it was a true cosign then your name was on the title and if you didn't sign over right to that title there is an issue. As far as the loan the only way they can "roll over" a loan into another is to first pay off the first loan and take that amount and add it to the second loan. So if it was done legally, then the loan should be paid off and you should be free/clear from the loan. That being said, you have EVERY right to call the loan company and find out.

CallieM15

I know nothing other then the guy has a 2007 Mustang, and HAD a 2006 Toyota that I signed for. YOU WOULD THINK that the dealership would have contacted me.... Like really?

Ive left messages for the dealership but they are stupidly busy. =/

corn63

I know nothing other then the guy has a 2007 Mustang, and HAD a 2006 Toyota that I signed for. YOU WOULD THINK that the dealership would have contacted me.... Like really?

Ive left messages for the dealership but they are stupidly busy. =/

Go there. Don't leave until you get answers.

CallieM15

I would be concerned because if it was a true cosign then your name was on the title and if you didn't sign over right to that title there is an issue. As far as the loan the only way they can "roll over" a loan into another is to first pay off the first loan and take that amount and add it to the second loan. So if it was done legally, then the loan should be paid off and you should be free/clear from the loan. That being said, you have EVERY right to call the loan company and find out.

My name WAS on the title. I know that much, because I had it for a while....

CallieM15

I know nothing other then the guy has a 2007 Mustang, and HAD a 2006 Toyota that I signed for. YOU WOULD THINK that the dealership would have contacted me.... Like really?

Ive left messages for the dealership but they are stupidly busy. =/

Go there. Don't leave until you get answers.

I def will after work... Its 2 hr drive, but Im soooo mad that they wont give me a simple answer...

coliema

NEVER. EVER. COSIGN FOR ANYBODY. EVEN YOUR FAMILY.

never ever will I again.

Such a stupid stupid stupid mistake.

Don't be mad at yourself, it's just a lesson learned. Happens to the best of us!

Just go to the dealer if they won't answer, they can't not tell you because you cosigned on it.

cmriverside

I know nothing other then the guy has a 2007 Mustang, and HAD a 2006 Toyota that I signed for. YOU WOULD THINK that the dealership would have contacted me.... Like really?

Ive left messages for the dealership but they are stupidly busy. =/

Did the dealership do the financing? That's really odd, usually there is a bank or credit union involved to actually lend the money: so look at your paperwork and call the actual holder of the loan.

I really hope you kept the paperwork. Or that would be lesson #2 :laugh:

corn63

I would be concerned because if it was a true cosign then your name was on the title and if you didn't sign over right to that title there is an issue. As far as the loan the only way they can "roll over" a loan into another is to first pay off the first loan and take that amount and add it to the second loan. So if it was done legally, then the loan should be paid off and you should be free/clear from the loan. That being said, you have EVERY right to call the loan company and find out.

My name WAS on the title. I know that much, because I had it for a while....

If you had the title, then there was no loan on the car. When you have a loan, the title goes to the loan holder. Then you receive the title once you satisfy the loan. How did you acquire the title??

FlyByJuly

NEVER. EVER. COSIGN FOR ANYBODY. EVEN YOUR FAMILY.

never ever will I again.

Such a stupid stupid stupid mistake.

I've only cosigned twice in my life, and those times were for my two daughters. These were the times when each of them bought their first cars and were gainfully employed. I knew they were the only 2 people who would never burn me!! Anybody else....NOPE!!!

CallieM15

I would be concerned because if it was a true cosign then your name was on the title and if you didn't sign over right to that title there is an issue. As far as the loan the only way they can "roll over" a loan into another is to first pay off the first loan and take that amount and add it to the second loan. So if it was done legally, then the loan should be paid off and you should be free/clear from the loan. That being said, you have EVERY right to call the loan company and find out.

My name WAS on the title. I know that much, because I had it for a while....

If you had the title, then there was no loan on the car. When you have a loan, the title goes to the loan holder. Then you receive the title once you satisfy the loan. How did you acquire the title??

Wait... registration, not title.

corn63

I would be concerned because if it was a true cosign then your name was on the title and if you didn't sign over right to that title there is an issue. As far as the loan the only way they can "roll over" a loan into another is to first pay off the first loan and take that amount and add it to the second loan. So if it was done legally, then the loan should be paid off and you should be free/clear from the loan. That being said, you have EVERY right to call the loan company and find out.

My name WAS on the title. I know that much, because I had it for a while....

If you had the title, then there was no loan on the car. When you have a loan, the title goes to the loan holder. Then you receive the title once you satisfy the loan. How did you acquire the title??

Wait... registration, not title.

Whew. That makes more sense:)

cmriverside

I would be concerned because if it was a true cosign then your name was on the title and if you didn't sign over right to that title there is an issue. As far as the loan the only way they can "roll over" a loan into another is to first pay off the first loan and take that amount and add it to the second loan. So if it was done legally, then the loan should be paid off and you should be free/clear from the loan. That being said, you have EVERY right to call the loan company and find out.

My name WAS on the title. I know that much, because I had it for a while....

If you were on Title, he couldn't have made a legal sale without your signature. Track this down quickly, and find out where your 1/2 of the car is!! You don't know what kind of deal he made.

cmriverside

I'm always a minute late on posting...:laugh: