Legal question in regards to a contract application from a car dealership?
It turns out that when I gave them my SS# they did a credit check & I qualified for the loan; she didnt!
Keep in mind that I was not aware that they had already put me on the contract & they had let them take the car off the Iot
I was only going to look at the contract, but after a few arguments with my son, I went ahead & signed the original contract believing that I was the co-signer It turns out that as soon as the dealership received the contract, they forgot to send me the app for credit with the contract that I had already signed. When I received the app for credit, I saw that I was put as the aplicant and not the coaplicant
Does it mean that the original contract that I signed is null & void? Didnt they misrepresent me with the contract & the credit app?
PS I cant afford the payments.
Answers:
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You should consult an attorney.
IN MOST STATES, THE CONTRACT YOU SIGNED LAST IS THE BINDING ONE. AT ANY RATE I WOULD START BY CONTACTING THE BETTER BUSINESS BUREAU OF YOUR CITY AND THEIRS.
THE WAY IT SOUND IS IF THEY DONT MAKE THE PAYMENT YOU ARE THE RESPONSIBLE PARTY. THERE ARE ALSO PROBONO ATTORNEYS WHO CAN HELP
You argued with your son about buying a car you can't afford with his mother that lives in another state? I believe the word is sucker.
An applicant and a co-applicant is the same thing. Either way, you are responsible for the payments. If your son doesn't make the payments, they will come after you, regardless of how you are listed on the contract.
The fact that you did not understand what you were signing doesn't void the contract. It's not the dealers responsibility to make sure you read before signing. A credit app is not necessary in order to extend credit and obligate the parties. The credit app carries no guarantees to you. It's a tool that lenders use to evaluate risk. The app carries no weight in a legal dispute.
What you are responsible for is what is contained within the four corners of the contract document that you signed. Any other papers, verbal agreements, warranties, etc are irrelevant.
Your ex and your son have nailed you to the wall, and you gave them the hammer. Accept the fact that this car is going to cost you money. There is a reason that she and he couldn't qualify without you; they don't pay their bills. If they repo the car and sell it at auction, YOU will be responsible for the differecnce between what is owed and what they sold it for.
Your best bet is to repo the car yourself on the first day that a payment is late (one day late is grounds for repo), sell it, and settle up the difference with the bank/dealer. Then tell your son to go get a car on his own. NEVER COSIGN UNLESS YOU ARE WILLING TO MAKE THE PAYMENTS!
You should check all the financial information the dealer sent to the lender. They may have put down inaccurate numbers to make it look like you could afford the payments. Maybe they increased your salary, or left off your rent/mortgage. Under normal circumstances the co-signor must qualify to make the payment as if they were taking out the loan themselves.
BTW, you were gullible and got used. You should have said no when they backed you in the corner. Good Luck to you!
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