View Full Version : Well the 'vette is gone...
Frosty
10-13-2008, 05:50 PM
...lesson learned. If you can't do something on your own don't do it at all. My stepfather co-signed for me(he insisted since he got a ridiculous interest rate). Well I've hit some REALLY hard times and wasn't going to be able to make this month's payment...so what's he do? He gets his own loan, registers and insures the car in his name basically ripping it out from under me...FOR ONE ****ING PAYMENT.
The real kicker is the title should be in my name(at least the when the loan was paid it should've been going into my name). It's gonna be interesting if I have to sign off on it....
****in sucks.
NJ Torque
10-13-2008, 05:52 PM
wow... sorry to hear that man.
nj85z28
10-13-2008, 05:53 PM
sucks man
deadtrend1
10-13-2008, 05:59 PM
Sorry to hear that dude
SteveR
10-13-2008, 06:06 PM
If he co-signed on it and you are the primary, I don't think he can get the title in his name only without you, unless he forges your signature.
Frosty
10-13-2008, 06:11 PM
How old are you?
28. I made some big mistakes when I was younger which screwed me for many years...however I had a loan very easily on my own though...but when you can get a 5% interest rate on a used car you jump on it.
Frosty
10-13-2008, 06:11 PM
If he co-signed on it and you are the primary, I don't think he can get the title in his name only without you, unless he forges your signature.
I'll have to look at the paperwork, the car was registered and insured in my name.
JerzyIroc
10-13-2008, 06:19 PM
Hold on... Did he already register and insure the car under his name? When he co-signed was he also a co-owner? If not, if he was just a financial co-signer then there is no way he can do what he did. But either way you would have to agree to basically anything that happens to the title whether he was just a financial co-signer or a co-owner. something is fishy. i would definatly look deeper into this.
Frosty
10-13-2008, 06:23 PM
Hold on... Did he already register and insure the car under his name?
He said he did. He wasn't supposed to be the co-owner. I have to call the finance company tomorrow and find out how it was set up. Like I said, huge lesson learned. I didn't need his help, I shouldn't have taken it.
qwikz28
10-13-2008, 07:21 PM
i don't know your family situation but i can imagine he might be doing this just ot teach you a lesson and just hold onto the car till you get your feet back on the ground. i wish you the best and i hope all works out for oyu
Frosty
10-13-2008, 07:35 PM
He's not..trust me. It's caused a huge rift between us unfortunately. HUGE lesson learned. Oh well...I lost a boat load of $$ on that car....it could always be worse I guess.
SteveR
10-13-2008, 07:39 PM
He's not..trust me. It's caused a huge rift between us unfortunately. HUGE lesson learned. Oh well...I lost a boat load of $$ on that car....it could always be worse I guess.
Why give up? There are legal issues you can pursue with this.
Stroked355Z28
10-13-2008, 07:42 PM
A baseball bat across the face would be nice.
Frosty
10-13-2008, 07:51 PM
Why give up? There are legal issues you can pursue with this.
I emailed PennDOT to see what my options are, I'm gonna call them tomorrow. I understand him being scared, I really do. I lost my job after 7yrs being there and unemployment is taking their dear old time. I asked him to help me out one month, he decides to take on a $X loan instead of a $300 payment. W-T-Fever...it's just a giant cluster****.
I'm curious to see what PennDOT says, I have a feeling the car was going to be titled in my name so it's going to be interesting to say the least. I'd REALLY suck if he got a loan and can't get it titled. :rofl:
mc73nova
10-13-2008, 07:53 PM
A baseball bat across the face would be nice.
x2
But seriously, you don't have to sign the car over to him. You have been paying it off and putting money into it and he is gonna take it for free. F-that I don't know what the situation is but I would put him in his place. Or aim it at a wall with a brick on the gas pedal.
This is a terrible situation and I wish you the best of luck, Sorry to hear it.
Frosty
10-13-2008, 07:56 PM
I don't have possession of the vehicle, it's at their place in Atco. Once I lost my job I had it down there so I wouldn't drive it and waste $$ lol
Tru2Chevy
10-13-2008, 07:58 PM
Well, you have a set of keys for it I hope......just go get it. Have you actually missed your payment yet, or just know that it's coming up and you don't have the money for it?
- Justin
Frosty
10-13-2008, 08:17 PM
It's due tomorrow. Like I said it's just a big mess. I posted this more or less to show people how helping or receiving help from others can turn into a giant mess.
sweetbmxrider
10-13-2008, 08:22 PM
maybe he is going to buy it off of you? otherwise grab your car and hide that bitch. sucks though...
WildBillyT
10-13-2008, 08:26 PM
Tough break man. It sucks that he wouldn't just float you a loan for this month or something like that...
Frosty
10-13-2008, 08:28 PM
maybe he is going to buy it off of you? otherwise grab your car and hide that bitch. sucks though...
Nope, he took a loan out for the balance of the previous loan. So I'm out a ton of $$. We'll see what PennDOT has to say about all of this tomorrow. :)
BonzoHansen
10-13-2008, 09:19 PM
Man, I love all the tough-talking answers - the guy only co-signed the loan in the 1st place.
...lesson learned. If you can't do something on your own don't do it at all.
Exactly.
Lesson #2: Never co-sign a loan for anyone. Nothing wrecks a friendship or family like money.
Not sure I would have done exactly what he did, but given he is on the legal hook for the loan if you default, I kind of understand. If it were me, I'd make the payment, take the keys & car. If another payment were missed, a for sale sign would be up, or doing what he did to make it easier to sell.
As co-signer I know he has certain legal rights. Not sure about the details.
28. I made some big mistakes when I was younger which screwed me for many years...however I had a loan very easily on my own though...but when you can get a 5% interest rate on a used car you jump on it.Well in that case your dad sounds like an ass. Sorry to hear.
Saitin
10-13-2008, 09:22 PM
small claims court
he can't just take the car once you have put money into it co signing and co owner are 2 different things.
I've been down this road before a co signer has no legal right to the car unless his name is on the title or to be on it.
now get down there get the car take it home give him a call tell him thanks for paying it off.
Teds89IROC
10-13-2008, 09:30 PM
sucks man, as everyone said, look further into it. It doesn't seem legit
Frosty
10-13-2008, 09:36 PM
Man, I love all the tough-talking answers - the guy only co-signed the loan in the 1st place.
Exactly.
Lesson #2: Never co-sign a loan for anyone. Nothing wrecks a friendship or family like money.
Not sure I would have done exactly what he did, but given he is on the legal hook for the loan if you default, I kind of understand. If it were me, I'd make the payment, take the keys & car. If another payment were missed, a for sale sign would be up, or doing what he did to make it easier to sell.
As co-signer I know he has certain legal rights. Not sure about the details.
He has the car, has the keys, had them for a while now(since August). He's had the car for the last 2 months while I made payments, told me I wasn't getting the car back until unemployment went through or I found a job. I bit my tongue and kept my cool...I've NEVER missed a payment until now, I understand his fear but I think he's moving WAY too fast.
BTW, he was somehow able to insurance it and register it in NJ so I think he's on the title also. However, even if that's the case I STILL need to sign off on the title to make him sole owner which I will NOT do as of right now. It's really going to suck if he did something outside of the rules because I have 3 job interviews tomorrow and if I land one of them he can **** himself.
Knipps
10-13-2008, 09:45 PM
I know most banks will take it easy on you if you let them know you're going to be late with a payment. As long as they don't think you're running away with their money they usually don't have a problem but with everything so FUBAR right now I'm not sure how the situation really sits.
but the rest of this really seems kinda sketchy.. he shouldn't be able to just run off with the car like that. Good luck w/ the DOT
Tru2Chevy
10-13-2008, 09:57 PM
I definitely see Bonzo's point, and I can understand your stepdad's concern.
However, you haven't yet missed a payment, so I can't see how he can legally do anything. If you have actually missed a payment, then he may have a leg to stand on, but as of today, he doesn't.....
- Justin
BonzoHansen
10-13-2008, 10:00 PM
Don't get me wrong, he could have handled this much better, and you may have some legal grounds here. All the macho BS in this thread, well...
Teds89IROC
10-13-2008, 10:01 PM
I definitely see Bonzo's point, and I can understand your stepdad's concern.
However, you haven't yet missed a payment, so I can't see how he can legally do anything. If you have actually missed a payment, then he may have a leg to stand on, but as of today, he doesn't.....
- Justin
Also very true. At the credit union people are late with payments all the time and usually we're pretty lenient if they call up ahead of time or pay at least something towards it. Again, thats a credit union and not a bank, but I don't think that aspect of it would be much different.
sweetbmxrider
10-13-2008, 10:12 PM
Don't get me wrong, he could have handled this much better, and you may have some legal grounds here. All the macho BS in this thread, well...
testosterone for the win/lose!:lol:
chemicalstylez
10-13-2008, 10:51 PM
edit n/m saw he has all the keys.... meh
NJSPEEDER
10-14-2008, 06:07 AM
With him as a co-signer, your name would be first on all the paper work, making it your car. Was it registered in your name? If he changed the registration, title, or insurance without your permission, he is in some deep doo doo.
That is text book fraud. If he wants to be a d-bag, have some fun with it. :)
JL8Jeff
10-14-2008, 07:37 AM
I'm not sure how it's done today, but the paperwork on my 69 JL8 car shows it in the name of Gloria W but Alan W bought the car. He said his sister worked for the credit union and co-signed the loan for him. So even though he was the buyer, the warranty stuff was in her name. If your stuff ended up in your stepdad's name then he might be able to do what he wants. Do you have any of the original paperwork to check over? And how could he have gotten the title back so fast if he just refinanced the loan? Something doesn't sound right at all.
Frosty
10-14-2008, 08:02 AM
Just got off the phone with PennDOT, the loan company screwed up big time. The title is in my name, in the state of PA and his name is NOT on the title. Boy is HE in for a rude awakening. :rofl:
I still want to resolve this is a mature manner, as much of an ass as I am on this board at times the truth is I'm a good guy and will do whatever I can for people. We'll see how it plays out but that news brightened up my day.
Time to go to my 3 interview today. :)
Fast92RS
10-14-2008, 09:03 AM
Good luck
Blacdout96
10-14-2008, 11:55 AM
Tell him to make sure he shines those keys up good when you come to get them. It's hard to cosign with people sometimes. My friend scott, who can never hold a job for a lengthy period of time, and when he does, he blows his money left and right, went out and bought like a 2003 F-350 with 150,000 miles on it. It gets horrible gas mileage, in the end was about 22,000 ( not including the APR, which in the end the truck was close to 35-40K) and he has no credit. He bought it for a construction job he had, WHICH he only had for about 3 weks before getting fired. His sister co-signed, to which we all gave her the wow are you retarded look. Now he's been out of a job for like 4-5 months, and his sister is getting hit since she has credit and he has none....
Tru2Chevy
10-14-2008, 07:47 PM
Glad to hear you got some good news from PennDOT Tony, and good luck on your interviews!
- Justin
84z350crate
10-15-2008, 02:16 AM
good luck man
HeadlessNorseman
10-15-2008, 04:12 AM
My grandpa cosigned on my mr2 spyder i had, and when i couldnt make the payments after getting fired and not being able to find a job i traded it in on a cobalt SS for no money down in just my name...my credit was great at that point, after paying the mr2 loans for 15 months. Then i drove that till it got repoed. I did all this to not screw over my grandpa. Now i owe gmac 6500$! So whatever happens your prob better off than me
johnjzjz
10-15-2008, 07:52 AM
you are the only one who knows how they feel about the 2 sides of the story - in todays credit bull i dont blame anyone jumping the gun to keep their credit in check - 5 % used car loan gives his a mid 700 rating and that is not as easy to get as some think - in this banking bull that is going on one late payment can drop your rating 150 points making that loan 12 % over night to do again and 3 years to repair that you had to start with - had you missed the paynent and his credit took that sort of hit how would you feel it were you in that spot not him -- jz
Frosty
10-15-2008, 08:07 AM
you are the only one who knows how they feel about the 2 sides of the story - in todays credit bull i dont blame anyone jumping the gun to keep their credit in check - 5 % used car loan gives his a mid 700 rating and that is not as easy to get as some think - in this banking bull that is going on one late payment can drop your rating 150 points making that loan 12 % over night to do again and 3 years to repair that you had to start with - had you missed the paynent and his credit took that sort of hit how would you feel it were you in that spot not him -- jz
I have put myself in his shoes and I wouldn't do what he did, PERIOD. I wouldn't rush to get my own loan for X amount of $$$ for one payment. But whatever, I'm gonna play it cool and let him think he knows everything...once he "tries" to have the title switched over to his name in NJ he's in for a surprise. The people at PennDOT laughed when I said he thinks he can get the title in his name. They said "good luck to him".
heh I got mid 5% intrest rate on my GTO with a crappy ass credit score 2 years ago. Now its just about 700.
Tony good luck man. If ya need a driver in the getaway car. Im game :D
Frosty
10-15-2008, 08:20 AM
It won't be needed...I'm half tempted to just sign it over and let it go. I've been through so much BS with that car....it's not worth ripping up 2 important relationships over it. I don't know...I have time on my side...it's not like he can do anything with the car. :)
BonzoHansen
10-15-2008, 08:22 AM
heh I got mid 5% intrest rate on my GTO with a crappy ass credit score 2 years ago. Now its just about 700.
Tony good luck man. If ya need a driver in the getaway car. Im game :D
2 years ago my 5 year old could have gotten that loan - that is why the banking system is FUBAR right now.
Or that I went to my credit union and havent missed a payment...
BonzoHansen
10-15-2008, 12:36 PM
Or that I went to my credit union and havent missed a payment...
that is why you'll get one now!
HeadlessNorseman
10-15-2008, 11:41 PM
mine was almost 700. i can only assume its much lower since the repo. I got a 7% intrest on a $15k 5 year old car with low miles with my grandpa cosigning, and a brand new $22k car with 4% intrest and no money down on my own. How bad do repoes hurt your score? what if i settle it and pay it off? I went to look at an audi s4 and to get a loan i would have to put up about 10k down. But they wouldnt cut the ******** in telling me the intrest so i just got frustrated and turned them down. to the OP, he can pay the loan off as much as he wants, even with another loan in his name, but if he forged your name thats a different story. They dont care about the money, but the title is a lot more important
JerzyIroc
10-15-2008, 11:43 PM
a repo does hurt ur credit really bad. however, when you pay it, it definatly helps it a lot. the only problem is that all the late payments still stay on ur credit. my brother had a repo a few years back. 6 months after he paid it his credit went up big time.
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