Well the 'vette is gone... - Page 2 - NJFBOA - Home of New Jersey's Camaros and Firebirds

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

Quote:

Originally Posted by BonzoHansen

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

Quote:

Originally Posted by Tru2Chevy

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

Quote:

Originally Posted by BonzoHansen

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!

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.

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

Quote:

Originally Posted by johnjzjz

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".

Kat · 10-15-2008, 08:12 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

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

Quote:

Originally Posted by Kat

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

2 years ago my 5 year old could have gotten that loan - that is why the banking system is FUBAR right now.

Kat · 10-15-2008, 12:04 PM

Or that I went to my credit union and havent missed a payment...

BonzoHansen · 10-15-2008, 12:36 PM

Quote:

Originally Posted by Kat

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.