Legal Question in Consumer Law in Georgia

I went to a dealer to trade A car that I was still paying, the dealer made me be a co signer for my brother to buy a car, and my brother co signed for me, after a moth they called me that they couldn't find a bank to finance me, to take the car back and pick up my trade. But I'm still as co signer from my brother

After two weeks I received a letter from the bank that the car was paid off, I called the dealer and they said it was a mistake, its been two weeks since that and today I received a letter from the dealer to transfer the title so what they say is to reopen the account, the bank is saying that they can try to refinance the car but the payments and the interest may change, I went to the dmv and they are saying that the title is under my name, what are my options, is the car legale mine or what if I don't want the car no more?


Asked on 3/05/15, 6:00 pm

1 Answer from Attorneys

Glen Ashman Ashman Law Office also dba Glen Ashman Attorney

The answer is the same as when you asked it on other legal sites today. Here is that answer:

Unfortunately it sounds like you messed up in how to buy a car. Signing the paperwork at a dealer does NOT mean you are financed, so you don't leave a downpayment (or trade) or leave with the car until the loan is approved. The best way to do this is for you to get preapproved at a bank, credit union or other lender in advance and THEN go car shopping. By doing it the wrong way (and sadly most people do this the wrong way, leave with a car and let the dealer seek approval later), you usually get suckered - as you either have to give the car back or have a dealer call you to sign worse terms. And you NEVER do loans with cosigners - that simply means lenders feel it's a bad loan and too unsafe to make - so the bank was saying "You are buying more car than you can afford." Many car contracts leave you liable to pay for the car IN FULL even if financing falls through, so you may HAVE to take a worse deal at this point. Pay a lawyer to review the mess you dug yourself into - it may not have a fix or it may, depending on the contract language - and the best I can say is learn from this. NEVER buy cars with cosigners, and never buy cars without preapproved financing. That means NEVER. It is often destined to go bad.

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Answered on 3/05/15, 6:12 pm


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