Thee and a half years ago my father cosigned on a loan with me for a car. We used a local credit union. The loan term was for 4 years. Recently my parents were doing some refinancing and they found out that my dad was the only one on the loan! I've been paying the loan for the whole time and never missed a payment. At the dealership both him and I signed papers. I even have a letter from said dealership thanking both of us for our purchase. In fact early on I arranged with the bank to auto-debit my checking account for monthly payment. Now they are saying that back when we filed for the loan they didn't do cosigned loans. I hate to be cynical but it is hard to believe a lending institution didn't do cosigning in the year 2002. It could also be a mistake by the dealership. Do I have any recourse with the credit union to update my credit history? I'd like to stay out of court. At the same time I could really use slash need the benefit of an improvement in my credit score.
2007-03-21 15:10:31 · 3 answers · asked by emonkeypirate 1 in Business & Finance ➔ Credit
If you have evidence you signed the LOAN papers (not the purchase agreement at the dealership), and they are not reporting it, they are in violation of FACTA (Fair and Accurate Credit Transactions Act). FACTA is a federal law, and carries stiff penalties. I promise you the bank is aware of FACTA. Talk to a manager and get this sorted out.
2007-03-21 15:19:42 · answer #1 · answered by Wango138 3 · 0⤊ 0⤋
Not much chance that they will correct the error out of the kindness of their hearts.
That really sucks
very sorry to hear that
it is not a total loss, your dad is very proud of you and I am sure he would be happy to help you out again!
Sure it is fraudulent activity on the part of the dealership and bank but it would probably cost you a mint to prove it and you might not have 'standing' to sue.
Better for your dad to do the suing since he was the real victim on paper.
Doubt that the courts will give a damn one way or the other if your credit score improves but they will be curious to know why your dad has been placed on a loan as the primary person when he did not agree to this....The DAMAGE factor is the key.
A great case could be made that he was HARMED by having the full load of this on his credit and that he did not EVER intend to have this on there and now he is having a problem refinancing....
2007-03-21 22:19:21 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Ask them nicely to correct the error. If they won't volunteer, you might have to seek legal advice.
2007-03-21 22:13:57 · answer #3 · answered by united9198 7 · 0⤊ 0⤋