The bank does not want to release my car unless I can have a co-signer for the loan. Is there a law that I can quote that states that I do not have to provide a co-signer for the auto loan?
2007-09-20 17:54:02 · 10 answers · asked by gwapings 1 in Business & Finance ➔ Credit
Auto finance is what I do for a living and lets face it you have already defaulted on the loan once so why would the lender let you have their vehicle back without a co-signer?
The lender has a right to protect their investment and you have shown that you are not trustworthy.
Frankly, I don't think you deserve to get the vehicle back and anyone that co-signs for you is a idiot.
2007-09-21 02:22:44 · answer #1 · answered by ? 7 · 4⤊ 16⤋
ONLY if the co-signer was a party to that agreement to modify and signed the agreement an agreement can only be changed by agreement of all parties to agreement Your question is poorly stated, and unclear. If original lease ran it's full term and LL and tenant then entered a new month-to-month agreement which guarantor did not sign, there's NO liabiility. But if original lease term is still in effect, then maybe. . . .
2016-05-19 22:46:10 · answer #2 · answered by ? 3 · 0⤊ 0⤋
There is no such law. If the bank does not feel you qualify on your own for a loan they are with in their right to ask for a co-signer.
2007-09-20 18:07:07 · answer #3 · answered by OC1999 7 · 2⤊ 0⤋
Of course there are no laws forcing banks to loan money when it looks like they would just be giving it to you. Since you aren't going to pay for the car you need to produce someone willing to do it for you.
2007-09-21 02:50:53 · answer #4 · answered by Landlord 7 · 1⤊ 0⤋
You are out of luck. The bank is saying that you are not creditworthy enough and they want someone more financially responsible on the loan to make sure they don't have to hunt you down and repo that vehicle again.
It's one of the perks of not paying your bills on time.
2007-09-20 18:06:45 · answer #5 · answered by bdancer222 7 · 3⤊ 0⤋
You already defaulted once, of course they can demand a co-signer.
2007-09-21 05:02:09 · answer #6 · answered by Anonymous · 1⤊ 0⤋
There are many auto loan options available today. Today, stiff competition among auto loan financing companiesfinance option. You can apply for online car loans on the Internet, or get it from your car dealer.
2007-09-20 18:13:37 · answer #7 · answered by Horse M 1 · 0⤊ 3⤋
but surely as you are getting it back from repossession then you have already defaulted on the loan in the first place......they must have the right to protect their investment.......
regards
2007-09-20 18:03:16 · answer #8 · answered by candy g 7 · 1⤊ 0⤋
I must agree with Spifiman1, you do not deserve your vehicle back.
You have already show yourself not to be responsible.
And anyone that co-signs for you is a idiot.
2007-09-21 03:56:29 · answer #9 · answered by STEPHANE O 6 · 0⤊ 0⤋
Sure they can.
2007-09-21 03:48:44 · answer #10 · answered by rockman1091953 6 · 0⤊ 0⤋