Is the cosigner of an auto loan responsible for the loan if the loan was refinanced by the buyer without the knowledge or consent of the cosigner?
2007-10-11 06:48:01 · 8 answers · asked by Pure evil 1 in Business & Finance ➔ Credit
Is the cosigner of an auto loan responsible for the loan if the loan was refinanced by the buyer without the knowledge or consent of the cosigner?
The auto loan was refinance, but we (as the co-signers) didn't sign any new paperwork or agree to the refinance. I think our signatures were forged and returned to the company by the buyer, as her address was the primary and all paperwork was mailed to her. The company then refinanced her for another year instead of repoing her car. We had no prior knowledge of the refinanced loan and don't think we should be responsible for the new loan if our signatures were forged.
2007-10-11 07:21:52 · update #1
If the original loan was refinanced and you did not sign any paperwork you are no longer the co-signer.
You are very lucky, this is not the norm for co-signed deals.
Additional information, you should contact the lender A.S.A.P. and tell them, this is fraud.
2007-10-11 07:14:05 · answer #1 · answered by ? 7 · 1⤊ 0⤋
1
2016-09-30 16:39:22 · answer #2 · answered by Mario 3 · 0⤊ 0⤋
Co-signer is responsible on all default loan. The co-signer has guranteed the loan due to th efact the borrower was not credit worthy. If the co-signer was not aware, then there was some very questionable legal matter. Did someone sign the co-signer's name and also provide false information? Or the co-signer just didn't understand what he/she is signing? If it is, that is bad news to the co-signer.
2007-10-11 07:12:46 · answer #3 · answered by j g 2 · 0⤊ 0⤋
If you didnt get consent of the cosigner then they couldnt possibly be a cosigner...A cosigner has to sign the papers just as the buyer would... So if the cosigner signed the papers then if the buyer doesnt pay they will go after the cosigner..
2007-10-11 06:51:56 · answer #4 · answered by Anonymous · 1⤊ 0⤋
No the new loan wouldn't have anything to do with the orginal loan, it is the best thing that can happen to a cosigner.
2007-10-11 06:52:10 · answer #5 · answered by shipwreck 7 · 1⤊ 0⤋
If the unique loan is refinanced decrease than his own call in common terms, you're off the hook. i'm hoping you found out by no skill to lend money to friends or relatives because of the fact in maximum circumstances, they'll by no skill pay it returned on time.
2016-10-06 12:17:47 · answer #6 · answered by lepeska 4 · 0⤊ 0⤋
If the co-signer signed it, yes. If not then there is a possible fraud.
2007-10-11 07:49:42 · answer #7 · answered by Mr. Prefect 6 · 0⤊ 0⤋
yup
2007-10-11 06:55:06 · answer #8 · answered by Anonymous · 0⤊ 1⤋