My mother asked for me to sign for her a car as a co-signer. I spoke to the dealership finance rep to confirm price and payment information. My mother was at the dealership I was not I was at home in a completely different town. The dealership asked for me to email my if and confirmed payment amounts with me on the phone. 4 days later the dealership mailed me the contract agreement papers. Looking st the contract they lied they have me as purchaser and my mother as co-signer, the car is coming up to 40,000 more than what was told to me, and they also have the incorrect credit score. I signed the papers not realizing what was on the deal I have now realized the scheme. I still have all the contract papers in front of me at home what should I do? I don’t agree to any of this and don’t want to send in this contract.
2 Answers
Don't send the contract back, obviously.
You can search this forum for those that cosigned loans and then regretted it later. This is the same kind of thing. Please shred and then burn those papers.
Inside you there is a grateful person looking to help your mom and that is commendable. If your mom needs a car, and you are in a position to purchase one I would do so. However, do it on your terms. You pick out the car, you buy it in cash, and then give it to your mom.
Loans and messy cosigning schemes will only leave you with regrets, and might irrecoverable damage the relationship with your mother. You don't want that, and she does not want that in the long run. The desire to have this car might be clouding her judgement.
Do not send this contract back, nor have any lengthy discussions with this car dealership. At most, send an email saying "no thanks", and that is all.
Of course talk to your mom as much as you wish but that you cannot do this car deal or even cosign a loan of any size.
Examples: Borrower vs coborrower
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It doesn't matter too much if your purchaser or co-signer, either way you are fully responsible to pay the total amount, and you have no rights to the car (as your mother is on the title). Basically you give your mother an unsecured credit over the full amount, and she spent it.
If you can still get out, do it.
The internet (and stack-exchange) is full of stories of people that get in deep trouble for contracts like this, because the other party stops paying (voluntarily or involuntarily). Your credit score will crash down if she doesn't pay, before you even know anything about it. You will not be able to get a mortgage, rent a house, buy a car, etc; or you will pay much more (higher interest) for these things.
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