Dealer Forged Loan Documents

[Confused68]

What is the name of your state (only U.S. law)? Texas

I am co-signing for a car loan. I signed a contract with a lender that the dealer found. A few days later they found out that they didn't meet the qualifications. They changed lenders. Same APR. The main buyer (fiance) signed the new lender contract. I couldn't make it that day so the dealer decided to sign my name to the contract. After the 2nd lender called me, I questioned how did they have a signed contract by me when I didn't sign anything. They said to contact the dealer. The dealer said they had a verbal power of attorney from my fiance, weird, I thought that was a notarized agreement. They did give me a copy of the forged documents. The lender called me back to ask if I had signed the documents, I told them what they told me. The lender said they dont accept forged documents and now they want me to go back down to the dealership and sign new documents. And the dealer is calling wanting me to sign. Chances are since we got our credit pulled a couple of times, we won't get this kind of deal...but I don't want the dealership to get off this easily, I feel wronged. What do I do?

 

[ecmst12]

Don't sign, walk away from the dealership and convince fiance to buy from someone else.

And don't cosign for a loan that you are not 100% willing and able to pay 100% of the payments on if the other borrower should somehow become unable OR unwilling to pay.

 

[sandyclaus]

What is the name of your state (only U.S. law)? Texas

I am co-signing for a car loan. I signed a contract with a lender that the dealer found. A few days later they found out that they didn't meet the qualifications. They changed lenders. Same APR. The main buyer (fiance) signed the new lender contract. I couldn't make it that day so the dealer decided to sign my name to the contract. After the 2nd lender called me, I questioned how did they have a signed contract by me when I didn't sign anything. They said to contact the dealer. The dealer said they had a verbal power of attorney from my fiance, weird, I thought that was a notarized agreement. They did give me a copy of the forged documents. The lender called me back to ask if I had signed the documents, I told them what they told me. The lender said they dont accept forged documents and now they want me to go back down to the dealership and sign new documents. And the dealer is calling wanting me to sign. Chances are since we got our credit pulled a couple of times, we won't get this kind of deal...but I don't want the dealership to get off this easily, I feel wronged. What do I do?

Don't walk away - RUN! Last time I checked, there is no such thing as a "verbal" power of attorney.

DO NOT go back and sign any new documents. The dealership is simply trying to legitimize the wrong they already tried to do. I would absolutely REFUSE to do business with a dealership with such questionable business practices that border on the criminal (i.e., forgery).

If this dealership was able to secure this kind of deal with a lender, then another dealership should also be able to. (Perhaps you can even mention the lending institution that was willing to provide the financing in this botched deal, and the new dealership can go through them as well.)

 

[swalsh411]

You're worrying too much about those inquiries to your credit. They don't have much effect to begin with (if any) and fall out your report before too long.

 

[Captain Picard]

Is this for a new car? Would you be happy with the car & loan?

If the answer to both is yes then you should consider taking the deal (have you tried to get a better deal with a different dealer?).

I would never co-sign for a loan unless it was my kids'. And even then, I would just buy it outright & have them pay me back directly instead of paying some bank money.

Buy cars with cash; if you don't have the cash to buy a car then its a too expensive car for you.

 

[Andre2099]

Dealers that are willing to stick their necks out like that are most likely desperately trying to pawn off a worthless vehicle on you. I would be more worried about the car than anything else at this point. They already showed you they are not trustworthy, and why are they so eager to get you this car that they would forge your signature?

The car might be an x rental car, or was in an accident. Did you see a carfax or DMV history report? Ask for that ASAP before signing anything.

Otherwise, you might be buying a car for say $20K when it is not even worth $10K. The fact that a car was a Limo, a Taxi, or a Rental dramatically reduces it's value. Not to mention accidents on the history, or worse, salvage title's that were brought across state lines and got a new 'clean' title.

I speak from experience.