What is the name of your state (only U.S. law)? Iowa
What is the name of your state (only U.S. law)? Iowa
Daughter in a mess. Boyfriend (BF) doesn't have a license and can't own a car in his name. He gets my daughter (D) to put it in her name. He pays the insurance but it's in her name. He fails to pay the insurance unbeknownst to her and has a wreck. He signs promissory note with the other parties insurance company to make payments toward the damages.
Some months later, he has paid payments toward the above damages. He decides he needs to buy a different car. He tells D he has checked out a car at a dealership and takes her to sign the papers. They sign all the wonderful papers to buy a 2002 Malibu for approx. 11,000 @ 19.95% interest when after bought finds that blue book says retail is $5600. She did not have enough income to purchase so BF signed as Co-Buyer (he earns more). Now a month down the road and he has managed to put about 4,000 miles on it, they find that due to the previous accident D's registration priveleges are suspended as well. DMV shows the Malibu 'cancelled'. I would assume since the dealership took for license and title fees, they attempted to file them to transfer title into D and BF's name but it was kicked back, 'cancelled'. Also guessing that means they know that is has been cancelled. Oct 10 is deadline to register.
She has determined BF no good. She is planning to move home. We were planning to keep up the payments and try to sell car privately until this registration issue came along.
Only alternative we can see is for her to take a hit on her credit (which until now was building nicely) and return the car to the dealership. This dealership is infamous, according to what I read on the internet. JD Byrider. Lender is in house with JD Byrider called CNAC.
She has kicked BF out. He will not give up keys to the car but it is locked in the garage which she has the keys. She told him to either find someone to sign as primary to get her name off or car was going back.
#1 is Co-Buyer synonymous with Co-Signer, or is he a joint buyer?
#2 any advice on how best to handle the return of this car.
I've read the entire contract. Seems they have covered all basis of a typical rip off dealership. They had them sign a document that they were not in any way being coerced into this transaction, notice of video taping and that all phone calls will be recorded, notice that any efforts necessary to receive payment including contacting employer and references are approved, D signed a Limited POA giving them the right to take from her bank account if she did not make the regularly scheduled payments as agreed by check. They seem to have total POA over anything having to do with this car where D is concerned. Let me know what other info you may require to assist in this matter. Most appreciated.
What is the name of your state (only U.S. law)? Iowa
Daughter in a mess. Boyfriend (BF) doesn't have a license and can't own a car in his name. He gets my daughter (D) to put it in her name. He pays the insurance but it's in her name. He fails to pay the insurance unbeknownst to her and has a wreck. He signs promissory note with the other parties insurance company to make payments toward the damages.
Some months later, he has paid payments toward the above damages. He decides he needs to buy a different car. He tells D he has checked out a car at a dealership and takes her to sign the papers. They sign all the wonderful papers to buy a 2002 Malibu for approx. 11,000 @ 19.95% interest when after bought finds that blue book says retail is $5600. She did not have enough income to purchase so BF signed as Co-Buyer (he earns more). Now a month down the road and he has managed to put about 4,000 miles on it, they find that due to the previous accident D's registration priveleges are suspended as well. DMV shows the Malibu 'cancelled'. I would assume since the dealership took for license and title fees, they attempted to file them to transfer title into D and BF's name but it was kicked back, 'cancelled'. Also guessing that means they know that is has been cancelled. Oct 10 is deadline to register.
She has determined BF no good. She is planning to move home. We were planning to keep up the payments and try to sell car privately until this registration issue came along.
Only alternative we can see is for her to take a hit on her credit (which until now was building nicely) and return the car to the dealership. This dealership is infamous, according to what I read on the internet. JD Byrider. Lender is in house with JD Byrider called CNAC.
She has kicked BF out. He will not give up keys to the car but it is locked in the garage which she has the keys. She told him to either find someone to sign as primary to get her name off or car was going back.
#1 is Co-Buyer synonymous with Co-Signer, or is he a joint buyer?
#2 any advice on how best to handle the return of this car.
I've read the entire contract. Seems they have covered all basis of a typical rip off dealership. They had them sign a document that they were not in any way being coerced into this transaction, notice of video taping and that all phone calls will be recorded, notice that any efforts necessary to receive payment including contacting employer and references are approved, D signed a Limited POA giving them the right to take from her bank account if she did not make the regularly scheduled payments as agreed by check. They seem to have total POA over anything having to do with this car where D is concerned. Let me know what other info you may require to assist in this matter. Most appreciated.
