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automobile contract problem

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S

sebby

Guest
I recently purchased a vehicle from a dealer with my father as a cosigner. It is listed this way on the sales contract and the "retail installment contract" with the bank.

I was sent a payment book with both of our names on it and in another week or so I was sent a payment book with just my father's name on it. I called the bank and they said that my credit was not strong enough was the reason my name was dropped.

I have reviewed the "retail installment contract" and there is no mention anywhere of this being "subject to approval".

I want the vehicle and I want to get the "credit" for making the payments. My father is not very happy either about being the only one listed on the account.

My first payment is now due, should I go ahead and make it? I have the money, that is not the problem but I was concerned that if I made the payment a would be agreeing to their terms.

I bought the vehicle in DE, I live in NJ and the bank is in NY.

Any advice would be welcome.
 


JETX

Senior Member
Go ahead and make the payments using YOUR checks and your name. The lender will not refuse to accept them. You do NOT want to get in arrears with them, since they could decide to play 'hardball' and reposess the vehicle for non-payment.

The only problem you will have is that the credit for payments will only be reflected to your fathers account.

I would suggest that:
1) You keep copies of ALL payment checks in your name.
2) Continue trying to negotiate a 'correction' of the records to reflect YOUR credit payment.
3) Get it in WRITING from the lender that the payment history will be posted to BOTH of your credit histories (that is the 'normal' way for co-signed notes... both parties are responsible and both parties get the credit or hit).
 

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