Timeline for A finance broker made me the primary instead of a co-signer
Current License: CC BY-SA 4.0
9 events
| when toggle format | what | by | license | comment | |
|---|---|---|---|---|---|
| Aug 12 at 10:34 | comment | added | Pete B. | @MiratheaAmelie it is ridiculous. Why did you sign the papers? | |
| Aug 11 at 14:54 | vote | accept | Mirathea Amelie | ||
| Aug 11 at 14:54 | |||||
| Aug 11 at 12:55 | comment | added | Mirathea Amelie | For the 30k cash that my friend received from the broker. He will have to pay almost 36k interest which is more than what he owed to them. That is ridiculous isn’t it. What was explained to my friend was they will lend him money for 11% interest payable in 5years so when he calculated she said it was as the same as getting loan in the bank. Since he can’t get any loan due to his low credit score and there’s a lot of documents needed getting a loan in the bank. Since he needed the money he believed in this crappy people. I would like to bring it up to a lawyer but i don’t know if there’s chance | |
| Aug 11 at 12:49 | comment | added | Mirathea Amelie | We didn’t sign up for a car loan. Initially the application was personal loan amounting to 30k to this finance broker. But we didn’t know that both our vehicle was put as a collateral without our knowledge. They just told us it’s their requirement for the loan they give to my friend. It seems the broker had a deal with a financing car dealership because when i saw the contract of the loan they made it look like my friends vehicle was traded and i purchased my car in that dealership. And the total amount he owed is 46k plus the interest for 84mos it will sum up to 66k. | |
| Aug 9 at 3:43 | comment | added | brhans | There's no indication in the question that the loan was used for or ever intended to be used for a car purchase. | |
| Aug 9 at 0:43 | comment | added | IllusiveBrian | I think the OP is saying the loan was supposed to be a personal loan with no collateral but their car was somehow added as collateral, not that it was a car loan. | |
| Aug 8 at 18:53 | comment | added | chepner | Co-signers have no ownership interest in the car, and I would be very surprised that you could be sued as a part owner unless you signed something in addition to the loan paperwork. The primary borrower is just the person the lender tries to get money from first; co-signers are equally liable for the debt. | |
| Aug 8 at 14:16 | history | edited | Pete B. | CC BY-SA 4.0 |
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| Aug 8 at 10:54 | history | answered | Pete B. | CC BY-SA 4.0 |