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so just a couple days ago I was able to get a car for. $100 down right i thought to good to be true so i went to the dealer ship anyway,

they ran my credit and gave me 2 options they told me i can get a car worth only 10000 but they didn't have a car in their lot worth that much the second option was a "opportunity loan" they said i can pick a car up to $45000 and $100 down but I needed a co signer so I called my grandpa and he was willing to co sign ,

the guy at the dealership told me i can get him off in a year as long as I pay on time . Now my grandpa gets a call from the guy at the dealership saying the payments have to be made in his name . I texted the guy at the dealership and asked why that is he said because he is primary for only the first year 🙄

at that point I was upset because I was told I only need a co signer not anything else and I was told my grandpa has to be on the insurance and it has to be his address. Me and my grandpa both signed paper work . Does anyone know what the hell this guy is doing and what the hell he's talking about? Here is what the guy said in his own words

Yes he's on that loan for the first year I need you to work on your credit and you're going to come back and then we're going to take him off the loan

My 2 main questions is . Is it possible for after a year for every thing to be in my name like this guy says 🤔? And if I am even on the car at all if we both signed paper work .?

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    Breaking your text into sentences and paragraphs would make it much easier to read.
    – The Photon
    Jun 21, 2020 at 15:25
  • Hope that helps 😇
    – Jasmine Auces
    Jun 21, 2020 at 15:34
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    Sounds like your grandfather bought a car, and maybe you're also on the title. The loan paperwork and title should tell the whole story. Depending on where you live and how long ago he purchased the car he might have some recourse to unwind the whole deal.
    – Hart CO
    Jun 21, 2020 at 15:45
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    I doubt they would actually remove him from the existing loan, but rather if you could qualify for a car loan on your own in a year for the amount remaining on the current loan you could take out a new loan in your name to pay off the existing loan and then his obligation to pay would be gone. My biggest concern would be that you might not even be a co-owner of the car, make sure that you are a co-buyer on the loan and not a cosigner only, and that your name appears on the title.
    – Hart CO
    Jun 21, 2020 at 16:09
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    To anyone else reading this question in the future: Don't buy a 45k car unless you are earning at least 90k a year. Your future self will hate you for it.
    – Jon Barker
    Jun 23, 2020 at 17:31

2 Answers 2

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Does anyone know what the hell this guy is doing and what the hell he's talking about?

The dealer wants to sell a car. That's his job, and he doesn't really care who he sells it to.

He ran your details past the loan company and they said "no". He ran your grandpa's details past the credit company and they said "yes".

So the dealer has sold your grandpa a $45000 car on finance. Your name might also appear on the paperwork as a co-signer. The finance company won't particularly care, as grandpa is the one who has the money to buy an expensive car.

You might be able to refinance the car in your name in a year's time. But probably not. After all, they turned you down the first time.

The dealer doesn't really care as he has now sold the car. The finance is now between you and the finance company. It's not his problem any more.

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  • but if that is true before I even called my grandpa into this why did he run my credit and say I was approved for an opportunity loan? Why did he say I need a co signer instead on just saying I wasn't approved?
    – Jasmine Auces
    Jun 21, 2020 at 20:58
  • These are the last messages he sent me. Yeah your first payment I believe it's on August 1st the manager told me and yes you can give it to your grandpa and let him pay it. Yes he's on that loan for the first year I need you to work on your credit and you're going to come back and then we're going to take him off the loan and put you on it.
    – Jasmine Auces
    Jun 21, 2020 at 20:59
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    @JasmineAuces You are assuming that the dealer tells the truth here.
    – Simon B
    Jun 22, 2020 at 8:02
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    @JasmineAuces The phrase "the second option was a "opportunity loan"" translates as "the salesman has a second opportunity of making a sale". They are not going to turn you down flat if there's even an outside chance that someone you know would be eligible for the loan.
    – TripeHound
    Jun 22, 2020 at 14:43
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And if I am even on the car at all if we both signed paper work?

You probably are. Check the registration and check with the company that financed the car. Ask if you are considered a co-borrower.

Is it possible for after a year for every thing to be in my name like this guy says

Probably and maybe even sooner. If I was you, I would go to your bank, or a local credit union and ask what can be done to refinance this car in your name only. They will be far more trustworthy. They may say, we can do it today!

The bottom line is you made a mistake and bought a car in one of the most expensive ways possible. Using dealer financing is typically very expensive and they lie all the time.

A better way to buy a car is to arrange for you financing ahead of time with your local bank or credit union.

The best way, to buy a car, is to pay cash. Save up enough money to pay cash for your next car.

You can't really stop how most car dealers will lie and cheat to sell you a car, but by either paying cash or arranging for your financing ahead of time you certainly limit their ability to cheat you.

What you have gone through is very common in a cosigning situation.

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