Auto loan straw purchase

[Jose briggs]

Jurisdiction

New York

I went with my daughters mother to New York to purchase a car she saw online (09 nissan murano). She was told her credit was bad and she need a cosigner so I co-signed the car for her. Recently she purchased a new car and was going to give the car back to the bank (09 nissan murano) when I learned I was the primary holder for this loan when I should be a co-signer. I contacted the bank and let them know I have possession of this vehicle now. The thing is if I was the primary why was the car in my daughters mother name. I learned the car is always in the name of the primary. But to this day the car was never titled and registered to me it was in her name. I read a few minutes ago about the straw purchase scam and would like to know what I can do about this because I basically had this car just dropped on me. I never had ownership or possession of this car, it was not in my name and the bank never dealt with me about this car or payments until I stopped her from returning the car because I didn't want my credit affected. I live in Pennsylvania but the car was purchased in New York. Thank you for any feed back.

 

[army judge]

You may have been the victim of a straw purchase scam.

You'll never be able to prove it.

The questions you're asking need to be asked of the lender.

The problem is, the lender will lie, or blame the woman who conned you into being her sugar daddy.

If I were you, I'd resolve not to ever help anyone buy anything by jeopardizing your good credit.

If the bank won't finance a person, you shouldn't be duped to do what the bank won't.

If you want to give someone $500, or a $1,000 to assist them, the way I handle requests from deadbeat relatives, it's a way to save your credit and reduce stress.

In most cases, I simply tell the person the best answer to most requests, "NO!!!"

I suggest you gift the junk car to a charity, give it back to the scammer and payoff the note, or payoff the note and sell the car, if $500 will make you feel better.

Anything else you try will yield no positive results, and not enough money to compensate you for your valuable time.

 

[txls]

You may have been a guarantor rather than a co-signer. If that is the case then your name would not be on the title. Call or go to the bank and/or dealership and obtain copies of everything you signed and read those documents. If the car is in her name and she was the person driving the vehicle, that does not meet the definition of straw purchase.