My daughter 3 months ago was trying to get her boyfriend a truck loan. He was turned down due to credit rating etc. The car dealer suggested she should apply (but not as a co-signer but primary) as she had a good credit rating. I advised her not to do this but the boyfriend and the dealer finally talked her into it. Now I thought they would not approve her anyway because she just got a car loan for a new car and had another loan she had to pay off the same boyfriend had not paid. Now I know her finance as after the phone, loan, car payment , and insurances she has $ 50.00 a week left. Now what the car dealer did in getting her another car payment for 30 K has to be magic. She was being turned down by 10-13 loan companies for a lesser amount of 22K at this same dealer. And one of the turn downs came from the same bank in Ohio that would later ok the 30K with NO Down Payment ! Now the boy friend again has not paid any payments and the truck is ready for repro. The question I have is several,
1. Is voluntary better than not voluntary and how does she vluntary give the truck back ?
2. How and why she was given a loan if they checked employment, finance, credit did they have a right to give the loan ? Note: She works for my company and no call was made for verification ? and her stub tells the whole story if they would have actually checked.
3. Is there any other options for a legal way out and who would she see to get this help if available ?
Thank You for any light you could provide. My daughter is a good hearted person and was taken advantage of by both. I know she needs to learn on this but it would be wrong of me not to give advise as dad. This is out of my realm and I would only help if she gets the lesson this time.
1. Is voluntary better than not voluntary and how does she vluntary give the truck back ?
2. How and why she was given a loan if they checked employment, finance, credit did they have a right to give the loan ? Note: She works for my company and no call was made for verification ? and her stub tells the whole story if they would have actually checked.
3. Is there any other options for a legal way out and who would she see to get this help if available ?
Thank You for any light you could provide. My daughter is a good hearted person and was taken advantage of by both. I know she needs to learn on this but it would be wrong of me not to give advise as dad. This is out of my realm and I would only help if she gets the lesson this time.
