Straw Loan

Wheely52

New Member
Jurisdiction
Tennessee
My husband and son purchased a vehicle from a dealership. The dealership was aware that the primary driver of the vehicle would be my son that is still in college. My husband is the borrower/purchaser, his name is the only name on the loan. My son made a payment and received a confirmation number but the payment has never been deducted from his account. The dealership now advises the loan has been cancelled and to return the vehicle and loose our 3,000 dollar down payment. Please advise me of my options.
 
My husband and son purchased a vehicle from a dealership. The dealership was aware that the primary driver of the vehicle would be my son that is still in college. My husband is the borrower/purchaser, his name is the only name on the loan. My son made a payment and received a confirmation number but the payment has never been deducted from his account. The dealership now advises the loan has been cancelled and to return the vehicle and loose our 3,000 dollar down payment. Please advise me of my options.
Get other financing and pay the vehicle off in full.
 
The dealership was aware that the primary driver of the vehicle would be my son that is still in college.

What the dealer "was aware" of is irrelevant and meaningless. It's what's on the paper that counts.

My husband is the borrower/purchaser, his name is the only name on the loan.

Then your husband should have been the one making the payments.

My son made a payment and received a confirmation number but the payment has never been deducted from his account. The dealership now advises the loan has been cancelled

For non-payment, I'm guessing.

Get other financing and pay the vehicle off in full.

Yeah, that.
 
I never buy straw on credit.

Straw is much cheaper when you pay in cash.

I never buy straw on credit.

Straw is much cheaper when you pay in cash.

I never buy straw on credit.

Straw is much cheaper when you pay in cash.
 
It should not matter where the payment came from, only that it was paid on time.
Was it on time? You only said there was a confirmation number.

How long since the vehicle was purchased? Was this the very first payment?
 
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