Legal Question in Consumer Law in California

Contract on New Car

In June, my husband and I co-signed on an auto loan for our 18 year old son. We signed the contract with our son as the borrower and we as co-borrowers. I noticed the bills were coming in my husband's name, so I called the finance co. They told me they automatically put the strong borrower as the main, and moved my son to the co-borrower position. Can this be done after we signed the contract? We don't want to show as the main borrower, since it makes it look like we have more outstanding debt on our credit report. My son needs the full credit for this, since he's making the payments and has no other credit at this point.


Asked on 10/10/00, 11:54 am

1 Answer from Attorneys
Howard Silver Law Offices Of Howard D. Silver

Re: Contract on New Car

IN RESPONSE TO YOUR QUESTION, IF YOU SIGNED THE CONTRACT IN A SECONDARY POSITION YOU SHOULD REMAIN THERE. YOUR SON SHOULD REMAIN AS THE PRIMARY DEBTOR ON THE LOAN. IF YOU WOULD LIKE TO DISCUSS THIS FURTHER PLEASE CONTACT ME FOR A FREE CONSULTATION OVER THE TELEPHONE OR AT MY OFFICE. THANK YOU, HOWARD SILVER

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Answered on 11/06/00, 10:30 am


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