Legal Question in Credit and Debt Law in California

I had consigned for a car loan for a close friend few days later she told me she was not satisfied with the car and that the dealer refused to take the car back since I wasnt happy with the whole situation I contacted the dealer requesting to have my name taken off as consigner the dealer refused to do so and I was told the loan was finalize when I contact the finance company they told me the loan packet hadn't reach their office yet and all matters were still in the hands of the dealer is it legal for them to deny me from removing myself as a cosigner


Asked on 7/14/14, 12:50 pm

1 Answer from Attorneys

The dealer is entirely correct. You signed a contract. You don't just get to change your mind because you decide you are not "happy with the whole situation." Once you sign on the line the only way you get out is to pay off the loan, your friend pays the loan as agreed, or if she somehow gets out of the purchase contract, since rescinding the purchase would, of course, cancel the loan. Don't count on her getting out of the contract, though. There's no cooling off period on car purchases. You sign and drive away and you have a binding contract, period. "Not satisfied" is no excuse to get out anymore than not "happy with the whole situation" gets you out of cosigning. Even if the car is a lemon, its going to be many months before she can get out of the deal and she will have to go through very specific steps very exactly and on time or she will have no Lemon Law rights either.

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Answered on 7/14/14, 3:34 pm


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