Legal Question in Credit and Debt Law in Connecticut

Co-signing a car loan

My husband bought a new car a few weeks ago and I thought about co-signing for him because my credit is much better than his. I signed a loan application to see what rate he could get. When it was time to sign all the loan documents, I decided that I would not be a part of it. Therefore, my name does not appear on the finance contract or any of the documents pertaining to his purchase.

He just received his first statement in the mail and my name appears on the statement, as well as his. Yesterday, I sent a letter to the finance company stating this and enclosed the contract as well as any document that had a section for a co-signer or co-buyer to sign.

Am I still bound to being a co-signer even though my name and signature are not on the contract? Am I safe in assuming a loan application is not a binding contract?

Thanks in advance for your response.

Sheryl


Asked on 6/19/03, 11:16 am

1 Answer from Attorneys
Thomas Noonan Attorney Thomas F. Noonan L.L.C.

Re: Co-signing a car loan

From your question, the only document you signed is the loan application. If you did not sign the note and finance agreement, you are not liable. However, you must make sure that the loan application does not obligate you in any way. If you don't get a favorable response from your letter to the finance company, you should seek legal advice to review the documents. I, and some attorneys, will give a free consulation to review the matter with you, but you need to bring all your documents, including what was signed by you spouse.

Please call for an appointment at 203 6399838, if you wish me to review the documents. Tom Noonan

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Answered on 6/19/03, 7:17 pm


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