Legal Question in Business Law in Illinois

Auto Loan

My son Bought A car Last Year and took his 75 year old grand mother with to cosign his loan. We are putting her in a home now because she has physical and memory health issues and needs full time care. My wife is assuming power of attourney because she is not capable of making decisions. We are closing all her accounts and ran into a snag. It appears they placed grandma as the buyer of the little sports car. ( she never had a licence nor dove in her life). My son is the cosighner. He is making the payments, it only reflects on her credit rating as the owner. I tried numerous times to have her name taken from the title. So that he would get the credit with the responsibility. It's only fair. The finacial company only says he is responsible to pay back the loan because he cosigned for grandma. When he tried to buy the car they told him he did not have established credit and would need a cosigner to purchase a car. Is there anything we can do.


Asked on 3/07/07, 6:48 pm

1 Answer from Attorneys

Re: Auto Loan

You mght be able to refinance the loan, if not, pay off the loan, then have your son take out a new loan, using the car as collateral, perhaps a 12 month loan for $1000. That would establish credit for him.

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Answered on 3/08/07, 1:32 am


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