My dad co-signed my car loan, but he's listed as buyer on contract?

The dealership required my dad to co-sign the loan for me. We signed the contracts and now I see that he is listed as the Buyer, and I am listed as the Co-Buyer. Isn't that wrong? Shouldn't I be listed as the primary buyer and he merely the co-signer? I'm just wondering if the dealership got confused (or was trying to pull a fast one) or if we just signed in the wrong place. I would never have went through with the purchase if I knew they had us co-buying. He was only co-signing my loan. Please help, thanks!

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  • 1 month ago
    Favourite answer

    For folks answering re: the title and the name on it, and "who it belongs to", the vehicle belongs to the bank and THEY hold the title 'til it's paid in full. Some states allow the buyer a copy of the title, but the enforceable/actionable one resides with the lender. 

    If it got you a better rate, let it alone. It really doesn't matter who's listed first. You both are responsible for the payment. When it's paid off, your dad can sign over the title to you. 

    Also, regarding a "cooling off period"... not sure as to why this keeps coming up. There is no "cooling off" or "buyer's remorse" in vehicle sales. Not 3 days, not 3 hours, nothing. You sign, it's yours. If the dealer or chain of dealers has a different policy, great. But, there is no magic law that gets you out of a deal. 

  • M.
    Lv 7
    1 month ago

    Everybody in power errs in THEIR favor. 

    How about this: You took out a loan for a car that you bought. You have every chance to make your payments. If you do not, your father has agreed to make them. But let's just say that you never default and you make all your payments on time, and pay off the loan. Who owns the car??? Well, whose name is on the title? If your father's name is somehow on the title, how do you lawfully get it removed? What if he is angry at you and refuses to cooperate? What if you want to sell your car but his name is on it? How did he become an/the owner? He paid nothing toward the car. He was not injured financially or by any other way for putting his signature on your loan. So then how do the dealership and loan company justify their procedure? Maybe you need to be asking a few questions now, so you know. There should be one name on the title under OWNER.  Yours! The lending institution should be listed as 1st secured party.  And when you pay off your loan, they give you a RELEASE of secured party. Do you have the title? Have you seen it?

  • Anonymous
    1 month ago

    You're an idiot, plain and simple. Everything you think you know about a cosigned loan is wrong. 

  • Scott
    Lv 7
    1 month ago

    They used his credit and income to qualify for the loan. The dealership didn't get confused, you did. 

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  • 1 month ago

    You signed a document without reading it.

    Regardless of why the dealership did it, they did it and you didn't catch it.

    If you are in a state that allows a cooling off period, you are still within that period, and you did what you needed to do to receive this benefit (if there is any action needed on your part), then you go back to the dealership and say do over.  Otherwise, you and your dad jointly share the ownership of the car.  When you get the title, you need to see if it's an "and" or an "or" there are pros & cons of each.  You will need to determine which is best for you.

  • 1 month ago

    If you're a minor, he HAS to be the primary Buyer. You aren't legally allowed to enter into a contract as a buyer. If you're over 18, they would use the person with the best credit as primary buyer and the other person as co-buyer. He's the one who will be responsible for the loan. 

  • martin
    Lv 7
    1 month ago

    Don't take offense at that.  It's an internal matter within the Dealership's management control, probably preferring listing the wealthier person as buyer.  Now you can assign yourself as primary owner for purposes of the motor vehicle registration.

  • Anonymous
    1 month ago

    Go to the dealer and ask what is going on.

  • Anonymous
    1 month ago

    your father is listed as buyer as he is ultimately responsible for paying.

    if you default the bill is his to pay.

    no mistake that's how it is supposed to be.

  • Anonymous
    1 month ago

    Im guessing the dealer did that to get you a better rate. Co Buyer and co signer really are the same. It shows up the same on both credit reports with no mention of cosigner. But to the lender, a more established first name probably means a better rate.

    The title should be in both names meaning both have to sign to sell the car.

    Call the finance guy & ask. And let me know if Im right.

    I was able to get a car loan on my own but my first mastercard, I could not get so my dad had to cosign. It was a local bank and they told us that we would both be on there for a year and if I was never late he would drop off. That was 30+ years ago so we had no way of knowing if it was true or not because we never got credit reports & checked.. But, I doubt they would have lied about it. In the credit cards instance, his name was NOT on the card but it should have showed on his credit report for the first year.  If I would not have paid, it would have hurt both our credit. I was a responsible young man but he threatened me just the same. Now my score is 827. 

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