Guarantor confusion

Bunni

Hello,

I have a question regarding guarantors.
I got finance for a new smart car in june2008, with my uncle as the guarantor.
The car is registered in my name, I signed all the stuff for finance etc, and I pay the monthly amount out of my account in my name.

However I phoned up the finance company today to clarify how much was left to pay, and they said that I was not the contract holder and my uncle was, and therefore refused to talk to me.

Now, I thought it was my contract and he was just co-signing to say he will pay if I don't. Does this mean its all been in his name all along? Does it mean I have not received all the good credit I deserve for not missing payments etc?

I am very confused :S
Any help and explanations are much appreciated.

BugsyBrowne

Bunni wrote: »

Hello,

I have a question regarding guarantors.
I got finance for a new smart car in june2008, with my uncle as the guarantor.
The car is registered in my name, I signed all the stuff for finance etc, and I pay the monthly amount out of my account in my name.

However I phoned up the finance company today to clarify how much was left to pay, and they said that I was not the contract holder and my uncle was, and therefore refused to talk to me.

Now, I thought it was my contract and he was just co-signing to say he will pay if I don't. Does this mean its all been in his name all along? Does it mean I have not received all the good credit I deserve for not missing payments etc?

I am very confused :S
Any help and explanations are much appreciated.

Your uncle has sole responsibility of that motor,I am not surprised they don't want to talk to you as your uncles the one they will hunt down if you miss a payment.
It will be on his credit profile not yours,so other lenders will not know you have no missed payments.

jonesMUFCforever

star-fire wrote: »

Your uncle has sole responsibility of that motor,I am not surprised they don't want to talk to you as your uncles the one they will hunt down if you miss a payment.
It will be on his credit profile not yours,so other lenders will not know you have no missed payments.

What does the paperwork say about who's name the loan is in?
A guarantor only comes into the picture if the borrower defaults.
IMO something is not right here.

Bunni

My name is on everything, I am very confused. The car isn't his star-fire its registered in my name so legally mine.

jonesMUFCforever

Bunni wrote: »

My name is on everything, I am very confused. The car isn't his star-fire its registered in my name so legally mine.

In that case I would phone them again and if you get the same reply as before ask to speak to a supervisor.

lawrie28

Bunni wrote: »

My name is on everything, I am very confused. The car isn't his star-fire its registered in my name so legally mine.

No, the vehicle registration document is in your name. Legally the car belongs to the finance company.

However, the paperwork is in your name, and so you should be able to speak to them. I would call back and see if another operator says the same (people do make mistakes) and then ask to speak to a supervisor. Ask them whose bank the payments come out of, and who signed the doc. But have your uncles date of birth and address ready, they might want it.

BugsyBrowne

jonesMUFCforever wrote: »

What does the paperwork say about who's name the loan is in?
A guarantor only comes into the picture if the borrower defaults.
IMO something is not right here.

Yeah good point if the borrower defaults.

Bunni

Thank you very much for the help, will phone back when at my uncles next and see what they have to say for themselves. Is amazing how they are happy to take my money from me but not talk to me about it!
I have phoned couple times and both said same thing. Although one wouldnt give me any info unless I had his address, which was not even on file...?!?! Confusing...

I will let you know how it goes, again thank you very much for the help is much appreciated.

jonesMUFCforever

They might have his details not yours on their system (their error) - sorting it out should be straightforward as long as you get to speak to someone senior enough.