Co-Signing Car Finance

jonesMUFCforever

dinks90 wrote: »

When I asked if it was the same as guarantor he told me it’s not.

They will also probably quote you a flat rate instead of APR - they will say that you can have a red car but when you pick it up it will be blue!
What we are saying is BEWARE - they will say anything as their sale depends on it - commission and a kick back from the finance company.
They don't care whether they lie to you or not but as soon as you sign the contract you are trapped.

Get a copy of the finance contract and take it down to trading standards or CAB.

AnotherJoe

dinks90 wrote: »

When I asked if it was the same as guarantor he told me it’s not.

Of course it is. He was lying. If it wasn't the same as a guarantor, eg he isn't liable for the debt, then why do they want his Signature?,they don't collect signatures just for they fun of it.

Sea_Shell

Think of it this way...What other reason could they possibly want another signatory for, if it wasn't to guarantee the finance???

lopsyfa

Some car companies (or car finance companies) won’t sell a car to you if you don’t have a license. I am not sure if there is some law prohibiting it or just their standard operating procedure. This is probably because if you don’t have a license, you won’t be able to drive the car from the forecourt.

Therefore, you are likely to be signing for the finance on the car but you can only know for sure by reading the paperwork you are signing.

MEM62

dinks90 wrote: »

When I asked if it was the same as guarantor he told me it’s not.

I am totally convinced that the salesman is feeding you bull*hit. Believe him at your peril.

dinks90 wrote: »

Is someone who is learning to drive not allowed to buy a car?

Anyone can buy a car. You do not need to be able to drive. If a non-driver does purchase a car they will, of course, need to figure out how it is driven away from the dealers.

poppasmurf_bewdley

dinks90 wrote: »

When I asked if it was the same as guarantor he told me it’s not.

If he told you today is Friday, would you believe him?

Salesmen can tell you lots of things, but it's what you sign your name to that matters. You need to read anything you sign (or anybody else signs) before putting pen to paper.

Clive_Woody

dinks90 wrote: »

When I asked if it was the same as guarantor he told me it’s not.

Ask him to put that in writing and get his area manager to co-sign it :money: