I have an unusual situation that I'd like to share. My mother's boyfriend went to get a new Honda Civic back in June 2002. Since he never believed in using credit cards and had always paid everything in cash his entire life, he had no credit rating at all. Now my mother agreed to be the co-signer on any loan or lease they offered him, but the dealer insisted that because he had no credit rating, he couldn't be a signer, but that instead, my mother could be the signer and that he could be the co-signer. Tired of driving her boyfriend around (since his previous car had broken down), my mother agreed, no matter how messed-up she thought the whole deal was. Now a year later, her boyfriend has a good rating (just got a Discover Platinum card), and she wants to get out from under the lease and make him the sole signer. A few questions on this: 1. Is it possible for him to be sole signer and for my mother to free herself of the loan entirely, i.e. account closed by consumer on her credit report? 2. Isn't it a little fishy that a man with no credit rating could not be a signer on a lease but could be a co-signer? Was there any law broken? The dealer who they got the car from was a nasty, slick, manipulative a**hole. Thanks for any insight or help.
Not really. My first car, I was the co-signer and my Dad was first. Technically, whether you are first or 2nd on the loan you are 100% jointly and severally liable for the debt.
