Anonymous asked in Cars & TransportationBuying & Selling · 1 month ago

Is my contract technically invaild and can another bank still finance a car after I signed with another bank but the contract isn't final?

I went to get a new car yesterday and my grandmother is a cosigner. However, they put her as the primary buyer since her credit/income thing was better than mine. I signed my part of the contract and on the paper work I'm the Co. I paid my downpayment and my trade in and I have the new car BUT my grandma hasn't signed her part. 

She wants me to call my credit union to see if they'll finance the car. 

My question is, I signed my part and it was with the bank they use, is it still possible for my credit union to finance the car and I get my trade in and down payment back since my grandma who is the primary didn't sign. 

6 Answers

  • 1 month ago

    Contact whoever you were buying it from and tell them that she wants you to check with the credit union about getting financing.

    They probably won't have a problem with it - as long as they get their money.  If they give you any crap, ask for a manager.

  • Anonymous
    1 month ago

    You are cobuyers. Co-owners.  You can find new financing if its QUICK.  Otherwise You cannot change your mind and back out and get money back.  If she fails to sign they are going to take their car back and keep your cash.

  • Anonymous
    1 month ago

    a) A Co-signer is ALWAYS the primary buyer. 


    b) We can't tell you. Not all lenders have the same policy and not all states have the same contract laws.


    c) Chances are high that if your mother hasn't signed the contract, it's not valid yet, in which case you can try financing with another institution. 

    Source(s): A basic clue. Get one. Life will be easier if you do.
  • 1 month ago

    Your contract is not "invalid".  However, it is not an executed contract.

    You can contact your credit union to see if they will finance you.

    If you get your credit union to finance it, you don't get your downpayment or trade-in back.  You owe $X on the car and $X is what the credit union would loan you.  You can't change the deal at this point.

    If grandma never signs and you can't get another loan, you need to return the car and you may be cash for your trade-in instead of the car. 

    - I don't think the dealer should have allowed you to drive off but you were really stupid to drive off. 

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  • Anonymous
    1 month ago

    Yes, talk to your credit union about getting the right financing since your grandma is balking. As for the down payment and trade-in, that's between you and the dealer... the amount of the loan has been determined based on the price, trade, and cash you agreed to, and it's down to who is going to lend whom the rest of the money.

  • Kieth
    Lv 7
    1 month ago

    Without her signature, it isn't valid, just say she refused to sign because it said she was primary.

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