Bowling Green, OH asked in Contracts and Consumer Law for Ohio

Q: Can a car dealership come back and ask you for a co-signer once they have approved you for a loan, you have signed.

A car loan was approved by the dealership, all documents signed and the vehicle given to me. Now they called and want a co-signer. Is this legal? Do i have to give a co-signer after approval has been given?

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1 Lawyer Answer
Mark Martin Turner
Mark Martin Turner
Answered
  • Consumer Law Lawyer
  • Cleveland Heights, OH
  • Licensed in Ohio

A: Maybe. If the dealer required you to sign a spot loan agreement they may be able to do that. Such an agreement in essence states that you can have the car but your loan is under consideration and not yet approved. If you did not have such an agreement, or if you have documentation that the loan has already been approved, the dealer cannot do this. Even with a spot loan agreement, the dealer must be using it properly, and not as a way to deceive the consumer

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