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  1. #1
    Join Date
    Sep 2017
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    1

    Default Dealership Approved a Loan for a Borrower With No Income or Cosigner

    My question involves a consumer law issue in the State of: Nevada. A bit more than year ago my wife and I had purchased a new SUV. The engine just stopped working while driving 65 mph. After months of back and forth Kia agreed to take the car back and release us from responsibility, or so I thought. My wife returned the vehicle without me and was subsequently pressured into exchanging the car for an even more expensive model with the difference added to the loan. None of this is illegal, but here is where our gets shady. They approved her a $47K loan without her having any source of income (other than myself) and no co-signer. I never signed or approved a single thing. Later, when finding out the size of the car payment and what had happened, I want to stop this. This sounds like predatory lending. Do I have a legal leg to stand on?

  2. #2
    Join Date
    Jan 2006
    Posts
    35,666

    Default Re: Loan

    Later? How much later?

  3. #3
    Join Date
    Mar 2013
    Posts
    14,290

    Default Re: Dealership Approved a Loan for a Borrower With No Income or Cosigner

    Quote Quoting Mykael74
    View Post
    They approved her a $47K loan without her having any source of income (other than myself) and no co-signer. I never signed or approved a single thing.
    You didn't have to. She's an adult, she bought it, she borrowed to buy it.

    Quote Quoting Mykael74
    View Post
    Later, when finding out the size of the car payment and what had happened, I want to stop this. This sounds like predatory lending.
    Sounds more like foolish borrowing. Your wife could have said no and walked out. Nobody put a gun to her head.

    Quote Quoting Mykael74
    View Post

    Do I have a legal leg to stand on?
    No.

  4. #4
    Join Date
    Jan 2006
    Posts
    35,666

    Default Re: Dealership Approved a Loan for a Borrower With No Income or Cosigner

    Were both you and your wife on the title to the first vehicle? If so, did both you and she sign off of the title?

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