cosigner backs out

Asked by Jul 18, 2017 at 08:01 PM about the 2014 BMW 5 Series 535i Sedan RWD

Question type: General

had a 2011 328i. owed 19,000. traded it in for a 2014 535i. they gave me
10,000 for my car. still had 9,000 to owe. so they put the balance on the
535i. but they said i need a cosigner. got a cosigner. they sent him the paper
work through the mail to have him sign for the cosign. in the mean time bmw
gave me the car and i drove off after i put 2500 down. now the cosigner will
not sign the paper work. what ca i do now. i never missed a payment on my
first bmw.

3 Answers

275,715

Ouch, I would talk to your lender to see what can be done.

96,405

Rolling over the 9 grand probably pissed off your co-signer. You should have asked them before doing anything.

1,840

I would also.......you are looking for financial trouble when you trade cars and roll the old loan into the new one. Any way you look at it, you are making payments on a car you no longer own. Get the old car back, pay it off before buying another one.

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