straw purchase car reddit
A co-borrower is different from a co-signer in that the co-borrower is a joint owner of the vehicle. A dealer playing the saving you money card.
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As a consumer dont get drawn into any of these situations.
. She does not have a drivers license. My girlfriend and I are trying to buy a new car. We BOTH will use the car as it will be our only car.
A straw purchase is a fraudulent process all around. When an unethical dealer initiates a straw purchase theyll typically present it in one of three ways. Straw purchasing is the practice of falsifying loan documents to get a low credit buyer into a new car.
A straw purchase is a recipe for getting a good rate on a loan that you arent qualified for but the secret ingredient is crime. My credit is garbage but hers is incredible. To perform a straw purchase two people must agree to defraud a lender or dealership together by having one person with a good credit score and financial standing secure a loan in order to purchase a car for another person who could not.
A seller-initiated straw purchase involves a person with poor credit bringing along a co-signer whos then fooled into buying the car for themselves. An auto loan is a legal document and because the straw purchaser attests to the accuracy of the false information they provide theyre. In this situation the dealer explains that with both the potential buyer and cosigner on the loan interest rates and monthly.
Straw purchase car reddit Saturday May 14 2022 Edit.
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