Expert: Shari - 6/17/2009

Question
Last Thursday evening I found a new car at a dealership.  We did the paperwork and they gave me the keys.  I told them I would wait until I knew all the loan information went through.  They told me it would be no problem and sent me on my way with the car.  Yesterday, they called and told me they wanted me to have a co-signer on the loan.  I told them no.  What happens now (I live in MN)?

Answer
Dealers do that Denise, put you in a vehicle hoping to get the financing done. They are fairly sure you won't give it up but find a co-signor because they make more money.

Tell them you don't have a co-signor and see where it goes. You will have to give up the vehicle if they don't find financing.