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Tom B.
Tom B., Barrister & Solicitor
Category: Canada Law
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Experience:  25 years in practice
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1 year ago I co-signed a vehicle loan for $80,000. It is

Customer Question

1 year ago I co-signed a vehicle loan for $80,000. It is greater than what the vehicle is worth. I was not given one stitch of paperwork, there was no disclosure, I was not asked to give proof of my ability to pay this loan, the salesperson is a buddy of the guy I co-signed for. When I tried to get myself taken off the loan I am being threatened by the owner of the vehicle he will claim bankrupcy, take the vehicle back to the dealer or I can have his truck and pay his loan so he can go buy another truck. I am a single mother with a mortgage to pay and have no way of paying this loan if he does any of the things he is threatening. I have put a complaint in with the Ombudsman of TD Auto Financial, talked to the TD Branch manager here in my town. He can't sell the vehicle because it is worth less than the loan. I would like to see a lawyer here that deals with this kind of situation. The owner of the vehicle is not co-operating in any way to resolve this unless I do one of the things he has demanded I do.
Submitted: 1 year ago.
Category: Canada Law
Expert:  Debra replied 1 year ago.

Are you saying you didn't understand what you agreed to do?

Customer: replied 1 year ago.
I asked the people in the room once I saw how much the loan was for (this was the first time I knew the amount) Can this person refinance the loan and remove me from it at a later time. I was told absolutely. I also asked this more recently to the TD Financial they said the same thing. But I have since found out that it is far more complicated than that due to the loan being more than the vehicle is worth. Plus the complete lack of co-operation by the owner to resolve this. The TD Branch manager has called him twice to try and meet with him. He won't return her calls or mine. He has no desire to resolve this.
Customer: replied 1 year ago.
How can I be bound by a contract that I was not totally understanding when I was signing then told I will have to have my credit ruined by the owner of the vehicle and that is my only options. I am sure there is a solution but if the owner of the vehicle is not interested how can that be acceptable.
Customer: replied 1 year ago.
In a nut shell. I do understand the concept of co-signing a loan, but I was completely unaware of the amount, the details of the consiquences or the loan. I was not advised to seek independent advice. I was not given any of the paperwork and the advice I have sought since wanting off the loan is vague. Plus the total unco-operation of the owner of the vehicle to resolve this.
Expert:  Debra replied 1 year ago.

So you are saying you never agreed to co-sign for $80,000? What amount did you believe you were agreeing to co-sign for?

And what is the owner saying about all of this?

Customer: replied 1 year ago.
I did not have any idea before I went in to the dealership that the loan was for $80,000. In my mind I thought its a vehicle maybe $30,000 max
The owner is not willing to talk to either me or the bank what so ever. I tried to meet with him so has the bank. He has texted me that my choices are: (his words) He either claims bankrupcy. He takes the truck back to the dealer, or I can have the truck and the $80,000 loan to pay off as he has found another truck to buy and I just pay his loan off then he is free and clear. Then he proceeded to block me as I was not willing to do that since I have no means to pay his debt off for him and has not returned calls to the TD Branch Manager.
Expert:  Debra replied 1 year ago.

But didn't you sign the loan agreement? I know you said you don't have any paperwork but I'm assuming that they have paperwork that you signed. Is that not the case?

Customer: replied 1 year ago.
Please cancel this process. This is not solving my problem. My question is not being answered to my satifaction. I have found other advice since. Please do not process the charge to my credit card. I have already alerted my credit card company that I do not want the charge applied to my credit card. Thank you
Customer: replied 1 year ago.
Sorry but I do not wish to have another lawyer. I have sought legal advise elsewhere. Please cancel this process. Thank you

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