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I’m seeking help from someone who is super familiar with the British Columbia car finence related laws, especially for co-signer side. Please due-deligence.I really need help.I’m living in Vancouver, going to do the common-law with my girlfriend; we have a happy relationship.Here’s the situation: One of my friend asks me to co-sign his new finance car, I assume that is a nice car but I can’t remember the makes. The monthly payment is 1000 he told. I’m not satisfied with the documents I knew from him so we had the long talk. After negotiating with him, he told me to contact the dealer, and I did. Then back and forth phone call and texts with the company he told me, I concluded that the contract I’m going to sign contains the following:1. For any his monthly payment default, it gonna last 90 days until the dealer company report both of us to credit buearu, I don’t need to take care his money pay, only my credit score. If he totally default the payment, I’ll have the right to sell the car. Prove difference will be covered by insurance.( My friend is urging me to create a joint bank account with him, for my concerns on time monthly payment, I didn’t agree yet to go. Even joint account is an idea I came up with from google check)2.From the dealer-company side, they refused to show the contract to me by saying “it’s not ready yet”. I asked yesterday, they said so ( do I have the rights to see the contract before signing? I really want to look the contracts in details in order to avoid any potential risks)3. The dealer company runs a credit check by having my ID of drivers license picture, legal name, date of birth, current address and one of my previous address. I gave these info. They also asked for my SIN number which I refused; it’s suggested by google.I don’t know why, but my friend already paid 16000 Canadian dollars down payment by telling me through phone call. He insisted he made this payment because I told him that after making the joint account, we will go sign the contract together. He is mad with me based on the last phone call I felt. (He didn’t swearing)Based on the following info, I want to ask
1)what should I do now? What should I not to do? We both come from China, he studies in BCIT college while he doesn’t attend the class. He said he can make 40000 dollars a month which I can’t prove. I heard tha rumors that some Chinese students take the car back to China, that cannot find back.2)Should I go with him to the dealer?
3)If I make up my mind to sign, how can I protect myself leaglly?(mostly by contract in my opinionHe is pushing me all the time to sign which makes me so depressed. I want to solve it good!He just called me to have the dinner with him, I agreed, I think he’s on the way now. He just told me I heard wrong that he didn’t pay16000 yet.

Lawyer's Assistant: What state is this in? And when did the issue begin?

Saver all days ago ongoing

Lawyer's Assistant: What steps have you taken so far?

Nothing yet

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

No else

Submitted: 3 months ago.Category: Canada Law
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Answered in 14 hours by:
3/27/2018
Lawyer: Debra, Lawyer replied 3 months ago
Debra
Debra, Lawyer
Category: Canada Law
Satisfied Customers: 105,503
Experience: Lawyer
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Hello! My name is Debra (formerly known as Legal Ease). Thank you for your question. I'm reviewing it now, and will post back again shortly.

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Lawyer: Debra, Lawyer replied 3 months ago

This question has sat for some time as no one wanted to touch it I guess. That is because the fact are not adding up and you are being lied to in all likelihood.

If he goes into default without a doubt you are on the hook for all outstanding payments.

There is no insurance that will cover this situation.

They can sue you for what is owed on the debt less what they sell the car for which will be much less than what the debt it. It can decimate your credit rating.

The reason you are co-signing or guaranteeing the debt is so they have someone else to go after if your friend takes off with the car, doesn't pay etc.

As well, of course the contract is ready and of course you could see it. And your friend is lying about the down payment.

If you were my kid or client I was strongly advise against this.

Does that help?

Please feel free to post back with any follow-up questions you may have. If you don't have any then I hope I have earned a 5 star rating but if you don't feel that I have please don't hesitate to reply back and let me know what more I can do to assist you. Finally, please know that even after you rate me I will be here for you and you can ask follow-up questions if you think of them later on at no further charge of course.

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Lawyer: Debra, Lawyer replied 3 months ago

Is there anything more I can help you with at this point in time?

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