In Dec 02, my best friend and I needed to find me a vehicle. An ad offered nice cars for $299 down w / good credit. Mine stunk, but my friend offered to co-sign: No problem. The salesman said my friend would be on the loan for 6-9 months, then once I made payments on time, the bank would clear him off and I could finally rebuild my credit.
The seventh month rolled around and we went to BANK ONE, the loan providers and were informed that the loan was only in my friends name and that they wouldn't help us to straighten this out, even though I obviously had made some $2500 in payments on time!
R&M just laughed at us when we confronted them. We had signed all of the papers together, but they had finagled the loan by lying to BANK ONE. Now I still have crappy credit, I am paying for a car that ain't mine, my best friend hates me. Nice, huh? $15,000 more dollars to go and my buddy has got a nice Mustang! Am I generous, or what?
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