Skip to content
GeoDataVision
Thread Options
#1690946 - 04/20/12 03:02 PM Co-signer notice
Cale_N_Oats Offline
Platinum Poster
Cale_N_Oats
Joined: Aug 2008
Posts: 742
Southern Illinois
If we do indirect lending with a motorcycle dealership, is it their responsibilty to provide the co-signer notice or is it ours? The loan is closed at the dealership with dealership documents.
_________________________
Serenity Now!!!

Return to Top
Lending Compliance
#1690974 - 04/20/12 03:20 PM Re: Co-signer notice Cale_N_Oats
Dan Persfull Online
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 46,957
Bloomington, IN
Are you or the dealer the lender? The lender is responsible, however anyone purchasing a loan where the notice to co-signer was not properly provided takes a risk. Without the notice the co-signer can and most likely would be relieved of any contractual obligation in a court of law.
_________________________
The opinions expressed are mine and they are not to be taken as legal advice.

Return to Top
#1690980 - 04/20/12 03:27 PM Re: Co-signer notice Cale_N_Oats
Cale_N_Oats Offline
Platinum Poster
Cale_N_Oats
Joined: Aug 2008
Posts: 742
Southern Illinois
So, if we purchase the loan from the dealer it would be their responsibility but you are also saying we still take a risk in doing this. Thanks for your help Dan!
_________________________
Serenity Now!!!

Return to Top

Moderator:  Andy_Z