Fishy situation about financing…question

[vaderlynx]

Hello,

We are in the process of purchasing a 2015 Heartland Prowler Lynx 30LX. I have a question about paperwork/financing. My wife and I went in to sign all the paper work, and we did. They said that they will just need my wife to sign everything, my name not being on anything. THey said because she has better credit. I was like whatever. Anyways, I got home and realized my name needed to be at least on the title as a 3rd party. So my wife called back to add me to it and they said that they would look in to it. Then they call back and tell my wife that they are going to have to put me as the purchaser now, and that the interest will have to go up like half a percent. My wife also said that they asked what she did for a living, and what i did. I think they didn't realize she didn't have a job, and they sold an RV to an unemployed person, and now they need me to be the purchaser. I don't know, it all kinda smells fishy to me. They want us to come resign new papers… This is a whole $1,000 more in the end they are adding to it.

Any ideas?

 

[Nabo]

You can be on the title as the owner of the collateral without being a borrower. I work for a federal credit union and we do this all the time. Probably the reason they needed to add you back on is because of income verification within the household. If your wife has income coming in, they can still use her beacon score to get a better rate but if she's not working, or not getting social security, then by federal law, they can not use her beacon score.
Hope this helps.
B--

 

[HornedToad]

The trailer I have now is in my name, the one before that was in my wife's name, and the one before that was in both our names...
I trusted the Credit Union did this to get us the best rate.

Since Texas is a community property state, does it really matter who's name it's under, don't you both own it 50/50?

 

[NWILSON]

Talk to the title folks (in KY it's the County Clerk's office) and see if you can be added as an "and/or" owner without involving the lien holder in the title change. Your wife signed the papers and they handed you the keys at a set interest rate. I'd give them nothing!
If HornedToad is correct about community property it doesn't much matter.

 

[JohnDar]

Sounds like you have a signed finance contract. Pure BS to have you sign another at a higher rate.


Sent from my iPhone using Tapatalk

 

[pegmikef]

Texas is in fact a common property state and what is yours is hers and what is hers is yours. When I was takng accounting I learned the only way married couples can avoid this is to keep meticulous records or who buys what and what was theirs when they entered the marraige. I wouldn't give them another pennyh and would continue to march. We have vehicles and other stuff of which some are in my name and some are in my wife's name . . . it all depended on who was available to sign the papers at the time. Haven't had a problem in the forty plus years we have resided in Texas!

 

[danemayer]

The lender is loaning you money and sending the money directly to the dealer. Although the dealer brokers the loan, it's actually made between you and the lender. If the loan application is refused, for whatever reason, you don't have a loan and you haven't paid for the trailer.

Consider speaking with the general manager at the dealership and asking the dealership to take responsibility for the mistake. They should rewrite the deal so it doesn't cost you any more than what was previously agreed.

 

[vaderlynx]

Yeah i know, 50/50 ownership when married. I have no problem with that……i did get married didn't i, haha. The only thing we wanted was my name on the title as a "3rd party pledge" which means, if something happens to my wife, I don't have to go through a bunch of legal crap to get full ownership to sell it if i need to in the future. This was something a friend told me to do who works in finance and loans for a bank, and has for a long time, practically her whole life, and she's in her mid-fifties.

With that said. My wife called the bank the dealership was trying to do the loan through. They had no record of the loan. They also told my wife it would not get approved if she didn't have an income, i had to at least be a co-applicant or co-signer (not sure what exactly was said). So basically i believe the dealership realized it wouldn't get approved and didn't even bother trying to get it approved, then wanted us to come resign with me on it, causing the rate to go up since my score is not as good as hers.

A local bank told us they might be able to get a better rate. So we are waiting for that, before we go sign anything else.

However, this may have all been a good sign. From my understanding now, this contract is void because the financing was not approved, and today we found a really good deal on a way better travel trailer that has every single thing we wanted. Of course we are going to wait and settle everything for sure before making a move on the other travel trailer.

The dealer seemed to just want to rush us through everything, and they didn't know anything about the prowler at all. They couldn't really answer any questions we had and kept saying they would go over everything when we come pick it up.They probably didn't care about us at all because we were purchasing the cheapest thing they sold. You know, it wasn't the cyclone fifth wheel with 2 balconies they had parked right out the door….haha

 

[Jim.Allison]

Well I dont know what state you are in but if the docs are signed by them you have a contract. any changes to the deal and its breach. You can compel performance if you want. But the offer has been made by them and if you have accepted it with a signature then it is in force. Have your wife sign the docs and take them back to the dealer. signifying that you have accepted the terms of their written offer. Of course the offer has to be signed by them to be an actual offer. Read the paperwork.

In Texas they call this bait and switch. Your best bet is to arrange financing elsewhere and put everything on hold until then. You can also make them discount the rig to compensate for the 1% interest rate hike. Don't lay down for them. Walk out. Or infact just let it rest, they are close to closing the sale, they will call. When they do, tell them your interest in the deal has waned and you are rethinking your offer to purchase.

This is really an opportunity for you in disguise. Make use of it. But you can't be "horn-ee" for the deal. I get that way too when I'm looking at something I want. resist it. Make a better deal. LOL, the salesman won't know what hit him.

Someone pointed out that it might be illegal to consider a person who has no income as a beacon. So it is noteworthy that in most states an illegal contract is a void contract.

Hello,

We are in the process of purchasing a 2015 Heartland Prowler Lynx 30LX. I have a question about paperwork/financing. My wife and I went in to sign all the paper work, and we did. They said that they will just need my wife to sign everything, my name not being on anything. THey said because she has better credit. I was like whatever. Anyways, I got home and realized my name needed to be at least on the title as a 3rd party. So my wife called back to add me to it and they said that they would look in to it. Then they call back and tell my wife that they are going to have to put me as the purchaser now, and that the interest will have to go up like half a percent. My wife also said that they asked what she did for a living, and what i did. I think they didn't realize she didn't have a job, and they sold an RV to an unemployed person, and now they need me to be the purchaser. I don't know, it all kinda smells fishy to me. They want us to come resign new papers… This is a whole $1,000 more in the end they are adding to it.

Any ideas?

 

[VMooreSR]

Dang it I thought it was '"What is hers is hers and what is mine is hers"..
In Texas there's a form to fill out for you to have Right of Survivorship on the Title[h=1][/h]

 

[Jim.Allison]

And in Texas you tell them you want your title to read " or " and no matter who borrows the money the other owes for it. LOL. You gotta love Texas

Dang it I thought it was '"What is hers is hers and what is mine is hers"..
In Texas there's a form to fill out for you to have Right of Survivorship on the Title