Finance Questions

Archive for December, 2007

Question: Does anyone know of a bank that accepts out of state cosigners for an auto loan?Im from NY cosigners from ILL?

Most big dealerships tell me that theyd do the financing for me and overnight or fax the papers over to my Aunt so she could sign and then return them back. I found a car at a smaller dealership now that works with the banks around them but does not offer their own financing. He said itd still be no problem and the banks wouldn't mind but after 2 days, hes still at a stand still. The banks are saying shes out of the "lending area" and if she were to be a little closer it would be no problem. Another bank said they accept out of state cosigners to a distance but only up and down the eastern coast. This Makes me believe that different banks having during lending areas, hence why im asking if anyone is aware of those banks...? Im in Western New York, shes in chicago, its far but not that far. Thanks for the help...?!

Answer: The first thing I would like to say is in response to one of the answers you got. Don't fall for someone who is trying to use this forum to promote their business, it should be against the rules of this forum. It could also end up being a scam.

As for a co-signer, the banks have every right to demand someone live within their area. After all, the entire purpose of a co-signer is for the bank to have financial assurance that they will get their money. Remember, if you don't pay then the co-signer is responsible for the debt and can even be sued for non-payment.

I know you won't like to hear it, but if your credit is that bad then maybe you should buy a less expensive used car for transportation until you can improve your credit and qualify on your own.

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