2008 July | All Kinds of Sports Infos and Equipment

Chalk Holders

July 31st, 2008 admin No comments

Chalk Holders
credit fraud/identity theft?

My brother bought a truck from a friends parents dealership. That same day the friend asked if my brother would co-sign for a car for him as well and my brother said it wouldn't be a problem. They ended up both leaving with new cars. My brother never signed a piece of paper for that second car. (Recently my brother found out that he is not the co-signer but in fact the sole account holder.)Not too long after that the friend used my brothers SSN to get a credit card that tied to the car loan bringing the grand total up to $20,000.00. The friend has been late on the payment 13 times and my brother just found out about the credit card recently. My brother wants to get out of the loan and is considering pressing fraud charges. He has never signed a piece of paper or received a phone call from the company the loan is through. Does anyone know what will happen to my brother. Is he just going to have to chalk this up to a learning experience or is the friend going to be at fault?

As far as the loan is concerned, there is not much difference between being the sole loan holder versus being the co-signer. Either way, he agreed to be responsible for the loan. Being the sole loan holder merely means that he is also the sole owner of the car. He can take possession of the car, or return it to the dealer and try to mitigate his losses.
As for the credit card, your brother should immediately report to the issuing bank that he did not apply for the card. The issuing bank will cancel the credit card and take action. When all is said and done, the car loan will be on your brother's credit report, but not the credit card.