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Posted by Jarcat (Member # 95) on 10-16-2020, 02:19 PM:

My daughter bought car several months ago and because her credit rating wasn't the best I co-signed the loan for her.

A few days ago she went to re-finance the loan with another lender at a much lower rate. I went with her when she went to talk to the new loan officer and when I told him I was a co-signer for the existing loan he said "oh, we don't use that term anymore. It's now called a "joint-owner"'.

I was so taken aback I didn't know what to say. It's getting so you can't keep up with all this political correctness BS anymore.

[ 10-16-2020, 02:20 PM: Message edited by: Jarcat ]

Posted by PaulCat (Member # 513) on 10-16-2020, 03:37 PM:

That is pretty stupid. Trust me, anyone who co-signs a loan does NOT want to be joint owner of whatever it is they're signing for. [Wink]

Posted by Tiptree (Member # 844) on 10-16-2020, 03:54 PM:

It may be PC speak, but it is true. If you co-sign for a loan, you are essentially taking payment responsibility. You might as well own it!

Posted by PaulCat (Member # 513) on 10-16-2020, 04:44 PM:

I'll be there's some legal purpose behind it.