Prince George, British Columbia
Not resolved

My son wanted to purchase a vehicle. He went to Carmax in Calgary.

His credit is abysmal, BUT he had just started a new job with an excellent wage. He couldn't qualify for a loan. Carmax suggested he find a co-signer. When I worked in banking many years ago, the policy was a co-signer must have enough income to cover the added expense of the loan, should the primary debtor renege on the loan.

Have regulations changed so much? I am almost eighty years old. My only means of income is Canada Pension Plan and Old Age Pension, which keeps me living well below poverty level. I am still quite sharp, but I must admit, there are times when I don't think quite as fast as I used to.

This was one of those times. The next thing I heard was when my son called and said,"Carmax thinks it would be better if you got the truck in your name." Carmax never asked for information regarding my income, or anything else. I think they saw my excellent credit rating, and juggled facts around to combine my credit rating with my son's income, and got the loan for the truck approved that way. Unfortunately, my son lost his job, and because of his erratic lifestyle and poor performance, he lost the truck.

The bank, who is not blameless in this fiasco either, now has this bad debt posted against MY good credit. I think Carmax is entirely to blame. Somebody wanted that commission so badly they didn't care what they had to do to get it.

The Managers of the Calgary Branch are also on the hook, because I'm sure they wanted their year-end totals as high as they could reach, and having to be a little sleezy to do it didn't bother them at all. Finally, Scotiabank, the bank concerned, is good at forwarding edicts to me, but very poor in answering questions, the primary one I have asked numerous times: How can a bank approve a loan without doing their own due diligence, and checking facts, like Income and sources?

Product or Service Mentioned: Carmax Auto Loan.

Reason of review: Poor customer service.

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I agree with @CloseBeetle176. I understand your age, however, I feel as though you must have had some good faith in your son and thought/hoped he would pay for the truck because you signed off on the loan, your question is a question you should have asked before agreeing to allow your son to buy a car.

Also, there have been many instances when people can walk into any car dealership with no income at all but because they have stellar credit they are approved. You do not need a job to get an approval because if anything the fact that you have great credit can also mean that you may possibly have a great credit card to back up the payments or cost of the vehicle if something like what actually happened to your son happens! Hopefully, you don't put too much faith into your son again and let him talk you into buying him another car.

Good Luck! That was nice of you to help but only you know your son which means you doubted the situation in the beginning.


Your mistake was signing off on a loan for a family member with bad credit. Sorry you didn't see the red flag in this deal. It's nice to help out but loaning money to anyone especially a family member is a recipe for disaster.

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