Why do I need a credit application to receive a free car?
I'm very fortunate to have won a free car in a national sweepstakes and it's getting to be crunch time on the legal paperwork. They sent me a packet of contracts, forms, and other documents requiring a signature, but I can't help but feel that some forms are superfluous.
1. Unstandably, the title.
2. Condition upon arrival disclaimer and general waiver of liability.
3. Lease/finance contract indicating that no payments are required. (Hooray!)
4. A form from Ford asking me to choose which option I'd like, either to assign $1000 to the dealer or receive $1000 from the dealer? Is this an incentive agreement?
5. Credit application.
If I'm receiving a "free" car, why do they need to run my credit? I'm pretty sure my meager ~625 will cause some problems; problems I'm trying avoid.
My literal "Dr. Gonzo" lawyer friend usually is inaccessible on weekends and I need to have these contracts sent out As soon as possible.
Talk to your lawyer friend. There are too many scams with sweepstakes and people "winning" things… With lots of strings attached. Somebody needs to see your paperwork firsthand.
I would write N/A on the credit application.
"Depending on state law or the restrictions of the sweepstakes, you may be required to purchase full-coverage insurance. "
You are only required to purchase full coverage insurance if you owe payments on the car. I would recommend doing it anyway for a few years to protect it from being a total loss in the event of a collision or a theft.
If the vehicle is truly free, you'll probably be accepted. It's comparable to applying for a prepaid credit card. Just be warned, you'll still have to insure it. Depending on state law or the restrictions of the sweepstakes, you may be required to purchase full-coverage insurance. That is neither cheap nor always necessary, but hey… It beats making payments.
Don't be rushed into anything because your lawyer isn't available. That's a red flag for fraudulent intent: "You don't need to show these to a lawyer -- the deal expires in an hour -- our lawyer already approved these so what's your problem…"
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