Consumer complaint received 2020-04-17
Product: Vehicle loan or lease — Loan
Issue: Managing the loan or lease — Billing problem
Company: KEYCORP (NY)

I was asked to be a " sponsor '' for a car for 6 months and after the 6 months I will be removed. I was mentioned that I will be a sponsor and NOT a co-signer to help the owner/operator of the vehicle to receive cheaper payments. This communication started on XX/XX/XXXX through text message. I explained that I did not want my credit report ran due to it will lower my score and that I am NOT putting anything in my name. I was asked to speak to the loan officer and also told that it will NOT affect anything with my credit. I was told that my information will make payments cheaper only for 6 months. I spoke with the loan officer and he explained to me that I will be helping my credit score will helping with lower payments for the owner. I explained that I did not need help with my credit because my credit is over 800 and that's the reason for this individual needing my help. The loan officer also stated that my information will be attached for 6 to 8 months and it will be removed. Based on the information that provided through text and the phone conversation I had with the loan officer I agreed under the conditions that my information will be removed after 6 months. He agreed. The following day a female along with her young daughter came from XXXX XXXX, NY to XXXX XXXX in XXXX XXXX to have me sign paperwork. At no time was it mentioned that I was signing off on a loan that will be held in my name. I was told where to sign and given one of the two keys to the vehicle. The other key went to the individual that will be the owner and/or operator of the vehicle. Fast forward, I received paperwork to my house as everything was being mailed to me. I would carry the paperwork to the operator of the vehicle for them to handle as explained that this information should not be coming to me. Fast forward some more, I began receiving traffic tickets for a vehicle I do not " own '' and/or operate. After a while I dugged in to what and why things were coming my way. I found out I was the owner of this car and NOT a sponsor as it was stated to me in text messages and phone conversation with the loan officer at XXXX. In XXXX of XXXX I reached out to XXXX in attempt to get a hold of the loan officer. My calls and message were gone unanswered. It was near the XXXX holiday and decided to call back in XXXX, XXXX after the XXXX XXXX. Still, calls and messages were gone unanswered. I continued to called the following months, and still nothing. After receiving tons of traffic ticket, I was able to remove my name from the title of the car to the and transfer all liability to the " owner '' /operator of the vehicle. I assumed my worries were over at this point until XXXX, XXXX. I monitor my credit report if not weekly, monthly and review all alerts if any. Early XXXX I received an alert that my credit score dropped 52 points from XXXX to XXXX. At the time I was unable to to get information on what happened as I have 100 % history of on-time payments. Seven days later my XXXX  score dropped 85 points from XXXX to XXXX. I was able to determine that it was due to a missed payment from Keybank. I reached out to Keybank and when I finally got to someone I was told that the loan in mention is ONLY in my name and not in the name of the individual I gave. I was told the only way I can get out of this loan is if the owner refinance and gets the loan in their name and that's if they get approved. The second option is if they keep up with payments and pay ontime. This loan is for 72+ months. Not sure why I'm on the loan and if my credit was use to help the owner receive lower payments, why is the contact for 72+ months. It's been 1 year and 10 months. I was suppose to be removed from this car per the conversation with the loan officer over a year and 4 months ago. I believe XXXX and/or the loan officer falsely mislead me into a binding contract not as a sponsor to help lower monthly payments, but had me purchase a car and placed my name on the insurance. In addition, the documents given for signature was back dated.