2006-10-22 11:39:11 · 6 answers · asked by Anonymous in Cars & Transportation ➔ Car Makes ➔ Acura
you could lose your car and your credit :(
2006-10-22 11:42:07 · answer #1 · answered by Anonymous · 1⤊ 0⤋
Legally take the car back. before your credit is ruined. Rearrange the payment even have a legal person draw up a contract then make a car payment for them and start charging late fee plus tow bill and contract costs. Let's say 5% loan amount per month until they pay up each month not paid in full! Extra income not really. No, protection for YOU. The first time the car needs tires they will expect you to wait for your payment. Or worse they run it with out oil changes blow up the motor and don't want to pay off the car. Used car lots would not be so friendly send out the Repo Man.
2006-10-22 11:51:38 · answer #2 · answered by John Paul 7 · 0⤊ 1⤋
The late payments reflect negatively against your credit. You are still 100% legally responsible for the payments and any late fees.
You have the right to ask for reimbursement of any late fees you've paid from the person who is paying the loan on your behalf. If that person refuses to pay, you have the right to sue him in court for the late fees...where you can try to prove to a judge that the two of you had an agreement ("contract") for him to pay the loan under the EXACT terms of the loan paperwork. If it was simply an oral agreement ("contract") there is little likelihood that the judge would find in your favor.
2006-10-22 11:47:32 · answer #3 · answered by 4999_Basque 6 · 1⤊ 0⤋
In the absence of a contract, you have none.
If you had witnessess to your agreement you may be able to prove that you have a contract. If you signed the title over, you are out a car, but if you didn't, you can reposess. You still have the liability of paying off the loan, since the lender was obviously not a party to the agreement.
2006-10-22 11:55:10 · answer #4 · answered by Helmut 7 · 0⤊ 0⤋
is the car title still in you name? if so you are the one you will get bad credit for someone elses
delinquent payments. the debt is still in ou name and the loan people will come after you. if you have something in writting with the person you are dealing with. maybe you have a right otherwise NO
2006-10-22 11:50:21 · answer #5 · answered by zenasrager 3 · 0⤊ 0⤋
Simlpy Put. . .YOUR SCREWED!!!!
2006-10-26 05:17:39 · answer #6 · answered by itr03 1 · 0⤊ 0⤋