MY MOM GOT A NEW ONE
2007-01-16 14:15:27 · 3 answers · asked by FROSTY DA GREATFUL 1 2 in Cars & Transportation ➔ Buying & Selling
well, 1st of all, I'm sure there is a clause in your moms contract that she may not sublet the vehicle to a 3rd party! and any subsequent contract is not enforceable. however,since it is your mom, a very simple wording should suffice, i agree to pay xxxx per month for the next xxx mos. understand it is your mom that is responsible for making the payments to bank..a 2nd contract does not release her from the 1st one. it would not be a good idea to inform the bank of you and your mothers side agreement. they have the right to call the note due in full if she has surrendered possession to a 3rd party. good luck!
2007-01-16 14:47:40 · answer #1 · answered by Marco 2 · 1⤊ 1⤋
Go to your bank and get your own loan. Car loans are NOT assumable, unlike some home mortgages. There is no legal way to do this. Read the loan agreement that your mother originally signed. It will state quite plainly that it is not assignable by the purchaser -- that means you cannot assume the loan.
Until her loan is paid off, the finance company will not release the title to you. She will still be the legal owner. If you have a wreak, the other party will be going after HER as the owner of the vehicle. If you should ever have a falling out with her, she could simply take the car back and you'd be powerless to do anything about it. Any agreement that you had with her would be unenforceable due to the wording of her loan contract.
2007-01-16 16:00:18 · answer #2 · answered by Bostonian In MO 7 · 0⤊ 0⤋
quick word of advice: never do this
2007-01-16 14:29:47 · answer #3 · answered by Adam's Dad 2 · 1⤊ 0⤋