My aunt ask my mom to help finance a car. I'm sure if the car loan is in my mom or aunts name, but now my mom is stuck with pay a 12,000 loan. It's Income tax season and she cant get money because of this acr loan. What should be done? Does anyone know someone that can help us? My aunt also has changed the plates to the car and all this other stuff has been done and my mom is stuck with paying everything. I think this is unfair, she so hardworking and for something like this to happen to her is unfortunate. Any advice?
2007-01-31 03:28:12 · 5 answers · asked by nicoleari 1 in Politics & Government ➔ Law & Ethics
This is why you do not sign or co-sign for any loan which you cannot be responsible for. She signed the papers and thus she is responsible. If she cannot pay, and I'm assuming the Aunt is not paying, tell you mom to call the loan company and ask them to come get the car. They can sell it and apply the selling price to the loan. THen, she is still responsible for the deficiency (leftovers), but hopefully it will not be as much.
2007-01-31 03:44:25 · answer #1 · answered by working mom of 3 4 · 1⤊ 0⤋
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2016-09-26 16:38:34 · answer #2 · answered by ? 3 · 0⤊ 0⤋
Did your mom get the title in her name too? If so, it's legally her car. If your aunt had the plates changed then the title is in her name, but if your mom was on it too, she wouldn't have been allowed to change plates without agreement of all owners.
If she doesn't mind mucking with her credit rating, default on the loan and let them repo the car.
She should contact an attorney and see about getting herself off the loan or getting the money out of your aunt.
2007-01-31 03:38:46 · answer #3 · answered by parsonsel 6 · 1⤊ 0⤋
If her name in on the loan and she is making the payments. she needs to reposses or take the car herself and SELL it. She can call the loan company who holds the title and see if they will work with her to accept a lesser amount when she sells it. She can explain the situation to the loan person, but ultimately if her name is on the paperwork, she is still responsible for it. She doesn't need a lawyer to do any of this, either.
2007-01-31 03:34:53 · answer #4 · answered by Big Bear 7 · 1⤊ 0⤋
Moreover, whoever is the owner of the car (the name on the title) is responsible for whatever the driver does with the car. You people need to take possession of the car ASAP if the car title is in your name. If your mom co-signed without being co-owner of the car, well that might take an attorney.
2007-01-31 03:41:34 · answer #5 · answered by Anonymous · 0⤊ 0⤋
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2007-01-31 03:31:22 · answer #6 · answered by citronge69 4 · 0⤊ 0⤋