in order for me to have a lower payment, interest, and down payment boyfriend is willing to put the loan in his name for a car, but the car is mine and i make the payments. I want to make a contract stating that if i default it is my responsibitly to pay costs, and that i make all payments for the car, the car is mine and will be insured under my name only, and along the lines, if in the future we were no longer together that when loan is paid for, the title must immediately be signed over to me, and if at different residence the car remains to be mine no matter what. and that to protect his credit, by making all payments. how can i get a contract on such terms or what not?
2007-06-14 17:14:15 · 10 answers · asked by shortie 1 in Business & Finance ➔ Personal Finance
i dont plan on screwing him over, I need a car my payments on my car are to high, and i am returning it, and this is the only way i can get into something with a future repo on my record
2007-06-14 17:20:29 · update #1
that is why i want a contract written up, he said he will do it...
2007-06-14 17:20:58 · update #2
the car loan will be strictly in his name. but will be insured by me, and payment will be made by me.
2007-06-14 17:22:04 · update #3
i have to keep a part time job, due to family issues so my ytd and gross income don't meet there standards, so i can not be on loan...that is why i want this contract made up
2007-06-14 17:23:22 · update #4
i got roughly 2 weeks left til my car goes back...options people options!!! what do you think a contract is for? i understand it isn't going on my credit, but hey i got something reliable dont I?
2007-06-14 17:30:50 · update #5
he is your co signer right?he will be responsible if you default...If you are just making the payments under his name there is no way he wont be responsible if you default...km
2007-06-14 17:18:03 · answer #1 · answered by kevin m 4 · 0⤊ 0⤋
Don't do it! Not knowing anything about your relationship with your bf, it sounds like things are already unsure. Him having the loan and a contract with you will change the relationship. Plus, if your credit isn't good enough, a car loan in his name doesn't help your rating. Keep saving your money for a bigger down payment. Better yet, shop for a decent used car that you can make one payment on -- in full. Meanwhile, read Dave Ramsey's "Total Money Makeover" and listen to his radio show to learn more about taking control over your finances. Hope that helps!
2007-06-14 17:26:01 · answer #2 · answered by keezteezer 1 · 0⤊ 0⤋
You can make a personal contract with your boyfriend, but th bank will not honor it. The reason that the bank wants your boyfriend to sign this contract is so they have someone other than you to go after if you don't make the payments.
What will happen, if you default, is that the bank will still repossess the car (it's their collateral for the loan), and they will go after your boyfriend for the remaining money. There is no way around it. After your boyfriend is taken to the cleaners by the bank, the contract between you and him will allow him to sue YOU to collect.
2007-06-15 00:33:11 · answer #3 · answered by acermill 7 · 0⤊ 0⤋
I would tell him not to do it. You do not sound like a good credit risk . And by just returning the car you already have is a bad move for you because it will really screw up your credit. You might as well stop paying on it and try to hide it from the repo man. It will have the same effect on your credit rating as if you would return it.
2007-06-14 17:34:40 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Talk to a lawyer. TWo things are for sure - (i) the Bank is going to have him on the line no matter what until the loan is paid in full and (ii) the bank will have a lien on the car until the loan is paid in full. How you work it between yourselves is up to you and the lawyer.
2007-06-14 17:18:27 · answer #5 · answered by Anonymous · 0⤊ 0⤋
All you really need to do to keep it simple is write down everything you just said along with any other agreement between the two of you and have it notarized. Make sure you both have a copy.
2007-06-14 17:19:11 · answer #6 · answered by Terri R 6 · 0⤊ 0⤋
don't do it
if you can't get it yourself you don't need the car
if he cosigns or puts it in his name, he will be responsible to make the payments and he will have to sign over the title to you when the car is paid off
2007-06-14 17:33:46 · answer #7 · answered by Ted M 4 · 0⤊ 0⤋
consider him CO-signing for a loan rather than him take it out for you. that way, you are responsible for the loan. also (please dont take this the wrong way, i'ts just a thought), in some relationships, there may be a control issue where money is concerned.
2007-06-14 17:19:54 · answer #8 · answered by jmprince01 4 · 1⤊ 0⤋
Bad idea. Get married first or don't do the deal with him.
Why do you think so many people are on Judge Judy?
2007-06-14 17:17:30 · answer #9 · answered by Anonymous · 1⤊ 0⤋
I have learned from experience, boyfriend+money issues=disaster.
Just a tip
2007-06-14 17:17:37 · answer #10 · answered by Becca 2 · 1⤊ 0⤋