If someone assumes a car note at a credit union....?

Question

is the original party on the note removed? If the person assuming the note defaults, would it affect the original party?

Answer 1

yes -- no!!!

Answer 2

Depends on whether you actually go thru the credit union and the credit union accepts the substitution.

Sometimes people informally take over payments. The loan stays in the original party's name and when it's paid off, they transfer title to the second party. Not a very good way to go as it relies on both parties keeping their word.

Answer 3

When you assume someone elses car notes, your name will be on the chattel mortgage, and you will be solely responsible
for the remainder of the bill, since the title of the car goes to you after the final payment. The orginal person is off the hook, once the mortgage is in your name.