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TexLaw
TexLaw, Attorney
Category: Legal
Satisfied Customers: 4430
Experience:  Lead trial/International commercial attorney licensed 11 yrs
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My boyfriend needed a car and couldnt get a loan in his name

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My boyfriend needed a car and couldn't get a loan in his name so I agreed to a loan in my name and my boyfriend makes the payment. He has insurance coverage through my policy and pays me for his share. Our relationship has ended.

He still can't get a loan and still needs a car. He offered to sign a statement assuming all responsibility for car and he will continue with payments as indicated above and when the loan is paid the car will be his.

Your thoughts please.

Hi,

Thank you for your question. My thoughts are that while you are certainly making a generous offer, you are unwisely exposing yourself to liability. You will remain liable to pay on the car loan because it is in your name even if your ex signs an agreement with you to pay. If your ex for some reason does not pay in the future and has the car, you will find yourself in a situation where you have to continue paying the loan and you don't even have the car as collateral to return to the company. Should you become unable to pay for whatever reason, this could really turn out to be a very bad situation.

In other words, you are exposing yourself to the very real possibility of having your credit ruined or in the least having to pay for a car you don't have possession of if your ex-boyfriend does not honor his agreement to pay the car note. A better idea would be to sell the car to a third party buyer for $17,000 or more and pay off the note.

Please let me know if you have further questions on this subject. Please also remember to rate my answer positively so that I am compensated for my work on your question.

Thanks,

ZDN

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