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I did what I know I should not have. I have a car loan with

someone. I am the primary...
I did what I know I should not have. I have a car loan with someone. I am the primary on the loan and his name is XXXXX XXXXX loan. The registration will be in my name once the loan is paid. My name is XXXXX XXXXX He got insurance but my name is XXXXX XXXXX insurance. I sent a promissory note but he will not sign it because he never borrowed anything from me. What are my options?
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Answered in 3 minutes by:
7/27/2013
Phillips Esq.
Phillips Esq., Attorney-at-Law
Category: Legal
Satisfied Customers: 20,245
Experience: B.A.; M.B.A.; J.D.
Verified
Thank you for giving me the opportunity to assist you. Kindly use CONTINUE or REPLY button to ask for clarification or follow-up questions.

Could you explain a little more?

Why would you be sending him a Promissory Note to sign when you would own the vehicle when the loan is paid off?

"The registration will be in my name once the loan is paid.
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Customer reply replied 4 years ago
He has the vehicle and I really used my credit to help him get a vehicle. I do no want the vehicle but I want him to pay the vehicle off. Once it is paid off I will sign the registration over to him. He cannot get the loan financed in his name. What should I send him to make sure he understands the vehicle will be his and to protect myself?

Thank you for the additional information.

Unfortunately, there is nothing you can legally do at this time to protect yourself. The loan is in your name and the registration is in your name until the loan is paid off. You just have to hope that he fulfills his part of the agreement by paying for the loan and making sure that your credit is not ruined. Regrettably, there is nothing for him to sign to relieve you of liability on the vehicle. If he gets into accident, the insurance would cover it and anything not covered by the insurance would become your responsibility unfortunately. You may then sue him at that time for reimbursement. However, without any prior agreement of his responsibility, the Court would be hard pressed to rule in your favor. Nevertheless, you can send a simple note to him summarizing your agreement with him that you did him a favor by being the primary on the loan. That you do not need or want the car. That he needs to make sure to make his payments on time and once the loan is paid off, you would transfer registration to him. You can ask him to sign to acknowledgment that the summary represents your arrangement. If he refuses to sign the acknowledgment, there is nothing you can do.

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Customer reply replied 4 years ago
Do I have the option to take the car if he does not pay?
Do I have the option to take the car if he does not pay?


Response
: Yes, you do. Both of you have equal rights to the car because your names are XXXXX XXXXX the loan.
Phillips Esq.
Phillips Esq., Attorney-at-Law
Category: Legal
Satisfied Customers: 20,245
Experience: B.A.; M.B.A.; J.D.
Verified
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Phillips Esq.
Phillips Esq.
Phillips Esq., Attorney-at-Law
Category: Legal
Satisfied Customers: 20,245
20,245 Satisfied Customers
Experience: B.A.; M.B.A.; J.D.

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