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Okay I have a question regarding a car loan in my fathers…

Customer Question
Okay I have a...

Okay I have a question regarding a car loan in my fathers name

Lawyer's Assistant: What state is this in? And how old is the car?

California 2008

Lawyer's Assistant: Has anything been filed or reported?

No. so my question is, this loan is in my fathers name not mine and I have been making the payments as this car was bought for me under his name as my credit was no longer good at the time of purchase. I am unable however to keep up wth the payments and the car was taken from me from my father. I got a new job and in order for me to get the car back my father made me sign a notarized document saying that I will pay the car payments on time and if I failed to do so I will owe him the total balance owed on the car in a lump sum. I can no longer pay for this car as the payments are too high and its making me miss payments on other items. my question is how legally binding is this document he had me sign w a notary? and if i dont have the money to pay monthly payments on the car itself how am i going to pay the lump sum to him if i miss a payment? Does this go to court or what is the process? sorry for so many questions im just worried and scared im going to go to jail or have to pay a lump sum when i can barely make ends meet now

Lawyer's Assistant: What confuses you? When we are ready I'll take you to the appropriate web page. Anything else you want the lawyer to know before I connect you?

Im just confused as to if i violate this notarized document stating that if i miss a payment on the car i will owe everything at once in a lump sum. i clearly dont have that money if i cannot even pay on time every car payment

Submitted: 8 months ago.Category: Legal
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Answered in 1 minute by:
11/21/2017
Lawyer: legalgems, Lawyer replied 8 months ago
legalgems
legalgems, Lawyer
Category: Legal
Satisfied Customers: 13,711
Experience: Just Answer consultant at Self employed
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Hello! I will be reviewing your question and posting a response momentarily; if you have any follow up questions please respond here. Thanks!

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Lawyer: legalgems, Lawyer replied 8 months ago

An accelerated payment is not uncommon in promissory notes and in contracts; basically it requires the borrower to maintain timely payments or the loan is accelerated and the total balance is due.

In order to enforce that contract, the lender would need to sue for breach of contract (small claims if under $10,000) - please see:

http://www.courts.ca.gov/selfhelp-smallclaims.htm

Often a lender will take partial payments in order to avoid the hassle of going to court but of course that depends on the parties' ability to negotiate a mutually acceptable solution.

If the case goes to court and a judgment is issued that is reported to the credit bureaus so an out of court settlement is ideal.

Let me know if that makes sense as I know how confusing this can be;

Further questions? Please post here to continue the chat.

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Information provided is for educational purposes only. Consultation with a personal attorney is always recommended so your particular facts may be considered. The terms addressing this can be viewed here:

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Lawyer: legalgems, Lawyer replied 7 months ago

Good day! Just checking in on the above.

If you have no further questions a positive rating is most appreciated (at no additional cost to you) and allows the site to credit my account for the time spent assisting you!

if you have further questions please don't hesitate to reach out to me here on Just Answerand I will do my best to get you the requested information.
Thanks!

The above information is for educational purposes only. A consultation with a private attorney is recommended so they can apply the law to your specific facts, and suggest the best course of action. An attorney can be located here:
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Lawyer: legalgems, Lawyer replied 7 months ago

Thank you!

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DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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