Advice on payment agrement on a loan for a car - The Bills.com Blog
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Advice on payment agrement on a loan for a car
Question: I took out a loan for a car for my girlfriend, as no one in her family had the money or credit to do so. I put her on the loan to help her earn credit - but she signed a notarized letter which states that she must pay me the loan amount due monthly, ten days in advance or the car would then be considered mine. This letter also indicates that I wil not have to return any monies she applied to the loan (which, by the way, she has contributed less than $400.00 out of $1500.00 far). Our relationship has turned sour. I want to know if she has any rights to this car, given her signed agreement.
Answer: Your question
really refers to the enforceability of the contract that you have created between yourself and your ex-girlfriend for the car loan.
Since I do not know which state you reside in, or the legality of the contract I would have to defer this question to an attorney... which means that you should really seek counsel from
a local lawyer and ask them about the enforceability of your contract and specifically if your ex- has any rights to the vehicle given her defaulting on the auto loan that you extended.
I hope this information helps you Find. Learn. Save.
Good Luck,
Bill
www.bills.com
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1. Posted by frances stocks on Thursday 3rd January 2008 09:35
I purchased a car and a motorcycle through Capitol One, both items were involved in case of fraud, the person selling the car took the check from Capitol One and never delivered a vehicle, also stole the Motorcycle and dismantled and sold the parts. The person who did this is currently being prosecuted in the State of Michigan for Larcney and taking money under false pretenses. I am the principle loan holder, and the loans are in my name, yet I have no property. The loan company never required proof of insurance or an appraisil to validate the value of the vehicle, the loans payments have stopped for over 6 months, I have provided all the criminal documentation, and have not heard from Capitol One, and I am concerned I will be sued for these loans. I would like to fight this because Capitol One failed to require insurance on the motorcycle, if this was a requirement at loan origination, the loan would have not been processed on either the veh! icle or the motorcycle. The vehicle has been located, however it not worth more than $500 if that. Capitol One never requested an apprasil on vehicle.
2. Posted by Nithin on Friday 4th January 2008 18:10
It is generally a practice and not a hard and fast rule that you have to provide proof of insurance. These rules also vary from state to state. Capital One would make the payment directly to the dealer, but would have some restrictions on the type of vehicle you can buy (no older than a certain number of years, not more than so many miles etc.). I strongly suggest that you consult with a qualified attorney about your case to see what your course of action should be.