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Question:
DEC 12, 2011

Advice on payment agrement on a loan for a car

Are personal promise to pay agreements enforceable by law on a loan for a car?

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Bill's Answer: Bills.com Resident Expert

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

Comments (2)


Nithin .
January 04, 2008
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.
Frances S.
January 03, 2008
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.
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