Wednesday, May 26, 2010

Is a joint car loan document legally binding if the 2nd party no longer physically has the vehicle?

My X-boyfriend and I purchased a vehicle together and he would like to take over payments.....and I am wondering if legally I am bound to continue on the loan with him...or if I can assign finanicial responsibility solely over to him....help



Is a joint car loan document legally binding if the 2nd party no longer physically has the vehicle?

You are legally bound to the contract unless he %26quot;buys out%26quot; the contract with a different loan. Part of the reason you are still bound is that the abillity to pay off the loan was in part decided upon the credit of the both of you.



Is a joint car loan document legally binding if the 2nd party no longer physically has the vehicle?

Yes, you are still legally responsible. as long as your name is on the contract. the only way to get your name off would be filing bankruptcy, paying off the loan, or having the other party refinance.



Is a joint car loan document legally binding if the 2nd party no longer physically has the vehicle?

As long as your name is on the loan, you are responsible. Lets say he pays on time and everything is fine, then you are OK. BUT, if he doesn't make payments, they will go after you and your credit will be ruined.



The best way is to sell the car, pay off the loan and get it over with.



If you want to take your name off the loan, you need to talk to the financial company, but let me tell you, VERY rarely they agree to take one name off the loan before it's paid off. They do not care about your personal situation.



Is a joint car loan document legally binding if the 2nd party no longer physically has the vehicle?

if he,ll agree to go to the bank with you ,and you can sign your part over to him ,they will re-finance it for him,that's about the only way you can get this done,and the bank has to agree to do this also,good luck on it,hope this helps.



Is a joint car loan document legally binding if the 2nd party no longer physically has the vehicle?

yes, you are legally bound on the contract until you and the other party--together--refinance the vehicle without you on the contract. I say %26quot;together%26quot; because both parties have to agree to the removal of one of the parties, and the finance company has to agree. You could file bankruptcy, but that would ruin your credit and probably really tick off the other person.



Best bet, contact the finance company and see if they are willing to refinance the contract without you on it, and what they would require to do so.



Good Luck!



Is a joint car loan document legally binding if the 2nd party no longer physically has the vehicle?

Special-Chemical X is correct.



Like he said, that bank or lender agreed to give you that rate and that loan because both of your credits were involved.



He would have to probably have to get it refinanced with the same bank or another on his name.



Or trade it in.



I am not sure if there is any other way, but good luck.



Is a joint car loan document legally binding if the 2nd party no longer physically has the vehicle?

Check out this site, I'm sure they have the answer you're looking for.

No comments:

Post a Comment

 

High Risk Credit+ Cosigner Copyright 2008 All Rights Reserved Baby Blog Designed by Ipiet | Web Hosting